topic Re: Advice needed in Credit Cards

Advice needed

Anonymous — Mon, 27 Apr 2015 05:02:38 GMT

hi everyone,

I applied for three cards in Nov 2014 . I was approved for all of them . I am going to apply for a car loan in January 2016 . I am completing my 6 month period since my last apps . I have a trip planned in November 2015 , I wanted a travel card for this trip but can also manage without it . Should I wait till the car loan ? Will my 1 app affect my score ?

My my profile is below .

Discover $1500
Amex BCE $9000
Chase freedom $10000
Bofa cash - $5900
Cit double cash - $5000.

Credit score - 740 (Discover Fico)
Citi Fico - 735 (citi fico)

Credit history - 1.5 years.

Income - 120k+ p.a

Re: Advice needed

gdale6 — Fri, 01 May 2015 02:02:55 GMT

bump

Re: Advice needed

icyhot — Fri, 01 May 2015 02:13:08 GMT

If it's been six months since your last app I don't think one inquiry in that time will affect you that badly. Your income and scores alone will qualify you for a decent auto loan so I wouldn't stress too much

Re: Advice needed

Anonymous — Fri, 01 May 2015 02:36:54 GMT

If you want to apply for the card now, go ahead. You should not have any issues with the car loan by having 1 additional inquiry.

Re: Advice needed

Anonymous — Fri, 01 May 2015 02:44:50 GMT

@Anonymous wrote:
hi everyone,
I applied for three cards in Nov 2014 . I was approved for all of them . I am going to apply for a car loan in January 2016 . I am completing my 6 month period since my last apps By the time of Auto loan app, your current CC app will be aged at 7 months if you apply in this May and will have minimal affects . I have a trip planned in November 2015 , I wanted a travel card for this trip but can also manage without it If you do end up applying for a CC, a card with MR will give you much needed MR boost by the time Nov comes. Apart from 6 months age, you would have already accumulated reasonable MR that can be used for travel or hotel stays etc. Should I wait till the car loan ? Will my 1 app affect my score ? Please also note considering your current app grace periode, by Jan 2016, you would have had 1 CC app in last 7 months but technically nothing in the last 6 months. At 12 months mark, any CC related INQ are non-factoral in scoring.

My my profile is below .

Discover $1500
Amex BCE $9000
Chase freedom $10000
Bofa cash - $5900
Cit double cash - $5000.

Credit score - 740 (Discover Fico)
Citi Fico - 735 (citi fico)

Credit history - 1.5 years.

Income - 120k+ p.a

By the time you apply for an Auto loan,it would have been 7 months on your current CC application, assuming you apply in for CC this May. While it will bring your score down around 5-9 points at this early stage, the 7 months time will shoot you up higher than where you are now standing. Of course your utilization and many other factors will play a role in your scores and profile. Your this most recent CC app will not have drastic effects on your scores.

You may also briefly inq from your possible lender if they use Auto Enhanced version of FICO and which one. Auto loans are secured by a collateral that is being financed, so they are relatively relaxed. I would consider a CU for such loans.

Re: Advice needed

Anonymous — Fri, 01 May 2015 05:06:21 GMT

@Anonymous wrote:
hi everyone,
I applied for three cards in Nov 2014 . I was approved for all of them . I am going to apply for a car loan in January 2016 . I am completing my 6 month period since my last apps . I have a trip planned in November 2015 , I wanted a travel card for this trip but can also manage without it . Should I wait till the car loan ? Will my 1 app affect my score ?

My my profile is below .

Discover $1500
Amex BCE $9000
Chase freedom $10000
Bofa cash - $5900
Cit double cash - $5000.

Credit score - 740 (Discover Fico)
Citi Fico - 735 (citi fico)

Credit history - 1.5 years.

Income - 120k+ p.a

Auto Loans are secured loans ... and thus pretty easy to get. You'll usually get prime rates over 700 FICO.

With a 740 you have plenty of buffer room to get a card and then get an auto loan and still get Prime APR... and your FICO will still be sitting above 720 after the dust settles.

And after a couple of months when the "Installment Loan" FICO score bonus comes through, I wouldn't be surprised to see you pushed over 750