topic Re: Credit card and car loan same day? in Credit Cards

Credit card and car loan same day?

Jdear148 — Thu, 28 Aug 2014 01:24:19 GMT

I just submitted a Cap1 blank check app for DW's new car and it was accepted. They said they need to verify my identity during phone hours tomorrow before giving me any further information. I also have an invitation from discover to apply for the IT card. My question is, is it an absolutely terrible idea to app for this card during this process? I am probably going to go with cap one auto finance, but I know that soon the dealer might be slinging apps like crazy if I dont get the rate that I want.

Please, someone with more knowledge of this, lend me your .02!

As always, thanks in advance you guys! Yall are the best!

Re: Credit card and car loan same day?

creditnocash — Thu, 28 Aug 2014 01:28:56 GMT

did you have the dealer pull your credit too? or just cap one?

personally i got my 2012 camry sport financed the same day i did my american express and got both. your scores are better than mine as i had low 700's

(this was 2 years ago now)

Re: Credit card and car loan same day?

Jdear148 — Thu, 28 Aug 2014 01:39:22 GMT

My dealer pulled Equifax beacon, but did not submit any loan applications yet, as my wife was deciding two identical vehicles, but one had a sunroof and nav. He could not submit an app anywhere yet because of price difference. both the dealer pull and my cap one app happened within the last 3 hours, I just wasnt sure how this would affect my Discover chances, and how the Discover could potentially impact what happens if the dealer starts throwing out financing apps.

Re: Credit card and car loan same day?

creditnocash — Thu, 28 Aug 2014 01:44:32 GMT

@Jdear148 wrote:
My dealer pulled Equifax beacon, but did not submit any loan applications yet, as my wife was deciding two identical vehicles, but one had a sunroof and nav. He could not submit an app anywhere yet because of price difference. both the dealer pull and my cap one app happened within the last 3 hours, I just wasnt sure how this would affect my Discover chances, and how the Discover could potentially impact what happens if the dealer starts throwing out financing apps.

my suggestion would be to wait until you sign paperwork. discover to my knowledge is pretty leanient.

the dealership pulled my credit and so did toyota.

if anything discover is easier to get then amex.

in any case if you still want to apply for the discover and get a message, recon recon recon! and you can explain to a person if they pulled the same report that you are cosigning a car loan.

Re: Credit card and car loan same day?

Jdear148 — Thu, 28 Aug 2014 01:48:34 GMT

Thats what I had figured... I will wait around. I should also wait for sure for any and all of my inq from this purchase to consolidate, correct?

Re: Credit card and car loan same day?

Anonymous — Thu, 28 Aug 2014 01:49:53 GMT

I think you should be fine on Discover. That said, if you are working with a dealer on financing with multiple banks, get ready for mass slaughtering, credit pull wise. In many states, dealers are allowed to add 2% onto your qualifying interest rate from the bank offer then they try and sell you on it. I'd much rather go in with my own financing if you can. BofA is hard to beat these days and their app process and speed were incredible for me and DW with our recent refinances on the same day. I did my refi then apped for my Barclay card without incident but they pulled different CRAs (I did this on purpose).

Good luck on the Discover if you decide to apply.

Re: Credit card and car loan same day?

Jdear148 — Thu, 28 Aug 2014 01:54:22 GMT

So, you are thinking, I should finance directly through banks of CUs as well? Thats good info about the taxing the APR!!! I will try BOA as well, do yall have any credit union suggestions? I know this is a wierd post MODs... considering it is a mix of CC and auto loan info, so sorry yall!

Re: Credit card and car loan same day?

CribDuchess — Thu, 28 Aug 2014 02:00:19 GMT

@Jdear148 wrote:
So, you are thinking, I should finance directly through banks of CUs as well? Thats good info about the taxing the APR!!! I will try BOA as well, do yall have any credit union suggestions? I know this is a wierd post MODs... considering it is a mix of CC and auto loan info, so sorry yall!

DCU is a credit union with amazing rates for car loans. With your scores, you should qualify for their best rate (I think it's less than 2% APR).

Re: Credit card and car loan same day?

Anonymous — Thu, 28 Aug 2014 02:06:26 GMT

BofA was an instant online approval for me for 2.9% for a 2011 car with 38K miles. They paid off Chase via overnight check and it was seamless and fast. It was one pull on EQ, too. I'd check their rates. Above poster is correct in that many credit unions have great rates, too.

Re: Credit card and car loan same day?

Jdear148 — Thu, 28 Aug 2014 02:17:10 GMT

Pardon my lack of knowledge... but what is the actual name of DCU? and has anyone ever dealt with state farm auto finance?

Re: Credit card and car loan same day?

creditnocash — Thu, 28 Aug 2014 02:26:05 GMT

@Jdear148 wrote:
Pardon my lack of knowledge... but what is the actual name of DCU? and has anyone ever dealt with state farm auto finance?

digital credit union.

and i have not dealt with them :/

Re: Credit card and car loan same day?

Anonymous — Thu, 28 Aug 2014 02:38:08 GMT

Yes give DCU a call. You should get there best rates, which is 1.49 with direct deposit. If you dont do direct depsit its just a tad higher,but still under 2% I just got approved for 25k at 1.49 and also a Visa creedit card for 10k at 8.50 all in the same pull. You will have to open a checking or savings account, or both. That will be another pull. So two Equifax pulls, but you know Cap one is going to pull atleat Experian and Equifax anyways. I do know cap one cant touch DCUs rates! Id be suprised if they can get you uder 4%.

Re: Credit card and car loan same day?

creditnocash — Thu, 28 Aug 2014 02:46:12 GMT

@Anonymous wrote:
Yes give DCU a call. You should get there best rates, which is 1.49 with direct deposit. If you dont do direct depsit its just a tad higher,but still under 2% I just got approved for 25k at 1.49 and also a Visa creedit card for 10k at 8.50 all in the same pull. You will have to open a checking or savings account, or both. That will be another pull. So two Equifax pulls, but you know Cap one is going to pull atleat Experian and Equifax anyways. I do know cap one cant touch DCUs rates! Id be suprised if they can get you uder 4%.

sorry to be off topic.

what affiliation did you use? or do you live in one of the towns that qualify?

Re: Credit card and car loan same day?

Jdear148 — Thu, 28 Aug 2014 02:59:42 GMT

I just app'd BOA, they approved 30k for 72 mo at 2.94%!!! I will call DCU tomorrow. What do I do exactly? Become a member then app for a car loan? And I can also apply for a CC with the same pull?! That sounds killer! Do you know the stipulations in becoming a DCU member?

Re: Credit card and car loan same day?

CreditUnionFan — Thu, 28 Aug 2014 03:10:57 GMT

@Jdear148 wrote:
Pardon my lack of knowledge... but what is the actual name of DCU? and has anyone ever dealt with state farm auto finance?

DCU = Digital Employees Federal Credit Union

After my personal experiences in 2011, and again in 2012, I would never finance through a dealer It may seem harmless, even if a major bank matches the promotional rate from the manufacturer, but dealers seem to think they can shop your loan around, and maybe you'll get lucky, but I've seen inquiries show up as NOT an auto loan. If you have to later call a credit card issuer to reconsider, you can try to explain away the extra inquiries.

DCU has lately offered some VERY attractive rates, so much so that my wife refinanced her 1.99% loan from PenFed at DCU for 1.24%.

Re: Credit card and car loan same day?

Anonymous — Thu, 28 Aug 2014 03:23:40 GMT

@Jdear148 wrote:
I just app'd BOA, they approved 30k for 72 mo at 2.94%!!! I will call DCU tomorrow. What do I do exactly? Become a member then app for a car loan? And I can also apply for a CC with the same pull?! That sounds killer! Do you know the stipulations in becoming a DCU member?

Did you happen to mean 2.49?

Re: Credit card and car loan same day?

Jdear148 — Thu, 28 Aug 2014 03:29:27 GMT

LOL!!! I wish I did! I might have been bumped up one tier higher... than thier best rate of 2.49%.... I still have 19k in student loans, and at 43k in yearly income they may have come up with that wierd 2.94 apr rate.

Re: Credit card and car loan same day?

SunriseEarth — Thu, 28 Aug 2014 07:20:22 GMT

@Jdear148 wrote:
I just app'd BOA, they approved 30k for 72 mo at 2.94%!!! I will call DCU tomorrow. What do I do exactly? Become a member then app for a car loan? And I can also apply for a CC with the same pull?! That sounds killer! Do you know the stipulations in becoming a DCU member?

You can apply for a loan before becoming a member and then join if you decide to take the loan. IIRC, they list some organizations you can join in order to qualify for DCU membership. They offered me 1.99% on a 20K loan, which beat my CU. However, Mazda offered me 0%, so I took that instead.