Need your help

Anonymous — Fri, 20 Apr 2007 16:55:34 GMT

First question; Is it difficult to get a second car loan when you currently have one?

Second; Would applying for a cc and a car loan within a couple months of each other be problematic, or would not present a problem because it's different types of credit?

Re: Need your help

Anonymous — Fri, 20 Apr 2007 18:07:56 GMT

First question: It all depends on your FICO score, the total amount of your current debt, and your income. No one can make an accurate prediction without more info.

Second question: Again, it depends. Any application for credit (whether it's for a card or a car) generates a hard inquiry, and too many count against you. If you are shopping for a car loan, get all your quotes within a 14-day period. Those inquiries should count as a single one. The further apart you can space your other inquiries, the better your chances. The bank gets nervous if you are suddenly applying for a lot of credit.

Message Edited by masdeocho on 04-20-2007 11:07 AM

topic Need your help in Understanding FICO® Scoring

Need your help

Re: Need your help