topic Re: trying to apply for 2 types of credit on the same day in General Credit Topics

trying to apply for 2 types of credit on the same day

coonasty — Wed, 01 May 2013 13:29:35 GMT

background: equifax score of 767 as of today. one credit account open chase sapphire preferred card $0 balance ($20,000 limit). house and car are paid off. one credit inquiry over a year old.

looking at getting another car - used around $20k. also want to add a discover credit card to my arsenal. from reading on here im learning when i apply for each ill take a credit hit.

what i was thinking of doing is buying the car on saturday morning then applying for the discover card the same day. will the car inquiry and credit hit ding my score on saturday or does it take a while to show up? that way when i go for the discover card on their website im hoping that it will see my score as 767 still and get a better limit.

when i applied for the sapphire over the internet i got instant approval for $5k after a few months i called and they upped it to $20k. so im thinking discover will hopefully like my report as well as chase did.

good plan or doomed to failure?

Re: trying to apply for 2 types of credit on the same day

Quips — Wed, 01 May 2013 16:24:03 GMT

Shouldn't be a problem going for both on the same day - I would do the car first. With your score, you should be fine

Good Luck

Re: trying to apply for 2 types of credit on the same day

Anonymous — Wed, 01 May 2013 17:35:15 GMT

Actually I would do the Discover card first and then the car. Inquiries show up immediately and if you have not secured financing before you go to the car dealer they may send out loan requests to several banks or financial institutions to find you the best rate. This will not have a large effect on your credit score as properly coded auto loan inquiries are scored as a single inquiry, but the flurry of inquiries may result in a denial by the Discover card computer algorithms and an unnecessary reconsideration conversation with Discover.

Re: trying to apply for 2 types of credit on the same day

coonasty — Wed, 01 May 2013 19:28:13 GMT

so if I apply for the credit card on sat morning...when i go for the car 1 hour later, they will see the inquiry on my report?

Re: trying to apply for 2 types of credit on the same day

thom02099 — Thu, 02 May 2013 16:28:32 GMT

@coonasty wrote:
so if I apply for the credit card on sat morning...when i go for the car 1 hour later, they will see the inquiry on my report?

Maybe...maybe not. Depends on how quickly it reports. Being on a weekend, it's possible that, given an hour window, you should be OK. If it they reported the credit card inquiry, it's only going to be 1 inquiry and that will not impact your auto purchase approval. The converse, however, may not be true. Allthough auto financing inquiries are supposed to show as 1 inquiry, anecdotally others have reported that's not always the case. So...better to have your old inquiry for the credit card, get your (likely) instant approval, THEN apply for the auto loan financing. OR better yet, get pre-approval from your own lender, or at minimum pre-qualified (soft pull).

Re: trying to apply for 2 types of credit on the same day

andydallas1 — Thu, 02 May 2013 22:49:04 GMT

I don't care how you do it, with your score, and trying to get a $20k car note, it will be a walk in the park,,I would go for the CC first, I don't think it matters, but it may be the harder of the two, but again, you will get both without a problem with a 750+ score and virtually no utilization.

Re: trying to apply for 2 types of credit on the same day

Anonymous — Fri, 03 May 2013 17:59:10 GMT

@thom02099 wrote:
@coonasty wrote:
so if I apply for the credit card on sat morning...when i go for the car 1 hour later, they will see the inquiry on my report?
Maybe...maybe not. Depends on how quickly it reports. Being on a weekend, it's possible that, given an hour window, you should be OK. If it they reported the credit card inquiry, it's only going to be 1 inquiry and that will not impact your auto purchase approval. The converse, however, may not be true. Allthough auto financing inquiries are supposed to show as 1 inquiry, anecdotally others have reported that's not always the case. So...better to have your old inquiry for the credit card, get your (likely) instant approval, THEN apply for the auto loan financing. OR better yet, get pre-approval from your own lender, or at minimum pre-qualified (soft pull).

It's important to understand the distinction between appearance and scoring. All inquiries related to an auto loan request will show on a credit report. The FICO scoring algorithm will group those inquiries properly coded as an auto loan and score them as one inquiry.

Re: trying to apply for 2 types of credit on the same day

thom02099 — Fri, 03 May 2013 20:26:51 GMT

Re: trying to apply for 2 types of credit on the same day

thom02099 — Fri, 03 May 2013 20:29:10 GMT

@Anonymous wrote:
@thom02099 wrote:
@coonasty wrote:
so if I apply for the credit card on sat morning...when i go for the car 1 hour later, they will see the inquiry on my report?
Maybe...maybe not. Depends on how quickly it reports. Being on a weekend, it's possible that, given an hour window, you should be OK. If it they reported the credit card inquiry, it's only going to be 1 inquiry and that will not impact your auto purchase approval. The converse, however, may not be true. Allthough auto financing inquiries are supposed to show as 1 inquiry, anecdotally others have reported that's not always the case. So...better to have your old inquiry for the credit card, get your (likely) instant approval, THEN apply for the auto loan financing. OR better yet, get pre-approval from your own lender, or at minimum pre-qualified (soft pull).
It's important to understand the distinction between appearance and scoring. All inquiries related to an auto loan request will show on a credit report. The FICO scoring algorithm will group those inquiries properly coded as an auto loan and score them as one inquiry.

Wrong choice of words. What I was trying to imply was that they COUNT as one inquiry. They will all SHOW.

Re: trying to apply for 2 types of credit on the same day

coonasty — Mon, 06 May 2013 21:47:03 GMT

UPDATE: decided to plan this out a little better possibly. car dealership said i need at least a 760 equifax to qualify for their best interest rate. so now im worried if I do the card first it may drop me below the mark. not sure how much the cc inquiry will drop my score.

so now my thought is to do the car. then wait a couple months and do the credit card. how much will the car ding my score? and how long for it to start sneaking back up a bit?

Re: trying to apply for 2 types of credit on the same day

coonasty — Tue, 07 May 2013 21:40:04 GMT

or from what im reading around, the discover it card inquiry at most will drop my score 5 points which still leaves me with a 762.

is it a gamble worth taking?

the car at a best interest rate is a little higher priority than the discover card. but im thinking the card wont drop me below 760 and i can do the card then go get the car.

any more advice...and thanks for the info btw

Re: trying to apply for 2 types of credit on the same day

Charla — Fri, 31 May 2013 13:20:42 GMT

So how did this work out for you? I'm thinking of doing the same thing . Mortgage/Car/Credit Card

Does anyone know if a refinance offer counts as a hard pull. Does it show up the same day?

Re: trying to apply for 2 types of credit on the same day

StartingOver10 — Sat, 01 Jun 2013 13:33:38 GMT

Yes a refi inquiry is a mortgage inquiry and shows up the same day.

Re: trying to apply for 2 types of credit on the same day

mtrsprt — Sun, 02 Jun 2013 13:06:39 GMT

@coonasty wrote:
car dealership said i need at least a 760 equifax to qualify for their best interest rate. so now im worried if I do the card first it may drop me below the mark.

Finance managers at dealerships make money of your interest rate..... Don't fall for their BS... You are in top Tier with ANY dealership sponsored banks with a FICO of 730 and above....... They are tryin to make you bite, so they can pull a percent or two off the bank loan APR, and then give you the remainder.... If you are a member of a credit union, you should have NO PROBLEM getting 1.9-2.9% financing... WIth your score, don't let any dealer tell you that you can't get anything lower than 3.9%... They are just trying to make money off you.