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How old should CC inquiries be before I apply for auto loan

aubie1kenobie2
Frequent Contributor

How old should CC inquiries be before I apply for auto loan

My latest inquiry will be 6 months old in April although I do have an account that started reporting in December 2013. How old should the inquiries be for CCs so that I can qualify for a decent auto loan? Does that matter a lot?


Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 773 (Discover FICO), 749 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Message 1 of 5
4 REPLIES 4
notfancy
Valued Contributor

Re: How old should CC inquiries be before I apply for auto loan


@aubie1kenobie2 wrote:

My latest inquiry will be 6 months old in April although I do have an account that started reporting in December 2013. How old should the inquiries be for CCs so that I can qualify for a decent auto loan? Does that matter a lot?


I don't know the answer to that but with your scores you might be okay as long as your UTL is low. Have you had an auto loan before? That can make a big difference, especially if the dealer uses auto enhanced scores.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Message 2 of 5
aubie1kenobie2
Frequent Contributor

Re: How old should CC inquiries be before I apply for auto loan

No, this will be my first auto loan. I bought an old car for $2000 in cash 2 years ago, but I feel like its days are numbered, lol. I'm also still working on utilization but should be fine by April.

 

I was thinking about applying for DCU membership and know that it will result in a HP so I was wondering if I should hold off on that until I'm ready to buy a car and get the HPs at the same time. Not sure about how inquiries are treated in auto loans, especially recent ones (6 months or less).


Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 773 (Discover FICO), 749 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Message 3 of 5
Remember0
Valued Contributor

Re: How old should CC inquiries be before I apply for auto loan

IMO auto loans are all about FICO + DTI + prior auto loan history (esp if bad).

 

Inquiry doesn't matter so far as it doesn't bring your FICO to below top tier standards. You're fine.

Message 4 of 5
aubie1kenobie2
Frequent Contributor

Re: How old should CC inquiries be before I apply for auto loan


@Remember0 wrote:

IMO auto loans are all about FICO + DTI + prior auto loan history (esp if bad).

 

Inquiry doesn't matter so far as it doesn't bring your FICO to below top tier standards. You're fine.


Thank you for this! Good to know! Smiley Happy


Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 773 (Discover FICO), 749 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Message 5 of 5
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