I think the financially prudent thing is to let your new cards age a bit. I have seen comments that you shouldn't apply for small credit immediately before looking for large credit.
However, what is your need for a car? Is it a want or is it a deep need to get to work every day? That can make a big difference for you personally. Can you wait a couple months to see how your new cards will affect your score?
@Anonymous wrote:I am trying to determine when I should apply for an auto loan for 15K. I would like to apply for a loan with DCU and hopefully received the CC offer. Salary is 86K, 25 years employment, DTI 17%. What do you think my chances of being approved are? A year ago my CK TU score was 587 & EQ 539. I have no loans or CCs so I applied for a Cap 1 CC and was denied. Over the past year I have had at least 13 CO items removed from each of my CRs. I still have two judgements that are still reporting on EX. I only have 2 accounts left that are reporting that has been in good standing for over 9 years but are not open. Since Oct. 1st I have opened a Cap 1 Secured CC $250, Cap 1 QS1 $500, Fingerhut $400, and Stoneberry $200. I was denied for an Amazon store card because of thin file. My CK score has jumped for TU 681, EQ 676 and from CCT my EX 648 because Fingerhut is already reporting but I already have 6 inquiries. None of my CCs are reporting yet. Should I wait until my CCs are reporting or should I apply now? I have been reading a lot of the posts and it appears people are being approved for DCU with a thin file and then some people are being denied for opening too many accounts/applying for credit in a short period. The Credit Score Simulator is showing my score might drop to TU 545 once the 2 credit cards start reporting.
First things first.
Get your true Fico scores from this website.
Fico scores are what all lenders use to determine your credit worthiness.
Do not attempt to guage how a lender will react based on what Credit Karma says.
You have long employment history. This is stability to a lender.
You have very good income. This represents capacity/ability to pay to a lender.
Your current DTI is 17% ($1200/monthly) which is low by lender standards.
These factors will contribute to an approval however.. the collateral will fill in the rest of the blank and help determine your rate and term.
You will most likely be approved for the $15,000 loan (model year and mileage dependent) however your rate will be based on the the collaterals value versus the amount borrowed (equity, loan to value) in addition to your score (your actual FICO score).
If you get yoru FICO score from here, please update this thread.
And watch those new low limit credit card balances.. make sure you don't allow any of them to report more than 10% of the limits for now.
