Want to App 3 CC's - better to do it before or after Applying for New Auto Loan?

[AllZero]

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@Anonymous wrote:

Just to follow up I contacted DCU today after having my membership approved yesterday...  they said I should have my online login info in 7-10 days as expected.   Then inquired about the 2 pre-approvals that appeared when I was finishing my membership application for the $5k CC and $35k Auto.....   they did not list the APR in the pre-approval offer and he said if I would have accepted them it would have required a HP and then I would see rates but if I wait until I can login online next week and accept them it should only be a SP.  He did mention to differentiate between the words "apply" and "accept" in the DCU loan suite. 

He did mention that those pre-approvals will expire tommorw and new ones should populate after Jan 1.  

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Thank you for the additional data points!

[Anonymous]

Update forthcoming  --- Rec'd denial leter from Navy today....  aslo recd' member acct and login info for DCU today, pre-approvals were not in account that were there when I was approved for membership but DCU approved loan at %2.99 for 60 or %3.49 for 72 and also a $10k CC.....  my preapproval was only $5k.   Will update shortly with Navy info and DPs and post Denial letter cuz still baffles me but I think TheWorkNumber might have had something to do here. 

Also, have not had any alerts from my credit bureau accts notifying me of any further HPs after DCU approval.... read that DCU likes EQ fico mortgage and I had alerts as soon as I apped with Navy......

[Traveler101]

Wondering what happened. You get it all resolved and your new ride?

[Anonymous]

New car won't be delivered until Jan 10....  DCU said as soon as I send them the purchase agreement they will next day me the check, so that is all taken care of and they are sending out a DCU 10k CC tommorrow.  -----  Now.....my TU score has been 813 or higher since Dec 5th.....  Not sure where they grabbed 774 from, my 2 lowest TU scores on TU since Dec 5th have been Fico 4 - 781 and Fico Auto 4 at 791, only 2 below 800 and nothing has been lower since end of Nov and really confused by thier "key adversed factors". 

 I am very happy with outcome but confused by losing first 2 HP's on this.   Suprised there was no doc requirements for employment or POI because over the weekend I was thinking the only thing that could interefer with my Navy app was if they used TheWorkingNumber just because of some inconsistincies with my employment.  I have been employed at same place since 1997 but last 2 years had a couple of back surgeries and been on and off disability/work comp that doesn't report income, my annual is 120k but I lowered it on app to $98k to adjust time on workcomp.  When I pulled TheWorkingNumber report it hasn't updated my income since I first got hurt but only Chase, Cap1, Regions and creditkarma have pulled inquiries from there, maybe Navy did but hasn't populated yet.

[Traveler101]

Congrats on your new ride. Im happy for you. Who knows, banks can be fickle. Maybe a linger relationship with navy would of brought you better results. Sorry you had to go thru all that, but you won. CONGRATULATIONS

[Anonymous]

Thank You, appreciate your input!   I added some more info to above post that might be relevant to first denial but who knows........

I still have not received any inquiry alerts from DCU app today and probably thinking I should app for my 2 CC's now before the HP hits but weary that Chase or Cap1 might seek AA after seeing my recent inquiries......    I have no other app sprees planned for a long while...  I went about 8- 10 years without an app before last app spree last Dec(2018)....   

[Anonymous]

Congratulations! Sounds like a great rate!

Still confused about Navy. I don't recognize that score range and cannot identify which version it is. But, it says you were receiving the no revolving balance penalty. That could easily have been 10-15 points. So you had all zero balances on your cards?

What is TheWorkingNumber?

Whats up with Chase?

Cap1 I haven't heard of much AA. I will say this: I don't think Cap1 does recons. With that said, the computer makes the decision. Even tho the FICO score won't suffer the HP point loss from installment inquiries for 30 days, the HPs will be seen by the potential lender and the computer could deny you for too many inquiries. How many HPs do you have at each bureau? Have you app'ed any, or deciding whether to?

Plus you just got a DCU card.

Edit: Oh, DCU may not HP for the loan until they process it.

[Anonymous]

Yes, I'm happy with it also and thank you for helping me prevent some untimely blunders  ..... though it has been bit more stressful than I remebered for my last car...  but that was when I had a computer with a dial up 2400baud modem and couldn't research anything online in advance.   Also happy that I was able to avoid a 3 CB HP's by going with Cap1 for loan.

It is actually called The Work Number an affiliate of Equifax that does employment and income verification that I learned about while doing research waiting for the Navy denial letter.  I am not sure how prevelant it is or who uses it under what situations but when I pulled my report it had weekly income paycheck amounts listed going back some 15 years....  it seems only Chase and Cap 1 have pulled mine in the last year although I had apped/opened citi/disc/amex/hsbc CCs last December.   

I don't have any issue with Chase but thought I read Chase and Cap1 are sensitive to new accounts or inq's....  Chase actually just bumped my CL to $14k last month out of the blue and Cap1 just did a product upgrade on a platinum card to Venture(I have 5 CC's with Cap1 and my oldest accounts) 

The Navy denial still has me baffled but,  oh well....  don't understand their listed reasons and I am at AZEO on my 13 CC accnts at under 1% util....  only balance is $100 on a HSBC CC, took your advice and paid off the Chase after I made that $5 blunder  post on HSBC.   

before the Navy app - my INQs were 0/6 and 3/12 for EQ and EX    and 0/6 and 2/12 for TU so I just did a few new ones to close my credit saga for a while.......   I did Costco Citi for my gas - approved at $9500 then I tried Bank Of America Cash Rewards for 15month 0% apr but got "under review" and EX HP.....   then remembered AMEX is only a SP cuz I only have Amex Gold and thier Blue Everyday had 15mnth 0% apr in lieu of BoA ...so AMEX approved me at $8k.

So I added a TU and EQ HP from Navy  --  forthcoming EQ HP from DCU  ---  EX HP for BoA and I think Citi will be a EX HP as well. AMEX SP. Didn't want to do any app that used EQ after DCU loan approval.    

So I am done for quite a while as I will sit and watch all my scores start taking hits and my AAoA prob get cut in half and collect DP's on how long it takes to recover and hopefully I will see the 800s again sooner than later.....  when I started researching this rebuild in early 2018 w/ low 600s I never expected to see the 800s at all - that blew me away....  was hoping just to cross into the 700s before I had to get new car.  Thanks to how much I have learned on this forum, my next goal is a second Chase card....  so that means nothing until  2022.

[FinStar]

Thanks for the updates throughout the entire process and congrats on the approval outcome with the loan @Anonymous.

As you've indicated the loan has been approved, this thread is now locked and closed to new messages. Accordingly, since the majority of the discussion focused on the auto loan process, this thread will be moved to the Auto Loans section of the forums.

Congrats again OP.