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Applying multiple credit cards at once and a car loan

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xcv
Valued Member

Applying multiple credit cards at once and a car loan

I'm currently planning on applying for an auto loan next month. I'll be shopping around 7-10 credit unions, alongside whatever the dealer submits me to if they want to try to beat my CU financing offers. This should happen over the course of 1-5 days.

 

At the same time, there are some credit cards I want to add to my wallet: AmEx BCP, Apple Card, BofA Customized Cash and/or the X1 card (ultimately I'll get all of these over time).

 

I know the Apple Card isn't the greatest, but I'll be spending a minimum of $7.5k, going up to $15k at Apple next year. I'm currently on the Path to Apple Card program, but I'm way ahead of what it projected me to be at when it came to paying down my personal loans (down from $7,800 -> $300 in 1.5 months when the target for the program is March 2023), and also getting derogs removed from my credit report.

 

I think the two I want to target are the AmEx BCP and Apple Card (or the X1 depending on the pre-approval).

 

What's the order that I should apply for these? I figure the same week I get the auto loan, I'll apply for 1-2 of these. The auto loans will be first as I'd want the best rate there, but after that which 1-2 should I go for? Would it hurt to do all 3 of these things at once or should I space it out?

Message 1 of 7
6 REPLIES 6
1GaDawg85
Valued Contributor

Re: Applying multiple credit cards at once and a car loan


@xcv wrote:

I'm currently planning on applying for an auto loan next month. I'll be shopping around 7-10 credit unions, alongside whatever the dealer submits me to if they want to try to beat my CU financing offers. This should happen over the course of 1-5 days.

 

At the same time, there are some credit cards I want to add to my wallet: AmEx BCP, Apple Card, BofA Customized Cash and/or the X1 card (ultimately I'll get all of these over time).

 

I know the Apple Card isn't the greatest, but I'll be spending a minimum of $7.5k, going up to $15k at Apple next year. I'm currently on the Path to Apple Card program, but I'm way ahead of what it projected me to be at when it came to paying down my personal loans (down from $7,800 -> $300 in 1.5 months when the target for the program is March 2023), and also getting derogs removed from my credit report.

 

I think the two I want to target are the AmEx BCP and Apple Card (or the X1 depending on the pre-approval).

 

What's the order that I should apply for these? I figure the same week I get the auto loan, I'll apply for 1-2 of these. The auto loans will be first as I'd want the best rate there, but after that which 1-2 should I go for? Would it hurt to do all 3 of these things at once or should I space it out?


Get the auto loan. Then go for BoA, AmEx, Apple in that order. You can apply right after you walk out of the dealership 


FICO 5 ,4, 2 - 10/2023                            FICO 8 - 10/2023                                   FICO 9 - 10/2023                                   FICO 10 - 10/2023
     
Message 2 of 7
xcv
Valued Member

Re: Applying multiple credit cards at once and a car loan


@1GaDawg85 wrote:

 

Get the auto loan. Then go for BoA, AmEx, Apple in that order. You can apply right after you walk out of the dealership 

Any reason why BoA should be first? I feel like I'd get more use / cash back from BCP and Apple for 2023 vs. that one. Unless you mean to do them all in the same day. 

Message 3 of 7
1GaDawg85
Valued Contributor

Re: Applying multiple credit cards at once and a car loan


@xcv wrote:

@1GaDawg85 wrote:

 

Get the auto loan. Then go for BoA, AmEx, Apple in that order. You can apply right after you walk out of the dealership 

Any reason why BoA should be first? I feel like I'd get more use / cash back from BCP and Apple for 2023 vs. that one. Unless you mean to do them all in the same day. 


Do them all the same day but apply for BoA first of the bunch 


FICO 5 ,4, 2 - 10/2023                            FICO 8 - 10/2023                                   FICO 9 - 10/2023                                   FICO 10 - 10/2023
     
Message 4 of 7
xcv
Valued Member

Re: Applying multiple credit cards at once and a car loan


@1GaDawg85 wrote:

@xcv wrote:

@1GaDawg85 wrote:

 

Get the auto loan. Then go for BoA, AmEx, Apple in that order. You can apply right after you walk out of the dealership 

Any reason why BoA should be first? I feel like I'd get more use / cash back from BCP and Apple for 2023 vs. that one. Unless you mean to do them all in the same day. 


Do them all the same day but apply for BoA first of the bunch 


Why BoA first? are they the most inquiry sensitive, even more than Amex? I did get preapproved for boa a while back this month but didn't take anything. 

Message 5 of 7
1GaDawg85
Valued Contributor

Re: Applying multiple credit cards at once and a car loan


@xcv wrote:

@1GaDawg85 wrote:

@xcv wrote:

@1GaDawg85 wrote:

 

Get the auto loan. Then go for BoA, AmEx, Apple in that order. You can apply right after you walk out of the dealership 

Any reason why BoA should be first? I feel like I'd get more use / cash back from BCP and Apple for 2023 vs. that one. Unless you mean to do them all in the same day. 


Do them all the same day but apply for BoA first of the bunch 


Why BoA first? are they the most inquiry sensitive, even more than Amex? I did get preapproved for boa a while back this month but didn't take anything. 


They can be temperamental about inquiries 


FICO 5 ,4, 2 - 10/2023                            FICO 8 - 10/2023                                   FICO 9 - 10/2023                                   FICO 10 - 10/2023
     
Message 6 of 7
xcv
Valued Member

Re: Applying multiple credit cards at once and a car loan

So update on the auto loan applications here: https://ficoforums.myfico.com/t5/Auto-Loans/Auto-loan-approval-odds-and-tips/m-p/6634503/highlight/t...

 

I've also decided that I'm just going to go on an all out card spree and get all of my hard inquiries out of the way this month and then coast for a couple of years.

 

As for the cards, I decided that I'll be going for since they best fit my use cases:

  • Apple Card
  • AmEx Blue Cash Preferred
  • AmEx Gold
  • PayPal Mastercard

Depending on how those go, I'll go for these as well (undecided between them though, I just want a Visa card for Costco gas and maybe Amazon 5% since I have literally none on the debit or credit side.):

 

PenFed Power Cash, Affinity FCU Card, BofA Customized Cash, Amazon Visa Rewards, Costco Anywhere Visa

Message 7 of 7
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