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Should I apply for a Credit Card before or after getting a Car Loan.

Tiger888
Established Member

Should I apply for a Credit Card before or after getting a Car Loan.

I recently hit low 700s in credit scores and wanted to add another credit card to my portfolio. But I am also in the market to buy and finance another car. So the question is, should I apply for a credit card after or before I finance a car.

 

Thanks

Message 1 of 7
6 REPLIES 6
ImTheDevil
Community Leader
Senior Contributor

Re: Should I apply for a Credit Card before or after getting a Car Loan.

I'd app for whichever need is greater, likely the car. I wouldn't want to be where I need a car and end up with less favorable terms because I apped for a card I wanted rather than needed.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy Platinum | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





TCL $112,400 | Agg. Util under 10%
Message 2 of 7
Birdman7
Super Contributor

Re: Should I apply for a Credit Card before or after getting a Car Loan.

App for the car first. The reason is if the hard inquiry is coded properly it will not reduce your score until 30 days later. So get your car then go get the credit cards before the car reports or the inquiry and account reduces your score.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 3 of 7
cws-21
Contributor

Re: Should I apply for a Credit Card before or after getting a Car Loan.

It's already been said, but I would also apply for the car loan and soon after apply for the card(s) you are interested in.

Message 4 of 7
Tiger888
Established Member

Re: Should I apply for a Credit Card before or after getting a Car Loan.

Thanks for all the replies. Will app for the car first and then go on at try and get another CC.

Message 5 of 7
randomguy1
Valued Contributor

Re: Should I apply for a Credit Card before or after getting a Car Loan.


@Tiger888 wrote:

I recently hit low 700s in credit scores and wanted to add another credit card to my portfolio. But I am also in the market to buy and finance another car. So the question is, should I apply for a credit card after or before I finance a car.

 

Thanks


App for the car first but IMO, I would try to get financing from an outside creditor such as a credit union. Unless the dealer has special 0.9% or crazy financing, I tend to shy away from financing at dealers as they may shotgun your apps across all available lenders. End result, you end up with 6-10+ HP.

Message 6 of 7
Wavester64
Valued Contributor

Re: Should I apply for a Credit Card before or after getting a Car Loan.


@ImTheDevil wrote:

I'd app for whichever need is greater, likely the car. I wouldn't want to be where I need a car and end up with less favorable terms because I apped for a card I wanted rather than needed.


*Perfectly* said! Smiley Happy







Potential Future Cards
Message 7 of 7
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