Applying for a starter loan right after applying for AMEX?

[Anonymous]

Hi everyone,

I couldn't really find anything on this subject and so I thought I'd bring it here to see if any of you had any words of wisdom for me!

I'm planning on applying for an AMEX charge card toward the end of October (either Zync or Green at this point).

However, I would also like to apply for a starter loan from my CU at this point in time to throw an installment loan into my mix (I need the money to cover next semester's tuition and textbooks at JC anyway - looking at $1000 over 12 months for the starter loan).

Some of my basic stats:

TU 757; EQ 737 with no lates

1 inquiry on my report

Most recent card opened in July (with the CU)

Almost 2 1/2 years history

2 cards: Cap1 $500 CL / CU Classic Visa $2000 CL

So some of the questions I have are:

1) If I were to apply and be approved (assuming) for the AMEX card, would it show up on my report immediately? If not, would it be wise for me to go to my CU and apply for the loan that same day?

2) If I applied for the loan first, do you think that would that affect my chances of getting the AMEX Zync or Green?

3) Is there anything I should know about this situation in particular? Would it be incredibly stupid of me to do??

4) What do you think my chances of being approved for the loan are with my stats? I make $28k annually currently.

Sorry if this seems like a stupid question =/ and if it's not in the right board! Feel free to move it if it's not.

[Anonymous]

you ll be approved for the 1000 loan

you ll be approved for the zinc or green, someone 7mos history, 1 cc, 650ish got approved for zinc

apply the amex now ..

can not wait the result

good luck

[Anonymous]

Sounds like you need the loan for school.   But you don't need AMEX.    If so, get the loan first.

IMO, I would wait until you have some more age on your current cards, and apply for AMEX in spring or summer of next year.

[Anonymous]

bubblebutt: Thanks for the words of encouragement! And good to know that I have a higher probability of being accepted for the AMEX

Wolf3: I'm definitely still taking that into consideration as well. However, would there be any harm in me applying for both at the same time? Other than the ding for inquiries and perhaps a slight drop in my score of course.. that's really what I was curious about. Other than that, I'm still waiting until next month to officially decide what course I'd like to take =) I appreciate your input!

[Anonymous]

I don't see any danger in applying for AMEX immediately after you get the loan.