How many new accounts before I start getting denied for an auto loan in Oct? (Fico 8 score 820)

[Anonymous]

Fico 8 Score: 820

AAoA 9 years. 30+ accounts (more than half closed). Oldest Account: 25 years.

Clean report,. 0 lates/negatives.

Thinking about doing an auto-loan in October. I understand its ideal to wait for 6+ months. But worst case I'll just wait another couple months or just buy my car outright.

But to get a better idea and understanding of how far I can push this. Given my score and history, how many new accounts before I start running into trouble? I applied for 2 new CC so far. I'm going to APP for another 1-2.

So in October this is what my inquires will look like: (4 new inquiries)

Hard Inquires with past 6 months: EXP: 2-3. EQ- 0,  TU: 1-2  

Hard Inquiries older than 1 year: EXP: 3, TU:2, EQ: 1

3-4 New accounts that are 3 months old:

What do you guys think?

Always appreciate everyone's advice and input, Thank you!!!

[Anonymous]

Or with some of your new cards, you could buy the car with that and continue to do BTs until its paid off. Just in case you had a ton of inquiries and had issues. Your scores are great. I would think that your question would be, how much are you willing to let it drop?

What cards do you have, what are their limits, what is your util, etc.

How much is the car, what is the APR, etc.

I have seen many people with over 10 inquiries on each. You can basically apply for a new card every 2 months and be fine.

I would say too, what cards are you wanting specifically? What type of rewards, etc?

If you only apply for 2 more cards, you wont have a problem getting a car loan...

[Anonymous]

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@Anonymous wrote:

Fico 8 Score: 820

AAoA 9 years. 30+ accounts (more than half closed). Oldest Account: 25 years.

Clean report,. 0 lates/negatives.

Thinking about doing an auto-loan in October. I understand its ideal to wait for 6+ months. But worst case I'll just wait another couple months or just buy my car outright.

But to get a better idea and understanding of how far I can push this. Given my score and history, how many new accounts before I start running into trouble? I applied for 2 new CC so far. I'm going to APP for another 1-2.

So in October this is what my inquires will look like: (4 new inquiries)

Hard Inquires with past 6 months: EXP: 2-3. EQ- 0,  TU: 1-2  

Hard Inquiries older than 1 year: EXP: 3, TU:2, EQ: 1

3-4 New accounts that are 3 months old:

What do you guys think?

Always appreciate everyone's advice and input, Thank you!!!

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Not sure the answer but...you're my hero.

[kdm31091]

You have a great score but October isnt far off in credit terms. Unless you really need the new cards right now id hold off to ensure the best rate on your auto loan in Oct.

[Anonymous]

I'm just going to assume you know this is going to impact your auto financing and either don't care or have other options..with that being said its really going to depend on the lender for when you start getting denied for new accounts. Chase and Barclays being the first to start denying around 5 new accounts and then Amex, discover around 7-10 probably and other major banks next then some banks will just continue to approve you forever like comenity, synchrony

[Anonymous]

Ok I'm sorry just reread you title and see it says denied for auto loan not denied for credit cards...sorry

[Ghoshida]

As I understand, DCU gives some fantastic auto loan terms (1.5% for its members, which can be anybody from the general public), and they want mostly 680 and above to qualify for that rate. So you're possibly fine unless maybe you hit double digits in inquiries? 

Now I also understand that you might qualify for 0% financing at some places; their models (the auto enhanced ones) might penalize more harshly than FICO 08 for opening up new CC accounts so you may want to be careful with that. 

The current MyFICO package offers those scores as well, I believe. Why don't you check where you are with all the new accounts w.r.t auto enhanced scoring?