@tparvaiz wrote:I have a good credit score (close to 800) and planning to buy a car soon on either a lease or finance...
Currently, I have 3 credit cards, one with my primary bank, and I mostly use this CC. and 2 additional ones with a $200 limit each; I opened these 2 to establish my credit rating.
1) I am not looking for a loan other than the car in the next year or so; my question is, if I open a new CC, will that significantly impact my credit score and, eventually, my power to land on a lower interest rate
2) which cc would you recommend going for? And why?
How close to 800 we talkin 🤔
We'd expect someone with a close to 800 score to have much larger credit limits. Opening a new card should have no imapct on what rate you get on an auto loan, that will be dependent on score and payment history.
2. This is such a broad question that no one can answer with out help from you. No one credit card is best, it has to be tailored to what you will get out of it most ie dining, travel, cash back, etc.
@tparvaiz wrote:I have a good credit score (close to 800) and planning to buy a car soon on either a lease or finance...
Currently, I have 3 credit cards, one with my primary bank, and I mostly use this CC. and 2 additional ones with a $200 limit each; I opened these 2 to establish my credit rating.
1) I am not looking for a loan other than the car in the next year or so; my question is, if I open a new CC, will that significantly impact my credit score and, eventually, my power to land on a lower interest rate
2) which cc would you recommend going for? And why?
You should not open any new account in the runup to a major loan application. It would cause one or more hard inquiries, and, if you get an account, would reset your age of youngest account, and lower your average age of accounts. All of these lower scores.
Get the car loan first. Then apply for any card you like.
If you are thinking about getting a new loan don't go out and open a new charge card now. Wait until after getting the car loan. Use this time to research what you want from your next credit card. Myself I'm all about cashback but some people like to travel and can really use travel points to their advantage. Whatever you do just keep an eye out and make sure to get a card that actually benefits you.
8/8/25
@tparvaiz wrote:I have about a 795 credit score... by opening a new CC, I assume my score will be hit.
Therefore, the question is, should I get a car loan first and then apply for a new CC, or should I apply for a new CC and then look for the car?
Thanks
Yes your score would likely take a hit, but not by much I'm sure. It's doubtful you'd lose more than, say, 20 points, which would still have you at Tier A+ status for the car loan.
That said, it's always better to apply for the major credit product FIRST (i.e. car loan), and THEN go for a credit card.
