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I'm in need of advice from the myFICO community. I've learned a great deal from this forum and i've searched for this topic and couldn't find one.
I am about to purchase a car and a new HVAC system, in the near future. However, I am not sur which to apply for first. I'm not sure if purchasing one first will limit my chances of the other. The HVAC will be put on a WELLS FARGO HOME PROJECTS VISA which is a revolving credit line and will be maxed out for a while until i make enough payments to get the balance paid down. The amount of the system should be around the 17k price range, if not a little more. so basically 17k in credit card debt since it's not an installment loan. The other will be an auto loan which will be an intallment loan of around 40kmax. is there anyone out there who knows which would be the best route in this matter?
In my opinion, auto loan first. Sort the rate out from as pretty a credit report as possible, then do the HVAC which is going to be fixed APR / promotion regardless of how the car goes, whereas a maxxed out tradeline is a much larger penalty and may impact your auto loan rate and possibly downpayment requirements.
@ZMBPHD wrote:
That makes sense. Better to get a great interest rate on the car since the hvac will be 0% interest for 36 months (not that it would take that long to pay it off).
I have to add that I have yet to apply for the home projects visa. Will having a large car payment affect my dti in a way that would prevent me from getting the visa for such a large amount? That was one of my concerns
Not remotely close honestly: DTI really counts for mortgage and not so much for anything else, cars would be next presumably but they're far looser in their underwriting requirements.
I don't know anything about that particular card though: if it were me I'd go hit the car and then likely go apply for the card in short order after that.