applying for different types of credit at once

Anonymous · ‎03-10-2011

Not sure where to post this but if one were to apply for an auto loan, credit card, and a line of credit all in the same day, which one should be done first and what are my chances of getting approved, i am guessing I should apply for the car loan first, anybody got any suggestions? I would really like to apply now as I plan on this being the last time I apply for credit for at least two years? My credit scores are in the 740's so i am not worried about getting denied.

Anonymous · ‎03-10-2011

@Anonymous wrote:
Not sure where to post this but if one were to apply for an auto loan, credit card, and a line of credit all in the same day, which one should be done first and what are my chances of getting approved, i am guessing I should apply for the car loan first, anybody got any suggestions? I would really like to apply now as I plan on this being the last time I apply for credit for at least two years? My credit scores are in the 740's so i am not worried about getting denied.

The auto loan is probably the least inquiry-sensitive of the three. If I were you I'd apply for the auto loan last. Especially if you're applying through a dealership, which is likely to run your credit throug several banks, hitting you with multiple inquiries in the process.

Anonymous · ‎03-11-2011

@Anonymous wrote:

@Anonymous wrote:
Not sure where to post this but if one were to apply for an auto loan, credit card, and a line of credit all in the same day, which one should be done first and what are my chances of getting approved, i am guessing I should apply for the car loan first, anybody got any suggestions? I would really like to apply now as I plan on this being the last time I apply for credit for at least two years? My credit scores are in the 740's so i am not worried about getting denied.
The auto loan is probably the least inquiry-sensitive of the three. If I were you I'd apply for the auto loan last. Especially if you're applying through a dealership, which is likely to run your credit throug several banks, hitting you with multiple inquiries in the process.

I would probably go for the CC first. 740 is a lovely score - but do your homework first and app for a card that is likely to approve you.Also maybe consider getting your auto financing in place before purchasing that car - through a CU or local bank. You often get better deals. And fewer hits.

Anonymous · ‎03-11-2011

Yeah I am probably going through the dealership since I can put 0 down and get 0% interest for 60 months.

Anonymous · ‎03-14-2011

@Anonymous wrote:
Yeah I am probably going through the dealership since I can put 0 down and get 0% interest for 60 months.

Can't beat that!

Just make sure you get the best & final price settled before you talk financing - so they don't roll the "zero" financing costs into the sales price of the vehicle.