how new car loan will affect my credit score ?

[allaboutcredit]

I have four credit card accounts with low credit line from $ 1000 to 2000. Other than that, there has been no late payment. I recently applied for Citi diamond cards and got denied due to :

• Your credit report shows too few credit references.
• Your credit report shows your accounts have a low credit limit.

But, a few weeks back I got an offer for Chase freedom card in mail and got it with $ 3500 limit. Again I got an offer in mail from Cap1 and got it approved. Still waiting for the latter card though. Also, I got a new car from Hyundai motor finance @ 3.9 % for five years. Both me and my wife are on the hyundai account.

I understand that from next month, both the new cards and motor finance will show up on my score. Are these factors sufficient to mitigate the reason why I was denied by citi bank ? It pulled the experian score which is the lowest.

Secondly, is fico score only for TU or also for EX and EQ ?

thanks !

[laz98]

there are FICO scores for all three, TU, EQ, & EX, but you can no longer buy your EX score anywhere.

[allaboutcredit]

well, I read thru the forums and figured that,. but this was only 20% answer to my initial query !

[andyaycw]

You just obtained three new accounts - on this basis alone, I would wait at least 6-12 months before applying for the Citi Diamond again.

On the basis of getting denied for low credit limits - try increasing your credit limits on your current cards and try again in 6-12 months for that Citi Diamond.It sounds like Citi wants to see that you can handle high limit cards responsibly before they will grant you credit.

Bottom line, I would wait 6-12 months before trying again. Also, just out of curiosity, what are your FICO scores?

[allaboutcredit]

Two weeks back, my fico TU was 698. They pulled EX only which has always been low compared to the other two.

[haulingthescoreup]

The problem is that you are asking us to read Citi's mind. I'm not sure that even Citi can read Citi's mind.

I'd say that your scores will dip for several months with the new TL's (tradelines) and then recover and increase. The auto loan will help your scores if it's your only open installment/ mortgage loan by improving your credit mix. Otherwise, it's just another TL. But this is just scoring predictions. It has little or nothing to do with what Citi might want.

I agree with the others --let the others show up with clean history for six months, and then if you're still interested in the card, try again then. But you never know, they may be happy with the increased number of TLs, once they're reporting.

It's possible that this thread would do better over on Credit Cards. We like to pretend that we can read banks' minds over there, lol. OP, if you want, you can click the Options button above on the right and select Report Inappropriate Comment. There isn't any inappropriate comment here, of course, but there will be a pop-up text box where you can request that the thread be moved. Only if you want it to, of course.