HPs and new accounts hurt Auto Loan chances?

[JFox418]

I don't have an exact time I plan to apply for a new auto loan, could be this month or in the spring. I'm hoping to push it out until spring. Depends on how my current car treats me. haha

In a few weeks I plan to apply for a Chase Freedom Flex, a FNBO Evergreen personal, a citizens business card (soft pull) and a FNBO business card (personal HP). Currently no inquiries, sig has info. 

If all goes as planned I could have two new personal accounts and 3 HPs. Would that be a huge issue or should I cut it back to just the CFF and Citizens soft pull for the biz?

[SouthJamaica]

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@JFox418 wrote:

I don't have an exact time I plan to apply for a new auto loan, could be this month or in the spring. I'm hoping to push it out until spring. Depends on how my current car treats me. haha

In a few weeks I plan to apply for a Chase Freedom Flex, a FNBO Evergreen personal, a citizens business card (soft pull) and a FNBO business card (personal HP). Currently no inquiries, sig has info. 

If all goes as planned I could have two new personal accounts and 3 HPs. Would that be a huge issue or should I cut it back to just the CFF and Citizens soft pull for the biz?

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The Citizens Business card soft pull will not be an issue.

Everything else is an issue.  I have no idea how "huge" an issue, probably not terrible. 

[JFox418]

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@SouthJamaica wrote:

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@JFox418 wrote:

I don't have an exact time I plan to apply for a new auto loan, could be this month or in the spring. I'm hoping to push it out until spring. Depends on how my current car treats me. haha

In a few weeks I plan to apply for a Chase Freedom Flex, a FNBO Evergreen personal, a citizens business card (soft pull) and a FNBO business card (personal HP). Currently no inquiries, sig has info. 

If all goes as planned I could have two new personal accounts and 3 HPs. Would that be a huge issue or should I cut it back to just the CFF and Citizens soft pull for the biz?

---

The Citizens Business card soft pull will not be an issue.

Everything else is an issue.  I have no idea how "huge" an issue, probably not terrible. 

---

I read through the pinned posts in Auto Loans and it says they may use Auto Enhanced scores or normal Fico scoring. Would they just simply go off those scores or do they do a deeper dive and look at details? I usually go through our local CU for auto financing but give the dealerships the chance to beat it if they can.

[4sallypat]

I am doing the same strategy next week after my home escrow closes.

I do have a car lease I am converting to a used car loan to buy it (lease matures next month) since the car market is just CRAZY.

Will use a CU to buy out the lease and they said they are not inquiry sensitive as the car is a secured installment loan.

I plan on opening:

PenFed (2 cards - 1 HP)

FNBO Business

Chase Ink Cash

Amex Amazon Prime Business

[JFox418]

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@4sallypat wrote:

I am doing the same strategy next week after my home escrow closes.

I do have a car lease I am converting to a used car loan to buy it (lease matures next month) since the car market is just CRAZY.

Will use a CU to buy out the lease and they said they are not inquiry sensitive as the car is a secured installment loan.

I plan on opening:

PenFed (2 cards - 1 HP)

FNBO Business

Chase Ink Cash

Amex Amazon Prime Business

---

You're the one that got me to look at the Citizens with the SP, thanks! I was hoping I could get both the FNBO cards with 1 HP but doesn't look like it. I've been going through auto loan approvals and some people have quite a few inquiries and still do ok. I think I'll be ok especially going through the CU. 

[SouthJamaica]

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@JFox418 wrote:

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@SouthJamaica wrote:

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@JFox418 wrote:

I don't have an exact time I plan to apply for a new auto loan, could be this month or in the spring. I'm hoping to push it out until spring. Depends on how my current car treats me. haha

In a few weeks I plan to apply for a Chase Freedom Flex, a FNBO Evergreen personal, a citizens business card (soft pull) and a FNBO business card (personal HP). Currently no inquiries, sig has info. 

If all goes as planned I could have two new personal accounts and 3 HPs. Would that be a huge issue or should I cut it back to just the CFF and Citizens soft pull for the biz?

---

The Citizens Business card soft pull will not be an issue.

Everything else is an issue.  I have no idea how "huge" an issue, probably not terrible. 

---

I read through the pinned posts in Auto Loans and it says they may use Auto Enhanced scores or normal Fico scoring. Would they just simply go off those scores or do they do a deeper dive and look at details? I usually go through our local CU for auto financing but give the dealerships the chance to beat it if they can.

---

I doubt they go just by the scores.

[4sallypat]

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@JFox418 wrote:

---

@4sallypat wrote:

I am doing the same strategy next week after my home escrow closes.

I do have a car lease I am converting to a used car loan to buy it (lease matures next month) since the car market is just CRAZY.

Will use a CU to buy out the lease and they said they are not inquiry sensitive as the car is a secured installment loan.

I plan on opening:

PenFed (2 cards - 1 HP)

FNBO Business

Chase Ink Cash

Amex Amazon Prime Business

---

You're the one that got me to look at the Citizens with the SP, thanks! I was hoping I could get both the FNBO cards with 1 HP but doesn't look like it. I've been going through auto loan approvals and some people have quite a few inquiries and still do ok. I think I'll be ok especially going through the CU. 

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You are most welcome - SP is so important these days whether personal or business...

I am getting the Amex Amazon Prime on a SP since I am a customer, 2 PenFed CU using 1 HP, and the 1 FNBO - Biz because my biz credit profile is so thin.

As for auto loan approvals, check out SP options:

• Major car dealers can do a SP to pre-approve you - did that twice with Hondas.
• Capital One Auto Navigator will do a SP to see what you qualify for (max $ & APR range).
• CU can also SP your credit if you are a member - you have to go in person and the rep can see your credit without incurring a HP.

[JFox418]

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@4sallypat wrote:

---

@JFox418 wrote:

---

@4sallypat wrote:

I am doing the same strategy next week after my home escrow closes.

I do have a car lease I am converting to a used car loan to buy it (lease matures next month) since the car market is just CRAZY.

Will use a CU to buy out the lease and they said they are not inquiry sensitive as the car is a secured installment loan.

I plan on opening:

PenFed (2 cards - 1 HP)

FNBO Business

Chase Ink Cash

Amex Amazon Prime Business

---

You're the one that got me to look at the Citizens with the SP, thanks! I was hoping I could get both the FNBO cards with 1 HP but doesn't look like it. I've been going through auto loan approvals and some people have quite a few inquiries and still do ok. I think I'll be ok especially going through the CU. 

---

You are most welcome - SP is so important these days whether personal or business...

I am getting the Amex Amazon Prime on a SP since I am a customer, 2 PenFed CU using 1 HP, and the 1 FNBO - Biz because my biz credit profile is so thin.

As for auto loan approvals, check out SP options:

• Major car dealers can do a SP to pre-approve you - did that twice with Hondas.
• Capital One Auto Navigator will do a SP to see what you qualify for (max $ & APR range).
• CU can also SP your credit if you are a member - you have to go in person and the rep can see your credit without incurring a HP.

---

I learned a lot back in 2013 (from here actually) about using a CU. I was car shopping back then and was told by the forum to check with a local CU about a pre-approval. So I did that and it worked out great. They even used whatever bureau I wanted them too. They pre-approved me for %2.1. I found the vehicle I wanted and the dealer actually got me %1.8 through citizens so I took it. My CU followed up with me after not hearing back and was upset I didn't come back to them to try and beat the %1.8. Lesson learned. I'm going to them first since I feel like I owe them. haha

[coldfusion]

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@SouthJamaica wrote:

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@JFox418 wrote:

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@SouthJamaica wrote:

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@JFox418 wrote:

I don't have an exact time I plan to apply for a new auto loan, could be this month or in the spring. I'm hoping to push it out until spring. Depends on how my current car treats me. haha

In a few weeks I plan to apply for a Chase Freedom Flex, a FNBO Evergreen personal, a citizens business card (soft pull) and a FNBO business card (personal HP). Currently no inquiries, sig has info. 

If all goes as planned I could have two new personal accounts and 3 HPs. Would that be a huge issue or should I cut it back to just the CFF and Citizens soft pull for the biz?

---

The Citizens Business card soft pull will not be an issue.

Everything else is an issue.  I have no idea how "huge" an issue, probably not terrible. 

---

I read through the pinned posts in Auto Loans and it says they may use Auto Enhanced scores or normal Fico scoring. Would they just simply go off those scores or do they do a deeper dive and look at details? I usually go through our local CU for auto financing but give the dealerships the chance to beat it if they can.

---

I doubt they go just by the scores.

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You're correct, they go by the credit profile and not (just) the scores. 

The rules of the game are going to be a bit different than for a credit card as an auto loan is secured by the lender having physical posession of and a lien against the title plus the required mininums for insurance coverage,  but going on an app spree for unsecured credit just before applying for an auto loan isn't going to be viewed as a net positive.