Hey everybody, Im pretty sure that im going for a auto loan this weekend. If i do, whether if i get approved. Do you think its stupid that i try to apply for amex Blue along with citibank credit card (i work for citibank and get a rate of prime +1%. The reason, i ask is because my credit is spotless right now, at 768 Fico, with 5 years of credit, with no debt. But i always wanted a AMEX card, and now that i work at citibank, i can get a really good rate on that also. i want to get those cards, before the auto loan pops up on my file, and these would be my first prime cards. I have one HArd inquiry before all this. So if i were to do this. I would have a total of 4 HArds within a month. But i dont plan on getting anything for awhile now. My main goal is to get the car, nothing else in the near future for now! Thanks, i just wanted to get some opinions. Also my score is 768, dont i have some Points to have some fun with? thanks
I think that would be fine. The only concern would be the number of recent inquries. Hopefully the credit cards and the auto loan will use different CRA's, so the inquiries get spread around a bit. I don't think you'll have too much trouble getting what you want, but I would recommend doing whatever is most important to you first. If you need the car and want the credit cards, then wait to apply for the cards until the auto loan is finalized. If you really want the cards, and a car is secondary, then apply for the cards first. I doubt you'll have a problem getting everything you want with those scores, but prioritize them just in case. If you do get denied based on recent inquiries for the last thing you try to apply for you can always wait 6 months and try again. HTH, Brett
Resist the urge to go buck wild with your newfound credit status. Take a look at my scores. I, too, enjoyed the heady feeling that comes with can't-miss instant approvals. But I hit rock bottom just last week after opening 5 credit card accounts and watching helplessly as my scores tanked. :/
If you want to qualify for a manufacturers 'special interest rates', ie 0%,1.9%, etc, you want to ensure that your Fico is 700 or better, depending on the automobile manufacturer. I'm not real knowledgeable about what opening a line of credit does to your score, ie a credit card, but since the car seems like your goal, maybe wait and secure the auto loan first.
