Apply Now or Wait?

Discussion in 'Credit Talk' started by danrs, Sep 25, 2001.

  1. danrs

    danrs Well-Known Member

    I'm preparing to apply for my auto loan with my CU.

    I am currently showing 3 inquiry (all from citi, 2 this month on my 2 approvals).

    I am showing currently about 50% credit usage on about 5K limit. My Citi Plat with 11K limit not yet shown.

    Do I go for it now, before the new citi shows up lowering my debt to available ratio;

    Or will the new account hurt more than the improved debt to available ratio helps?

    I would think the damage has been done with the 2 inquiries, and the card and limit will only raise my score, even though new.


  2. matty61184

    matty61184 Well-Known Member

    Hmmm, that's a hard one to call! I would just wait to apply for anything, and see what the loan clerk says. You can always go to another creditor for the loan if you don't meet their provisions. Additionally, another inquiry could hurt you too, being so close to the time you want to get your loan out. But, if you want to get that ratio down and know you have good enough credit to get a certain card, go for it, just make sure it's reporting before you apply for the loan, because your debt to credit ratio would be lower at that point. Good luck!
  3. danrs

    danrs Well-Known Member

    Hi Matty, and thanks,

    Actually, I'm pretty certain I meet my CU's min requirements, they require Exp 625, my credit expert is 672, but with a short (14mo histroy).

    Just wanted to try and up it a little more, I'm looking to finance about 24 or 25 K on a 27 K vehicle, don't want to put down a larger down if I don't have to.

  4. sam

    sam Well-Known Member

    debt ratio will VASTLY effect score. Like 40+ points in my case. I'd wait for them to show up.

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