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How long should I wait to open up a new CC after I bought the car? Or would it be reasonable to open a CC and wait about a few months then buy a car so I don't ding my score?
Opening up a credit card won't ding your score. If you need to open a card, open it whenever you want after you have bought the car. Once they pull your credit report and you sign the papers, they aren't going to go back on the loan because you opened the card. Just make sure your credit is good and your debt to income ratio is ok or you won't get either.
Opening up a credit card won't ding your score. If you need to open a card, open it whenever you want after you have bought the car. Once they pull your credit report and you sign the papers, they aren't going to go back on the loan because you opened the card. Just make sure your credit is good and your debt to income ratio is ok or you won't get either.
while opening a card will generally ding your score SLIGHTLY it is extremely minor and I agree that there is absolutely no reason to wait any period of time after buying the car.
I got a credit card 3 months after buying a new car. I didn't think twice about it. Either you will be approved or you wont. The two won't have anything to do with each other though. Banks and CC Companies worry about you pulling your credit score too much. But this is for two completely different lines of credit. If you were pulling out two CC's at once, then they may start to think something is fishy.
I only have 2 CC and some student loan. My credit utilization is 22% at the moment but will drop a few percent once I make a payment this month. Credit Karma says my score is at 771 but it says its a little inaccurate and should only be used as a guide.
I just want to get the lowest possible interest on a car while shopping for a lender.
I only have 2 CC and some student loan. My credit utilization is 22% at the moment but will drop a few percent once I make a payment this month. Credit Karma says my score is at 771 but it says its a little inaccurate and should only be used as a guide.
I just want to get the lowest possible interest on a car while shopping for a lender.
Just make sure you aren't focusing more on your credit score than money. If you have 2 credit cards already with a balance, pay those off before you consider a car purchase.
I only have 2 CC and some student loan. My credit utilization is 22% at the moment but will drop a few percent once I make a payment this month. Credit Karma says my score is at 771 but it says its a little inaccurate and should only be used as a guide.
I just want to get the lowest possible interest on a car while shopping for a lender.
Then you don't need to add another credit card, along with a car payment!
A hard inquiry will ding your score slightly; but if you know without a doubt that you will qualify for the card you're applying for, the increase in available credit will improve your score enough to offset it, and maybe more. Just be aware that there will be a little lag time between the ding for the inquiry and the bump from the additional credit.
Either way, it's not going to impact your score enough to affect the interest rate on your car loan.
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