American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
4 posts
2707eduardo
 
Posts: 1
Joined: Wed Dec 28, 2011 8:19 pm
Location: Sylmar, CA

Is it bad to apply for a credit card before getting a loan?

Postby 2707eduardo » Wed Dec 28, 2011 8:43 pm

I wish to apply for the zync card but I am planing on getting a car loan next year. I have a 750 fico score and have one visa from my credit union that is currently at around 50% of its capacity. I also have a few department store credit cards that I don't see use - old navy, macy's, jcp, and best buy. Also im 21.

Ok that is my background and the question is, if I do apply for the credit card whether or not I get approved will it mess with any potential of me being approved for the future loan? In other words if I apply, will it mess up my chances of getting the loan next year?

I wish to apply for the zync because if I can volunteer for points that'd be great since I volunteer often.
Thanks guys I love the forum. :shoot:


ivotedale
Centurion Member
Centurion Member
 
Posts: 232
Joined: Sun Jul 17, 2011 11:47 am
Website: http://www.ivotedale.tumblr.com/
Location: Mesa, AZ

Postby ivotedale » Sat Dec 31, 2011 1:39 am

I'll go ahead and plug this question in this thread as well- I'm considering switching banks with whom I have a checking account; would that effect a chance of a better rate within a loan as well?

I may have my '97 car die on me within the next several months, and its tags are expiring come July as well, so I figure the repair money would be better spent on a down payment or similar...

Though if I switch now, would that impact any portion of a loan?

@2707eduardo- I would say pay off that credit union Visa as fast as you can- other than that, you shouldn't have an issue w/ getting approved for the Zync. My score is in the high 600's-ish and was instantly approved this last September.

Remember, things like inquiries fall under the category of "New Credit" as per MyFico.com, which is 10%. That one inquiry for Zync shouldn't impact your score a great deal.

[via FICO Credit Score Chart: What's In Your Credit Score?]
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF

ooxs
Centurion Member
Centurion Member
 
Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Sat Dec 31, 2011 3:48 am

2707eduardo wrote:other words if I apply, will it mess up my chances of getting the loan next year?[/url]]


The problem here is not your score but your age. If they see you with all these accounts, they flag you as a risk. At this point they can charge you ridiculous rates and limit your options. You already have accounts you don't use (Awesome), you don't need a Zync card. At least it is not going to help you in this situation.

ooxs
Centurion Member
Centurion Member
 
Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Sat Dec 31, 2011 3:55 am

ivotedale wrote:I'll go ahead and plug this question in this thread as well- I'm considering switching banks with whom I have a checking account; would that effect a chance of a better rate within a loan as well?

[/url]]

Banks and insurance companies have one thing alike that is they have no loyalty to you at all regardless of what they tell you or want you to believe. They may offer you .0001% discount for being a member but not a significant amount that is worth sticking around. Shop around and see who is willing to work with you, they need your business more than you need them.



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 1 guest