3 inquiries in two months: bad for bank loan chances?

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Okie21
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3 inquiries in two months: bad for bank loan chances?

Postby Okie21 » Mon Aug 06, 2012 3:01 pm

At the end of June I applied for an Amex BCE and was denied. It has been over 30 days so I'm wanting to apply for an Amex Zync, and a Discover More at the same time. All I've had the last 18 months is a store card and I know its time to get some major ones.

I'm also buying a truck and am looking to get a loan (about 10k) from my local bank whom i have been with for nearly 5 years. Will having 3 inquiries from card companies look very bad to the bank? I'm just wondering if i should get the auto loan taken care of, then apply for the two cards, or if it really matters. I have a good income, all positive credit history, and a decent score. (731 EX currenlty). Thoughts?


agp
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Postby agp » Mon Aug 06, 2012 3:11 pm

It might not hurt your chances of getting a loan, but it probably will increase your interest rate. I would wait a while before applying for a loan.

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Okie21
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Postby Okie21 » Mon Aug 06, 2012 10:41 pm

ok thanks for the input. The thing is, i cant really wait on the loan. I will be needing to have that finalized in the coming month. I could, however, wait on the credit cards. that's really what i'm wanting to know, if i should focus on the loan, and then go for the cards. I dont really "need" the cards right now (though i do need legit cards for my credit score in the long run), however i will need the loan for the truck rather immediately.

MemberSince99
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Postby MemberSince99 » Tue Aug 07, 2012 6:25 am

Go for the truck first and get that THEN go for the credit cards.



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