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Hi there, I have two things on my agenda in next ~2 months. First is balance transfer of ~$14k from Chase Slate to something new. Another is car loan. Currently my FICO score is 711. Is there any particular order I should execute these two jobs to get most of it?
For example, if I applied for both, credit card and car loan on the same day - will the latter see already lower credit score?

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2008 Nissan Altima

meade18 (Jun. 20, 2017 @ 9:24a) |

If you apply for a car loan, you get a window of 7-14 days where you can get as many hard pulls as you want to shop for ... (more)

Paragon (Jun. 23, 2017 @ 11:06a) |

I applied for only 1 credit card right now and got approved for Barclaycard with $17.5k credit line. Sweet! Don't know y... (more)

chrisdotdot (Jul. 02, 2017 @ 9:39p) |

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Depends on the credit bureau pulled. In the other example I did for you, there were two different credit agencies involved. In that example, each credit bureau pulled did not present a hard pull to the other creditor. IF the car dealer and the credit card use the same credit bureau, then the second creditor will very likely see the first hard pull. The odds are the credit card company will only pull one agency. EXCEPTION - CAPITAL ONE PULLS ALL THREE CREDIT BUREAUS. That has been reported by several people.

My experience with car dealer financing was not pretty. He pulled my credit report telling me my score was 720. After we did the deal, the car dealer shopped the paper around trying to sell the car loan to another financial entity. That resulted in five more hard pulls, but not all went to the same credit bureau. All three got hit to some degree.

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JW10, thanks for the insight. I'm thinking of getting a car loan from Chase, that's where I have my main checking account. They offer something between 3 and 4% APR. Then, preapproved, I would go to a dealership. If I know ahead of time where Chase pulls from, then I can on the same day apply for specific credit card, that would work perfectly for me.

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" I'm thinking of getting a car loan from Chase, that's where I have my main checking account. They offer something between 3 and 4% APR."

Why pay double the rate you could get from a CU?

PenFed starts at around 1.49%

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chrisdotdot said:   JW10, thanks for the insight. I'm thinking of getting a car loan from Chase, that's where I have my main checking account. They offer something between 3 and 4% APR. Then, preapproved, I would go to a dealership. If I know ahead of time where Chase pulls from, then I can on the same day apply for specific credit card, that would work perfectly for me.
  YMMV as to where they pull from. In the past year, Chase has pulled from both Experian and Equifax.
 I expect in branch could be different from the Credit Card division.  I agree that you need to shop around as the rate you are expecting seems high compared to many other possibilities.  It generally does not cost to ask around the various credit unions and insurance companies about rates.  My current car financing is with Nationwide Bank which is related to the insurance company of the same name.  I do NOT have Nationwide as my insurance company in any way.  Do not let them pull your credit unless they are ready to make you a great offer.  You know enough about your credit to make those inquiries.

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JW10 said:   
Do not let them pull your credit unless they are ready to make you a great offer.

  Sure, I will research, get preapproved and only then with good rate I will let them do the hard pull. For the credit card I'm thinking to apply for few of them same day I seal the deal on the car. I'm fine with credit score sinking right after, it should get back in 12 months. 

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JW10 said:   Depends on the credit bureau pulled. In the other example I did for you, there were two different credit agencies involved. In that example, each credit bureau pulled did not present a hard pull to the other creditor. IF the car dealer and the credit card use the same credit bureau, then the second creditor will very likely see the first hard pull. The odds are the credit card company will only pull one agency. EXCEPTION - CAPITAL ONE PULLS ALL THREE CREDIT BUREAUS. That has been reported by several people.

My experience with car dealer financing was not pretty. He pulled my credit report telling me my score was 720. After we did the deal, the car dealer shopped the paper around trying to sell the car loan to another financial entity. That resulted in five more hard pulls, but not all went to the same credit bureau. All three got hit to some degree.

Yes- be careful with dealer finance.  The last time I bought a car I got hit with three hard pulls all on the same day.  It was three years ago, so the hard pulls have dropped off, but I'm still mad about it.  That's the last time I use dealer financing.  Credit Union from now on.
Anyway, if you think you may finance through the dealer, I would apply for the credit card first.  Less potential damage to your credit.

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clangle said:   
JW10 said:   Depends on the credit bureau pulled. In the other example I did for you, there were two different credit agencies involved. In that example, each credit bureau pulled did not present a hard pull to the other creditor. IF the car dealer and the credit card use the same credit bureau, then the second creditor will very likely see the first hard pull. The odds are the credit card company will only pull one agency. EXCEPTION - CAPITAL ONE PULLS ALL THREE CREDIT BUREAUS. That has been reported by several people.

My experience with car dealer financing was not pretty. He pulled my credit report telling me my score was 720. After we did the deal, the car dealer shopped the paper around trying to sell the car loan to another financial entity. That resulted in five more hard pulls, but not all went to the same credit bureau. All three got hit to some degree.

Yes- be careful with dealer finance.  The last time I bought a car I got hit with three hard pulls all on the same day.  It was three years ago, so the hard pulls have dropped off, but I'm still mad about it.  That's the last time I use dealer financing.  Credit Union from now on.
Anyway, if you think you may finance through the dealer, I would apply for the credit card first.  Less potential damage to your credit.

  
The conventional wisdom is that three hard pulls over a few days right before getting a loan doesn't necessarily equal three hard pulls from 3 different credit card issuers over a similar time frame, as far as your credit score is concerned. Shopping around for a loan isn't treated the same way as applying for multiple lines of credit.

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meade18 said:   clangle said:   
JW10 said:   Depends on the credit bureau pulled. In the other example I did for you, there were two different credit agencies involved. In that example, each credit bureau pulled did not present a hard pull to the other creditor. IF the car dealer and the credit card use the same credit bureau, then the second creditor will very likely see the first hard pull. The odds are the credit card company will only pull one agency. EXCEPTION - CAPITAL ONE PULLS ALL THREE CREDIT BUREAUS. That has been reported by several people.

My experience with car dealer financing was not pretty. He pulled my credit report telling me my score was 720. After we did the deal, the car dealer shopped the paper around trying to sell the car loan to another financial entity. That resulted in five more hard pulls, but not all went to the same credit bureau. All three got hit to some degree.

Yes- be careful with dealer finance.  The last time I bought a car I got hit with three hard pulls all on the same day.  It was three years ago, so the hard pulls have dropped off, but I'm still mad about it.  That's the last time I use dealer financing.  Credit Union from now on.
Anyway, if you think you may finance through the dealer, I would apply for the credit card first.  Less potential damage to your credit.

  
The conventional wisdom is that three hard pulls over a few days right before getting a loan doesn't necessarily equal three hard pulls from 3 different credit card issuers over a similar time frame, as far as your credit score is concerned. Shopping around for a loan isn't treated the same way as applying for multiple lines of credit.

This is only if the lenders correctly mark the inquiries' purposes that they get grouped together for that one component of the score computation (they still remain separate inquiries and some lenders/credit card issuers might have an internal "too many inquiries limit"). Less of a given with shady ones a car dealer may use. If they're not each properly marked as an auto loan inquiry, then they will not be grouped together in the FICO score calculation.

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Typically, hard pulls have a minimal impact on your score. The impact declines pretty rapidly and is almost gone after 6 months (though the hard pulls themselves stay on your CR for 2 years).
Normally, I would say it doesn't matter, but OP's credit score is in a borderline area where he might get worse rates if his score dipped 15 or 20 points.

I would do the one that matters to you most first (car loan?) in case there's an impact on the one you try to do second.

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BostonOne said:   Typically, hard pulls have a minimal impact on your score. The impact declines pretty rapidly and is almost gone after 6 months (though the hard pulls themselves stay on your CR for 2 years).
Normally, I would say it doesn't matter, but OP's credit score is in a borderline area where he might get worse rates if his score dipped 15 or 20 points.

I would do the one that matters to you most first (car loan?) in case there's an impact on the one you try to do second.

  That's exactly what I'm thinking. I will do car loan hard pull first, preferably in the morning and then 2 credit cards (Barclaycard Ring and BankAmericard). Worst case I don't get credit card and Chase Slate APR will hit me. But then, after 6 months, I can always apply again.

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chrisdotdot said:   JW10, thanks for the insight. I'm thinking of getting a car loan from Chase, that's where I have my main checking account. They offer something between 3 and 4% APR. Then, preapproved, I would go to a dealership. If I know ahead of time where Chase pulls from, then I can on the same day apply for specific credit card, that would work perfectly for me.

Try Lightstream.

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Interesting thing, today I received Bankamericard in the mail! I wonder if that means that I have bigger/better chances of obtaining that credit card. It says I'm 'preselected' to get the card, whatever it means.

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chrisdotdot said:   Hi there, I have two things on my agenda in next ~2 months. First is balance transfer of ~$14k from Chase Slate to something new. Another is car loan. Currently my FICO score is 711. Is there any particular order I should execute these two jobs to get most of it?
For example, if I applied for both, credit card and car loan on the same day - will the latter see already lower credit score?

If you are buying a car and need/want the financing, the first thing you should do is pay off that $14k credit card balance.  Yes, even if it is at 0%.  Then you'll be able to get the best terms on the auto loan (hint: somewhere other than Chase).  Once you have the auto loan, you can start fooling around with the credit cards again.   

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dcwilbur said:   
If you are buying a car and need/want the financing, the first thing you should do is pay off that $14k credit card balance.  Yes, even if it is at 0%.  Then you'll be able to get the best terms on the auto loan (hint: somewhere other than Chase ).  Once you have the auto loan, you can start fooling around with the credit cards again.   

  I don't have $14k in cash right now.

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chrisdotdot said:   
dcwilbur said:   
If you are buying a car and need/want the financing, the first thing you should do is pay off that $14k credit card balance.  Yes, even if it is at 0%.  Then you'll be able to get the best terms on the auto loan (hint: somewhere other than Chase ).  Once you have the auto loan, you can start fooling around with the credit cards again.   

  I don't have $14k in cash right now.

  
But you have $14k in credit card debt? Then you shouldn't be taking on more debt in the form of a car loan. Buy a cheap used car and pay off your credit card.

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As others have said, I'd apply to the one that matters the most to you, just in case. According to this post on loans - "Checking your credit file will not hurt your credit score". Though as it points out, it depends on whether this is a hard or soft check. Personally I'd go with  what Meade18 and dcwilbur said and try and get rid of that existing debt if you can. Nothing's going to hurt your score (and your fututre rates!) more than that. 

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I just got laid off, they shutdown whole division. My Chase slate FICO (Experian?) jumped to 726, I think it's because I had 5 hard pulls exactly 12 months ago. My car still drives, so at this point I might just roll that $14k to a new credit card, wait couple of months and then get a new car. I'm looking to buy 3-4 years old camry, my main reason is to optimize car expenses. Current ride is very unreliable and I'm paying a lot in repairs and also it can just break down and leave me stranded.

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chrisdotdot said:   I just got laid off, they shutdown whole division. My Chase slate FICO (Experian? ) jumped to 726, I think it's because I had 5 hard pulls exactly 12 months ago. My car still drives, so at this point I might just roll that $14k to a new credit card, wait couple of months and then get a new car. I'm looking to buy 3-4 years old camry, my main reason is to optimize car expenses. Current ride is very unreliable and I'm paying a lot in repairs and also it can just break down and leave me stranded.
  
I'm never owned a 3-4 year old car and I've been employed my whole life (currently driving a super fun 13 year old Infiniti with 230,000 miles). My cars have broken down a few times here and there, but it never cost more more than a little bit of aggravation and a few favors from a friend. Since you are not employed, you might want to look into a vehicle that's a little more humble.

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chrisdotdot said:   I just got laid off, they shutdown whole division. My Chase slate FICO (Experian? ) jumped to 726, I think it's because I had 5 hard pulls exactly 12 months ago. My car still drives, so at this point I might just roll that $14k to a new credit card, wait couple of months and then get a new car. I'm looking to buy 3-4 years old camry, my main reason is to optimize car expenses. Current ride is very unreliable and I'm paying a lot in repairs and also it can just break down and leave me stranded.
Buying a 3-4 year old Camry is a very expensive solution to this problem especially since you just got laid off. You'd almost certainly be better off making the repairs to your car and paying for a AAA or other roadside assistance service plus Uber if you ever get stranded.

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BostonOne said:   
chrisdotdot said:   I just got laid off, they shutdown whole division. My Chase slate FICO (Experian? ) jumped to 726, I think it's because I had 5 hard pulls exactly 12 months ago. My car still drives, so at this point I might just roll that $14k to a new credit card, wait couple of months and then get a new car. I'm looking to buy 3-4 years old camry, my main reason is to optimize car expenses. Current ride is very unreliable and I'm paying a lot in repairs and also it can just break down and leave me stranded.
Buying a 3-4 year old Camry is a very expensive solution to this problem especially since you just got laid off. You'd almost certainly be better off making the repairs to your car and paying for a AAA or other roadside assistance service plus Uber if you ever get stranded.

  you really think that's the case? I saw offers around $14k for such a car. Over 10 years assuming minimal repairs it would be ~$1500/year. My car currently has ABS/ESP down, AC down, check engine light on (won't pass SMOG in 1.5 year from now), front/tail lights down (not bulbs, some module went down) + many other small things are down, like passenger window, central locks etc. I just spent $1k on water pump couple of weeks ago. It's SAAB 2003. I hate this car. I'm currently paying more than $1500 a year in repairs. 
By the way, I just got a new job. We were laid off officially on 15th and I networked really really hard and here I am. Will get a relo package as I have to move from San Diego to Santa Clara. That will also give me some small $$ bonus, I'm expecting couple thousands. 

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meade18 said:   
 
  
I'm never owned a 3-4 year old car and I've been employed my whole life (currently driving a super fun 13 year old Infiniti with 230,000 miles). My cars have broken down a few times here and there, but it never cost more more than a little bit of aggravation and a few favors from a friend. Since you are not employed, you might want to look into a vehicle that's a little more humble.

  do you have anything on your mind? I would need 4 door sedan that drives and is reliable. I need a reliable car in california badly. That's why I thought about Camry as they are said to be super reliable. I could get an older one if that makes sense too. I thought 3-4 years old is a sweet spot on the depreciation curve. Whatever I buy, I will keep it until wheels fall off, so I'm looking long term. 

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chrisdotdot said:   
BostonOne said:   
chrisdotdot said:   I just got laid off, they shutdown whole division. My Chase slate FICO (Experian? ) jumped to 726, I think it's because I had 5 hard pulls exactly 12 months ago. My car still drives, so at this point I might just roll that $14k to a new credit card, wait couple of months and then get a new car. I'm looking to buy 3-4 years old camry, my main reason is to optimize car expenses. Current ride is very unreliable and I'm paying a lot in repairs and also it can just break down and leave me stranded.
Buying a 3-4 year old Camry is a very expensive solution to this problem especially since you just got laid off. You'd almost certainly be better off making the repairs to your car and paying for a AAA or other roadside assistance service plus Uber if you ever get stranded.

  you really think that's the case? I saw offers around $14k for such a car. Over 10 years assuming minimal repairs it would be ~$1500/year. My car currently has ABS/ESP down, AC down, check engine light on (won't pass SMOG in 1.5 year from now), front/tail lights down (not bulbs, some module went down) + many other small things are down, like passenger window, central locks etc. I just spent $1k on water pump couple of weeks ago. It's SAAB 2003. I hate this car. I'm currently paying more than $1500 a year in repairs. 
By the way, I just got a new job. We were laid off officially on 15th and I networked really really hard and here I am. Will get a relo package as I have to move from San Diego to Santa Clara. That will also give me some small $$ bonus, I'm expecting couple thousands. 

First, you're underestimating the repair costs on the ten years you will own a 3-13 year old car.  
You could also buy a much more reliable $5-$7K car. Your solution to the problem would be reasonable for someone who can afford it, but it appears you cannot.

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BostonOne said:   It's SAAB.Ah, no argument. You do need a new car. Run it into the ground, get settled in your new job, try to get your credit card debt paid down, and then start shopping around.


  

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2008 Nissan Altima

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If you apply for a car loan, you get a window of 7-14 days where you can get as many hard pulls as you want to shop for loans and rates and it will not affect your score. They all count as 1 inq.

If you apply for multiple credit cards, every single one counts as a separate inq.

Your score changes the instant the inq hits the account. ~10 points, but sometimes, you get a boost if you are very close to paying off an existing installment loan.

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I applied for only 1 credit card right now and got approved for Barclaycard with $17.5k credit line. Sweet! Don't know yet how much my credit score suffered though. I think, however, long term it should go up as maximum credit limit went up and I didn't increase overall debt.

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