Hello! I hope this is not a stupid question; I have seen online that a person should avoid applying for new credit cards if intending on buying a car or house anytime soon as it can affect your credit score. I am planning on buying a new vehicle in around a month or so (financing) but also wanted to get a second credit card that actually does something for me (I currently only have one and its a tiny cash back one). With this type of timeline, should I hold off on a new credit card until after I get a vehicle or would it not make much difference? For context if it changes anything, my score is sitting around 805-810ish on Transunion
Time between applying for new credit card and financing a car
byu/mineralandrock inCreditCards
Posted by mineralandrock
1 Comment
If its only going to be a month or so till you purchase a car, theres no harm in waiting a month or 2 before you apply. However, with a score if 810 and you apply now, you’ll see a temporary dip, but even a temporary dip of 10-15 points wil still be high enough to get approved for a car loan. I just would wait because you could potentially get a lower interest rate with a higher score, ifs a big difference for some reason if your score starts with an 8 instead of a 7