Applying for a loan and Credit Card at the same time
Discussion
Just thought I'd check the best way to do this which will give me the best chance of getting a good rate.
I'm aiming to get a loan of around £3k - £4k and an 0% on purchases card. I'll be needing both at the same time (loan to assist with MR2 purchase, CC to pay for insurance (and pay it off interest free over 12 months)).
Is it best to apply for both at the same time (ie in the hope that neither will see each other as a mark on my file, thus giving me maximum chance of getting the best loan rate) or one after the other (if applying for 2 at the same time makes u look desperate)?
If at the same time are we talking same week / day / hour ??
Or if seperate how long would you give it and loan or CC first?
I don't wanna screw up my credit file if you really shouldn't be applying for 2 products at once!
Cheers
I'm aiming to get a loan of around £3k - £4k and an 0% on purchases card. I'll be needing both at the same time (loan to assist with MR2 purchase, CC to pay for insurance (and pay it off interest free over 12 months)).
Is it best to apply for both at the same time (ie in the hope that neither will see each other as a mark on my file, thus giving me maximum chance of getting the best loan rate) or one after the other (if applying for 2 at the same time makes u look desperate)?
If at the same time are we talking same week / day / hour ??
Or if seperate how long would you give it and loan or CC first?
I don't wanna screw up my credit file if you really shouldn't be applying for 2 products at once!
Cheers
why not get a 0% cc which would cover the value of the loan & insurance? Presumably 5k would cover it? If you've 0% over say 15 months, pay off as much as possible over the period, and then if you need to take out a loan for the smaller, remaining amount (or indeed get another 0% cc)?
To answer your question, I don't believe doing both at the same time (day or week) will cause an issue - they always take a while to show on the credit record (although I'm on expert)
To answer your question, I don't believe doing both at the same time (day or week) will cause an issue - they always take a while to show on the credit record (although I'm on expert)
Kudos said:
why not get a 0% cc which would cover the value of the loan & insurance? Presumably 5k would cover it? If you've 0% over say 15 months, pay off as much as possible over the period, and then if you need to take out a loan for the smaller, remaining amount (or indeed get another 0% cc)?
To answer your question, I don't believe doing both at the same time (day or week) will cause an issue - they always take a while to show on the credit record (although I'm on expert)
Cheers for your thoughts.To answer your question, I don't believe doing both at the same time (day or week) will cause an issue - they always take a while to show on the credit record (although I'm on expert)
The reason I'm planning on a loan is becasue I'll most probably buy the MR2 privatly (there are not that many good condition, low milage rev 3+ standard turbo's) so trying to find one being sold my someone who would accept a credit card (trader) just reduces the potential cars out there! With a loan I'll just pay cash.
Unless I'm missing something?
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