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03-17-2022, 01:06 PM #1
- Join Date
- Aug 2016
- Posts
- 486
-36 points on Fico8 for a new car loan & new credit card.
If any one else was curious on how getting a new car loan and a new credit card would effect your FICO 8 credit score I have 1st hand experiance.
Last month I decided to get a new car for a new venture I an curious about.. So I called up my bank, and over the phone within about 30 minutes I had an approval letter for $30K 72 months 2.39%. Before I even hung up the phone with the bank, I was getting push notification from Credit Karma, Amex, Discover, Chase, Experian, etc, about a new inquiry from my bank on my credit report.. That was pretty cool that those services actually work to notify you almost instantly.
So the hunt for a new car begins.. It took me about a week to find a dealer that was willing to sale me the exact car I wanted below MSRP and not charge me any type of market adjustment or dealer addons. That was a huge win! Due to the current market, the KBB trade in value of my car shows to be higher than the amount I paid for it! #winning!
So for this new venture I bought the car for, i started thinking about various expenses that I would need to pay for. I thought hell, since I already have 1 inquiry plus a new account, I might as well double down and get another inquiry and a new CC card. I then proceeded to look through various CC offer portals like NerdWallet, Credit Karma, etc... I see a Wells Fargo 21month 0% interest offer that said I was an "Outstanding" match for.. So I proceed with the application, and within minutes I get a 12.5K approval for the Wells Fargo Reflect card.
So that's how I ended up with 2 new inquires and 2 new accounts on my credit profile. I was curious how this was going to effect my score.. Well today I get a push notification from Experian. I think all the damage has now been reported. My score has dropped 36 points. It shows the 2 inquiries plus 2 new accounts, 1is the car loan and the other is the new credit card.
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