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Posted in Auto Loans
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SugarCube72

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Can you use the car loan application credit period to also process a credit card application?
I have excellent credit and was approved for a car loan. I have chosen to not get a new car, but I have heard you have a two week grace period on applying for other loans. Does this include applying for credit cards? Can CC apps be lumped into this grace period to only count as one hard inquiry?

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I wouldn't think so. This credit scoring rule was designed to take rate shopping into account. When you rate shop for a car or a house it is assumed you are only buying one car or one house--you're only planning on opening a single line of credit. You're talking about completely different types of credit (installment and revolving) as well as multiple accounts being opened.

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Not sure what you meant by 2 week "grace" period, but each time you apply for credit? It will show as individual inquiry. Tho yes, when you are "rate shopping" with-in certain period that it might go against your score as one inquiry but each and everyone still will show up in your credit report as individual inquiries.

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There are some instances where you are able to apply for two products with same credit pull, like credit card and loan or line of credit, but usually limited to Credit Unions, where they focused more on what's in your credit reports than credit scores. If you got that auto loan from your bank? You can try ask the same bank, if they would use the same credit pull for another credit product. But not if from two different lenders.

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If youre at a credit union. Yes you can knock em both out with the same.inquiry... Im about to dk the same when i attemot for an auto loan this fall!

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