Applying for a CC after loan?

DunPin

Hey guys,

In a couple of months I'll be needing a loan (small loan with my bank) for essential home improvements and I was wondering whether I'll be able to apply for a CC (Amex as I should hopefully get it this time as my profile will look a lot better) as I want the rewards, will my chances be screwed or if I do it the same day for both, I should be okay?

Cheers

[Deleted User]

Why not just apply for a 0% credit card instead of the loan in the first place? It will be cheaper and kills two birds with one stone!

DunPin

Lazyloki wrote: »

Why not just apply for a 0% credit card instead of the loan in the first place? It will be cheaper and kills two birds with one stone!

Because the loan might be used for a couple of other things as well although mainly home improvements that really are needed

[Deleted User]

A CC with a decent limit would still be cheaper...

Anyway, about the Amex, applying for the Amex card before the loan is probably the best way to do it. That way you can get the more risky of the applications out of the way first.

What I mean by this is that you're a new customer to Amex so they will only have your credit file to go on. Applying for this first while your search history is clean may help.

For the loan your bank will also have their own internal records to look at so the CC application might have less of an impact....does that make sense?

Incidentally, which Amex are you interested in applying for? If it's the Platinum Cashback, Gold Rewards or Starwoord (SPG) then I'm happy to offer a referral. (This doesn't guarantee you an acceptance but if you are accepted and meet the spending targets for sign up bonuses then we would both get some extra cash back, MR points, SPG points etc). PM me if you're interested.

DunPin

Lazyloki wrote: »

A CC with a decent limit would still be cheaper...

Anyway, about the Amex, applying for the Amex card before the loan is probably the best way to do it. That way you can get the more risky of the applications out of the way first.

What I mean by this is that you're a new customer to Amex so they will only have your credit file to go on. Applying for this first while your search history is clean may help.

For the loan your bank will also have their own internal records to look at so the CC application might have less of an impact....does that make sense?

Incidentally, which Amex are you interested in applying for? If it's the Platinum Cashback, Gold Rewards or Starwoord (SPG) then I'm happy to offer a referral. (This doesn't guarantee you an acceptance but if you are accepted and meet the spending targets for sign up bonuses then we would both get some extra cash back, MR points, SPG points etc). PM me if you're interested.

While that's probably true, it's in my opinion that the loan would be better as I know that'd I'd have enough to cover the expenses compared to a CC where the limit may not be high enough for me

Okay yes I'll do it that way as I already did a pre-check and I should get it based on internal records

The Gold as it's the better one for my needs and come September it'll have been long enough for me to apply again as I was denied due to my address being new at the time as well as the fact my BC was still practically new which I think would've hampered my application (I think, the new house most definitely did).

When the time comes I'll PM you for the referral

[Deleted User]

DunPin wrote: »

When the time comes I'll PM you for the referral

I've heard that before! If it comes to it, it's always worth ringing Amex if you're not successful. They're pretty good at reevaluating auto-declines.

sfax

Make the applications simultaneously so that application 2 won't see the new credit agreement after application 1 is setup. The only downside is that application 2 will see application 1's search (but only if they search the same CRA).

I do this (successfully) with BT credit cards applications a lot, sometimes making 3 at the same time

[Deleted User]

sfax wrote: »

Make the applications simultaneously so that application 2 won't see the new credit agreement after application 1 is setup. The only downside is that application 2 will see application 1's search (but only if they search the same CRA).

I do this (successfully) with BT credit cards applications a lot, sometimes making 3 at the same time

The problem with this tactic is that it assumes that the OP will be getting instant decisions. I have pretty good credit (I think) but I rarely get instant decisions when applying for cards online.

Even Amex, with whom I have a pretty good history (three cards with them which I put a lot of spending through) gave me a referral when applying most recently.

sfax

Lazyloki wrote: »

The problem with this tactic is that it assumes that the OP will be getting instant decisions. I have pretty good credit (I think) but I rarely get instant decisions when applying for cards online.

Even Amex, with whom I have a pretty good history (three cards with them which I put a lot of spending through) gave me a referral when applying most recently.

It probably makes no odds as credit reports are only updated monthly and it can be 2 or even 3 months after applying before a new credit agreement appears on one of your reports.

Referrals are usually a week or two so you'd be pretty unlucky if this was long enough for a new agreement to appear (and that would mean you had one instant decision with an online signed agreement (no postal sign delay) alongside one slow referral)

For reference, in the past I've had two of three applications referred (one was an Amex Gold) and one instant acceptance - all went through OK