Loan and Credit Card at the same time?

Landyman123

Hi all,

I got accepted for a credit card at the end of September (my first one) I'm young so haven't really had any other credit before unless you count phone contact and car insurance?
I was wondering if I was to apply for loan is it likely that I accepted since I only got a credit card recently?
I've seen online you should wait 6 months between 2 credit cards or 2 loans but couldn't see anything for a credit card AND loan
Also, have accurate are the loan eligibility calculators? If they 80%, that means pretty good odds right? But does that take into account the information I've just mentioned?
Any help will be appreciated
Thank you in advance!

System

No there is no guarantee that you will. Loan eligibility calculators aren't infallible. 80% doesn't mean pretty good odds and we have people here getting 95% being turned down. Also remember that the headline rate they offer only has to be given to 51% of applicants so you may be accepted but offered a much higher interest rate.

DO NOT BE IN A RUSH TO GET INTO DEBT. You seem to be awfully eager to borrow from your future self, which is what taking out loans and credit card debt is, and spend future income you're not even guaranteed to be earning.

Read this article, learn the lessons it contains.

http://www.mrmoneymustache.com/2014/11/11/are-you-giving-the-shaft-to-your-future-self/

Especially this bit:

Every financial transaction you make today is not so much a deal with a mortgage company, car dealer or department store. It’s a deal with your future self. After all, when the 20-year-old version of you borrowed $32,000 to buy that fully loaded Honda Accord, who ended up having to pay it back? The past self got the new car with no responsibility, and her successor in the present holds the result: a debt hangover and a car that’s now worth only a tiny fraction of the new price. Past You gave Present You the shaft.

DCFC79

Landyman123 wrote: »

Hi all,

I got accepted for a credit card at the end of September (my first one) I'm young so haven't really had any other credit before unless you count phone contact and car insurance?
I was wondering if I was to apply for loan is it likely that I accepted since I only got a credit card recently?
I've seen online you should wait 6 months between 2 credit cards or 2 loans but couldn't see anything for a credit card AND loan
Also, have accurate are the loan eligibility calculators? If they 80%, that means pretty good odds right? But does that take into account the information I've just mentioned?
Any help will be appreciated
Thank you in advance!

Whats the card and loan for ?


Why the rush to get into debt ?

enthusiasticsaver

If you are young I strongly suggest you think carefully before rushing into debt. The best way to build up a good credit score is to use a credit card for 6 months and pay it off in full each month. That will get you used to being disciplined about using credit. Read the DFW forum on here. Your future self will thank you.