How can I get approved for an auto loan but still cant get approved for a credit card?
Question by : How can I get approved for an auto loan but still cant get approved for a credit card?
I just recieved an auto loan through a dealership for a new car that I recently purchased but yet I still cannot get approved for a credit card... How is this? I dont mean one of the worthless prepaid credit cards I mean an actual credit card.
Best answer:
Answer by Everythang's gonna be all white
Because the dealership loan people have recourse. If you don't make your car payment, you lose your car. It's difficult to recoup losses on a credit card. Lots of time and money invested to get repaid. Many companies just write it off as a loss so they will be more picky as to who they will give a card to. The bright side is that once you have made your car payments on time for at least 6 months, you will be deemed more credit worthy than you were before.
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