A little lost here.. Denied by Capitol One Auto (and others)??

[MindKntrl]

Salary of around 62K

Just closed on a house yesterday, so there are a few inquiries related to that (maybe 4 total over the course of 10 months)..

My scores are pulling 655 EQ, 662 EX, and 677 TU

I paid off (no lates) 48-month auto loan for 23K in June of 2012 - so I'd assume my Auto Enhanced should be a higher score

a few baddies, maybe 5 (utility bill from 2007, medical judgment for $356, Charter Communications for another $336), but 4 are paid off showing $0 balance, and one has a $751 balance for Sprint

1 secured card - Cap One - $750 limit..  $0 balance, as I don't even use nor carry the thing

AAOA is about 4.5 years...

Car I really want is around 30-32K, but I have 5K to put down, and can trade in another vehicle worth about 4K (only if I need to sweeten the pot)...

Applied for a 25K loan with Cap One last night -- DENIED!

Applied for a 25K loan with Wells Fargo -- DENIED!

still waiting to hear back from my credit union...

I haven't tried joining any other credit unions...  I'm not in the military, nor do I have any family in the military either..   so the PenFed, NFCU  and other military affiliated/government credit union options are all bust..

I've seen quite a few people here mention DCU, but I'm not sure what that is..

Am I missing something here??   I'm unclear why I'm being denied, and where else I should try applying..

I'm trying to do all my applying in the next 3-5 days, so it'll count as 1 inquiry...

Is it bad to apply in a lot of different places within a few days of each other??    I have not been to a dealership..  I'd prefer to walk in with a number already and try to have them beat it.. 

Thanks!

[MindKntrl]

Add Chase to the list also..  and I bank with them..

Well, I used to bank with them, as soon as I find a lender, I'll find a new bank!

[CAnNY]

It's pretty odd to say the least that you were denied. Needless to say sorry. On another note have you tried a credit union. I had a score in the low 500's earlier this year and was approved thru my credit union and I have not purchased a car in years. Plus my bk was still reporting. I do have a long banking history with them but no real loans aside from a small secured savings loan in 2012 I opened briefly to build my history with them. The score they used matched my FICO score at the time so i doubt it was an auto enhanced score. Call a few credit unions in your area. Good luck.

[blondy250]

1. Too many baddies (maybe 5? maybe more?)

2. Low credit scores (Suze Orman calls anything below 700 Terrible)

3. Looking to finance a car thats 50% your annual income (max 25%)

4. New inquires (mortage)

5. DTI (new mortgage)

[coterotie]

I see two problems with doing the online app process. 

1. They don't know what equity you will have in the car so they assume you are a higher risk
2. The new mortgage hasn't had a chance to help your score, so you're paying the penalty for the inquiries and don't have the benefit of the mortgage.

My suggestion would be to give it a rest for 45 days or so.  In the meantime transfer your savings/checkings to a local credit union.  While shopping for the CU ask which bureau they pull from and try to correlate that to your highest score.  eg. the local CU we use uses Equifax which by pure coincidence is my highest score and their minimum auto score is 640.  Then you can bring them your purchase deal and they will see you bank with them and can see you have equity in the deal.

[09Lexie]

DCU = Digital Federal CU and you have to be a member which requires a HP on EQ.

The paid baddies only look good on manual review as they are counted against you the same as unpaid.
Hopefully, your CU will manually review your app and give you the opportunity to explain the derogs and inq's.

[CAnNY]

Have things changed with car loans. Years ago I was approved for $25k loan and that was more than half my salary at the time with no problem. Anyway was just curious. Good luck!

[MindKntrl]

Okay, my credit union came through...   approved me for more than I asked for..  but I have to put down a nice chunk of change, which is okay because I have it...  now it's time to start shopping...   got my pre-approval letter today..     So do I just walk up into the dealership with that and tell them to beat the rate...   the rate IS NOT on the letter...  Of course I will tell them it's lower than what it actually is, so that I can watch them work...

[Creditaddict]

What is rate?
I'd go apply at roadloans just to check rate... It will give you 3 options in 30 seconds!