Approval Odds & Ends

[Faust1415]

Hello guys.. I'm looking to making my first NEW car purchase within the next couple months.. My current loan is with Capital One, which  I have been VERY satisfied with.. My father co-signed with me, and is willing to do so again (He does not mind, he currently does not have an auto loan and dosen't mind the history it gives him..I am VERY responsible). The two factors that I am of course worried about on my end is my utilization and hard inquiries, which I will include in my notes below. I also would like to know if Capital One is generous to those whom had previous loans through them (Kind of like Ford/Toyota. etc..) I am trying to keep the inquiries to a minimum, and would like to get a preapproval before I arrive at the dealership.

Mine:

Credit Score: 688 EQ

6 years revolving, and 6 years auto history

6 revolving accounts, 1 installment 

48% utilz. (30% is my goal before applying for a loan)

3 trans HP, 10 EQ HP

(almost all are older than 12 months.. One of my first CC's was from Bestbuy, whom has switched banks 3 times in the past two years... CLI were always soft pulls for the first two banks, the current bank now does hard pulls.. I didnt find this out until I pulled my EQ, lesson learned.)

6 revolving accounts, 1 installment 

No negatives, No late payments

70k combined income

Father:

Credit Score: 690 EQ

12 years revolving  & 6 years auto history

3 revolving accounts, 0 installment

50% utilz

0 hard pulls

3 revolving accounts, 0 installment

1 Old Medical Collection (Has since been paid off)

Currently Loan - 3.56% 24k 72mo (used)  w/ Capital One

New Vehicle:

2015 Ford Mustang Ecoboost Premium

Looking for a 24k - 28k loan (Ford X-Plan Eligible)

60-72mo loan term

[04Cobra]

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Faust1415 wrote:

Hello guys.. I'm looking to making my first NEW car purchase within the next couple months.. My current loan is with Capital One, which  I have been VERY satisfied with.. My father co-signed with me, and is willing to do so again (He does not mind, he currently does not have an auto loan and dosen't mind the history it gives him..I am VERY responsible). The two factors that I am of course worried about on my end is my utilization and hard inquiries, which I will include in my notes below. I also would like to know if Capital One is generous to those whom had previous loans through them (Kind of like Ford/Toyota. etc..) I am trying to keep the inquiries to a minimum, and would like to get a preapproval before I arrive at the dealership.

Mine:

Credit Score: 688 EQ

6 years revolving, and 6 years auto history

6 revolving accounts, 1 installment 

48% utilz. (30% is my goal before applying for a loan)

3 trans HP, 10 EQ HP

(almost all are older than 12 months.. One of my first CC's was from Bestbuy, whom has switched banks 3 times in the past two years... CLI were always soft pulls for the first two banks, the current bank now does hard pulls.. I didnt find this out until I pulled my EQ, lesson learned.)

6 revolving accounts, 1 installment 

No negatives, No late payments

70k combined income

Father:

Credit Score: 690 EQ

12 years revolving  & 6 years auto history

3 revolving accounts, 0 installment

50% utilz

0 hard pulls

3 revolving accounts, 0 installment

1 Old Medical Collection (Has since been paid off)

Currently Loan - 3.56% 24k 72mo (used)  w/ Capital One

New Vehicle:

2015 Ford Mustang Ecoboost Premium

Looking for a 24k - 28k loan (Ford X-Plan Eligible)

60-72mo loan term

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Are you looking to trade in your current vehicle? If so, take it to place like Carmax and get a free appraisal. This will give you a better idea on where you stand. Your auto loan history is solid and you may be able to get Tier 1 financing on your own once you raise scores closer to 700's. Having a prior relationship with Cap 1 definately helps but dunno the answer to that one sorry. Try your credit union or local bank when you're ready. Good luck and those new mustangs are sweet!

[Faust1415]

Thanks for the response! I am for sure looking to trade my current vehicle, and will for sure take it to carmax ... I currently have a 2012 and love the 2015 body style.

[Faust1415]

Just wanted to post an update for those whom were interested... Got approved from Cap1 again almost instantly for up to 40k with a rate of 1.67% - 5.07% (Looks like 2.1% on the loan amount I will be using) SUPER stoked!