Hello All. New to the forum so I thought I’d pick your brains. Sorry for the long post but wanted to give as much detail as possible.
The History: Chap 7 BK Discharged in Feb 2010. Down to two (from 4) Derogs on my credit report(s). The BK and the ‘Voluntary surrender’ from Ford Motor Credit. The Bk won’t fall off until 2019 and the FMC will fall off in late 2016. The other two recently fell off with no impact to my score.
The Email: Got a “Thanks for your loyalty: Now own the car buying process” email from Capital One not long ago and have been reluctant to ‘Pre-Qualify’ or move forward because I’m self-employed and concerned about my “income”. I should note that the ONLY bill I have is auto insurance. Absolutely nothing else personally, therefore there’s no need to pay myself more than I need as I’m constantly growing my business.
The Cap1 History: I have two CCs with them. One I use for some business stuff and pay the ‘Amount Due’ for that months statement which average $1100-$1700 a month. The other I use sparingly. But I always pay that months statement in full on either card. One card I’ve had for 5 years, the other for 2.5-3 years.
The Question(s):
- What are the chances Cap1 Pre-Qualifies me without asking for proof of income especially during the actual buying process at the dealer?
- Are my credit scores high enough to get a loan without POI and at a decent interest rate?
- IF Prequalified with Cap1 should I allow the dealer to run me to see if I can get a better offer elsewhere considering the whole POI thing?
Also - I have a trade in (paid for) in the $10,000 range which should cover the down payment and help with monthly payment.
The Most recent scores:
Transunion 723 (3/2016)
Experian 721 (7/2015)
Equifax 686 (7/2015)
Again, sorry for the long post and thanks in advance for your replies. Questions, advice, opinions all welcomed.
StillKicking
Just wanted to say a quick Thank You to the 233 people who viewed this post and all their recommendations/advice.
For anyone is the same/similar situation: Got Pre-Qualified through Cap1 and bought a brand new truck this morning with absolutely no hassles or any documentation required. Incredibly easy/simple process. Take the Pre-Qual Cert. to the dealer, work out the deal and give it to them. The dealer never ran my credit, all they did was pull up the Pre-Qual offer from Cap1. Done Deal.
Very simple process.
Good luck!
