Capital One had approved me for an auto loan back in January, but I didn't jump on it because I wasn't 100% ready to buy - I know, stupid move. I now have 4 weeks in which to buy a car before my current lease is up (not in my name and can't ask for a co-signer again). 2 weeks ago, they declined my application. I can only imagine it's because of 3 things:
- I had an old Cap1 Secured Card that was C/O that just showed up from a collection agency.
- I tried to dispute an old furniture account because the dates were incorrect. They came back and updated with the correct dates and added the balance information which effectively added another $929 to my delinquency. I have since settled this in exchange for them removing the C/O and reporting Paid in Full.
- 4-5 inquiries over the last month trying to obtain an Auto Loan
I am hopeful that I can get Cap1 to reconsider after the MCM accounts and the furniture account update the CRAs (which should be done within the next week or so). MyFico already alerted me to the MCM updates on EQ.
Any ideas on what I can do to have Cap1 reconsider? Is there a phone number for their Auto Loan department? RoadLoans approved me, but the rate is like 18% and I'd like to see if I can get lower than that. The rest of my credit isn't horrible except for 2 defaulted SLs that are in rehab until the end of the year.
