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Valued Member
Posts: 34
Registered: ‎11-12-2012
0

Auto loan D E N I E D :(

So I have been asking about auto loan for few months now and finally pulled the trigger and DENIED!

About myself.

30 yrs old

Oldest credit history is my capital 1 card with $600 limit opened 1 year ago February.

2nd card, capital one unsecured card $2500 limit opened 8/2012

3rd card, Amex zync $500 limit opened 8/2012

4th card, discover more $1500 limit opened 8/2012.

All reports are clean and on time and last balances that updated shows 130 balance on discover, 22 on Amex and 0 for both capital one cards.

Applied for 28000 (car is 27000 new before any fees and wanted to put $3000 down)

Denied by the following:

Capital one blank check
Wells Fargo
Chase
Roadloan (25% rate and only approved me for 14000)
Blue harbor (21k approved for 4.15? % but only 85%ltv)
Lending tree also put my info to capital one and up2drive.com and both denied
Gte credit union denied


What are my options now?? I really wanted to secure my own loan before heading to dealer.... Any other places I can apply to? I have no military background or family in it so I can't go that route...

Also have no other credit union relationship...

Help me please... Do I just go to a dealer and have them work on it???

Starting Score: 597
Current Score: 732
Goal Score: 750


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Valued Member
Posts: 34
Registered: ‎11-12-2012
0

Re: Auto loan D E N I E D :(

Ps my income is 71k and for rent I only pay 600 monthly with no other debt.

Starting Score: 597
Current Score: 732
Goal Score: 750


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Frequent Contributor
Posts: 297
Registered: ‎02-12-2012
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Re: Auto loan D E N I E D :(

Dealer will finance you, what is your FICO

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


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Valued Member
Posts: 34
Registered: ‎11-12-2012
0

Re: Auto loan D E N I E D :(

My fico is 693 pulled from this site.

And to add I been at my job and residence for over 2 years

Starting Score: 597
Current Score: 732
Goal Score: 750


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Established Contributor
Posts: 839
Registered: ‎10-25-2011
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Re: Auto loan D E N I E D :(


Silviaspeck wrote:
My fico is 693 pulled from this site.

And to add I been at my job and residence for over 2 years

If you dont have a credit union relationship, a loan is the perfect way to start one. Your score is higher than mine, and I got approved for $25,700 at 3.75% and reduced to 3.35% after starting a checking and auto pay. Go shop credit unions, you are eligible to join most that you either live, work, or worship in the same city. Start contacting them asap

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Frequent Contributor
Posts: 297
Registered: ‎02-12-2012
0

Re: Auto loan D E N I E D :(

Something is not right, did they use auto enhanced?

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


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Regular Contributor
Posts: 151
Registered: ‎06-09-2009
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Re: Auto loan D E N I E D :(

+1 what was the reason for the denials. 

Established Contributor
Posts: 699
Registered: ‎03-16-2012
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Re: Auto loan D E N I E D :(

that's odd, last month i got approved for capital one blank check up to $36k with 6% interest, have two cards with them 1 and 2 yr old cards... went to the dealer and they got a better rate from chase which was 3.89%... car was a little over $26k, put $1500 down... couple of 5-6 yr old baddies and new opened accounts this past year.. lots of inquiries.... experian score came back 647 (auto enhanced)... oh, and audi/vw approved me too but decided to go for honda.... you should let the dealer run your credit and see what happens...


Starting Score: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



Valued Member
Posts: 34
Registered: ‎11-12-2012
0

Re: Auto loan D E N I E D :(

Reason for denial from gtefcu was limited history so I'll assume it's the same for others as well.


Starting Score: 597
Current Score: 732
Goal Score: 750


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Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Auto loan D E N I E D :(

[ Edited ]

You have an approval to take to the dealer. "Blue harbor (21k approved for 4.15? % but only 85%ltv***)"

 

All you have to say is, "I have an approval at 4.15%. Can you beat that?" They play their games, who says you can't play yours? They do not need to know the terms of the pre-approval, other than the interest rate. If they are unable to beat it, but can get close. Ask them to throw something in for free. Say something along the lines of, "well, I have liked dealing with you and I know you tried hard to get me the loan. I will finance with you if you can throw ______ in at no cost."

 

 

___________ = warranty, maintenance plan, accessories you name it.

 

 

What exactly are you buying? Please give good details so I can price it out. How much are you paying for it exactly?

 

 

***If they insist on knowing the terms of the pre-approval. You can tell them, that is all you asked for. Your reasoning can be that you didn't know exactly what you wanted and that you thought $21k with $3k down would work for you, so that is all you requested. Know that you are car shopping you realize you would like more of a car. Also, you can mention that you just need to call blue harbor up and request a higher loan amount.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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