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Can Cap1 see my Current Cap1 CC Balance when I apply for a loan?

Established Member

Can Cap1 see my Current Cap1 CC Balance when I apply for a loan?

Hey there FICO Family,

 

I am getting ready to apply for my 1st car loan! I'm 27, with a stable career (I've been w/ my company 2+ years) and I'm rebuilding. I have a Cap1 Rewards with $1500 CL, currently at $1350; a CC through my CU $1000 (currently at $998) and a new VS Card $350 currently at $80.

 

I'm planning to pay down both of the two cards by mid February. I'm wondering if Cap1 would be able to use the real time balance of my Cap1 CC in the underwriting or if they just use the last balance shown on my report.

 

Thanks for you input!

In my Wallet CapOne Cash Back $3000, Apple FCU $1000 Victoria Secret $500, CapOne Journey $1000, Amazon.com $800


Starting Score:1/2012 504
Current Score: EQ: 665 TU 637 EX: 671
Goal Score: 700 across the board
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Message 1 of 7
6 REPLIES
Valued Contributor

Re: Can Cap1 see my Current Cap1 CC Balance when I apply for a loan?

I believe the auto finance and credit card divisions are separated. Although they tell you in their privacy statements that they may share information among themselves or their affiliates I do not believe that they specifically request a current balance on the credit card but go by the reported balance and history at the time of application.

 

If for some reason you were denied the auto loan and the credit card balance was the prime factor you might get them to look at it on a reconsideration.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Message 2 of 7
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Established Contributor

Re: Can Cap1 see my Current Cap1 CC Balance when I apply for a loan?

Yes they will be able to see it as your acct info will be listed in the credit report(s) they pull.

Message 3 of 7
Established Member

Re: Can Cap1 see my Current Cap1 CC Balance when I apply for a loan?


HoldingOntoHope wrote:

I believe the auto finance and credit card divisions are separated. Although they tell you in their privacy statements that they may share information among themselves or their affiliates I do not believe that they specifically request a current balance on the credit card but go by the reported balance and history at the time of application.

 

If for some reason you were denied the auto loan and the credit card balance was the prime factor you might get them to look at it on a reconsideration.


Thanks... this was helpful

In my Wallet CapOne Cash Back $3000, Apple FCU $1000 Victoria Secret $500, CapOne Journey $1000, Amazon.com $800


Starting Score:1/2012 504
Current Score: EQ: 665 TU 637 EX: 671
Goal Score: 700 across the board
Take the myFICO Fitness Challenge

Message 4 of 7
Established Member

Re: Can Cap1 see my Current Cap1 CC Balance when I apply for a loan?


Cadillac-XTS wrote:

Yes they will be able to see it as your acct info will be listed in the credit report(s) they pull.


I know they can see it in the credit report. I was asking if they could see the real time balance  that may have changed since the last report to the bureaus.

 

In my Wallet CapOne Cash Back $3000, Apple FCU $1000 Victoria Secret $500, CapOne Journey $1000, Amazon.com $800


Starting Score:1/2012 504
Current Score: EQ: 665 TU 637 EX: 671
Goal Score: 700 across the board
Take the myFICO Fitness Challenge

Message 5 of 7
Valued Contributor

Re: Can Cap1 see my Current Cap1 CC Balance when I apply for a loan?

Please tell us your experience. Did you get the car and was the reported credit card balances an issue? Inquiring minds want to know.Smiley Very Happy

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 6 of 7
Member

Re: Can Cap1 see my Current Cap1 CC Balance when I apply for a loan?

They can only see what's the last statement balance, or what was last reported. If they want to do a detailed look, then they can do that, but I doubt they'd spend that much time unless your credit report pushes them to do so.

Gardening as of 2.8.13 hopefully for a year. If not, at least 6 months. I can do this, I know I can.
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