Cap 1 Auto Navigator Questions

[Anonymous]

Hello All, 

So I am new here. I have a few questions about Cap 1 Auto Navigator Loan System. 

I am going to be upfront that my credit sucks. I have tons of student loans due to going to law school and my credit utilization sucks because I am a broke law student. However, I have been trying to approve my credit and I was going to make it a point to start really budgeting and paying of my credit cards this month..... and then I was TBONED and my car is more than likely totaled. 

I was planning on driving my beautiful paid of car into the ground and never anticipated being in this position of needing to take out financing for a car. 

So... I did the cap one auto navigator and got prequalified. I did this prior to the statement date of my capital one cards and then the very next day my card did the refresh and reported to my credit report being about 20-30 dollars over the limit due to the fees. 

I am still planning to make a significant dent in my credit card debt this month and those payments will reflect on the cards and about 2 or 3 of my credit cards will report on my credit report a lower utilization. My Capital One cards will not refresh until early September. So here are my questions.

1) In the fine print of the auto navigator its says all capital one cards must be in good standing- not over the limit- ect ect ect. My card will be paid down, but not reflected on my credit report until early September. Does Cap 1 determine whether it is in good standing for the auto loan through their own system (Internally) or based on my credit report? Like will they go "so and so has two cards with us, never missed a payment and their balance is reflected below the limit" through their OWN system or will they look at my credit report and go "over limit automatical denial..."

2) So I uploaded my proof of income into the auto navigator site and will hear back soon whether or not it is accepted. Do I need to bring those docs with me too- or can I just print my prequalification letter. I do not see the point if I already submitted it why do I need to bring it there?

Thank you! 

[enjoimorenow]

Not sure how their own cards work, I would assume they could see the balance internally and not go off of the credit report, but any cards that are not CapOne will be based on the credit report so if they do the triple HP and things have changed since the SP approval, then terms can change and/or you can be denied.

No, once proof of income is submitted, all you have to do is bring the pre-qual page to the dealer with you.

Also, have you considered maybe just getting a cheap car to drive around for a few months until you can improve your credit?

If you just bought something inexpensive and worked on paying down your CC debt, you would be able to get drastically better terms.  Sounds like your credit scores are being held down by mostly if not only high utilization.  By getting that utilization down over the next couple months your scores will sky rocket.