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Hello,
Currently trying to get out of a 19% auto loan / gas guzzler....
I was just denied online by Cap One's blank check and chase for a $25k auto loan.
My fico is 624, 1 year on time payments on current Chase auto loan, 1 year on time cap one cc, and my wife is co-signing, don't know exact fico, but has 2.5 years on time Honda finance auto payments and 1 year on time wells fargo credit card ($1200 limit). Our incomes are around $45-50k/year each.
She has a short credit history (auto loan is her first use of credit, ever, in 2011) but I still figured with her co-signing it would be easier to be approved, and I also figured becuase I have good standing with Chase and Cap One it would benefit us, but it hasn't.
I'm wondering if anyone knows if its possible to follow up with a call or email? Much success if so?
The wife is hesitant to apply any more places besides a possible refi through cap one..
Any suggestions welcome.
Thanks!
It is probably the banks are thinking your income is not enough to have 2 big loans at the same time. How much is your other car loan?
@thomcoogan wrote:Hello,
Currently trying to get out of a 19% auto loan / gas guzzler....
I was just denied online by Cap One's blank check and chase for a $25k auto loan.
My fico is 624, 1 year on time payments on current Chase auto loan, 1 year on time cap one cc, and my wife is co-signing, don't know exact fico, but has 2.5 years on time Honda finance auto payments and 1 year on time wells fargo credit card ($1200 limit). Our incomes are around $45-50k/year each.
She has a short credit history (auto loan is her first use of credit, ever, in 2011) but I still figured with her co-signing it would be easier to be approved, and I also figured becuase I have good standing with Chase and Cap One it would benefit us, but it hasn't.
I'm wondering if anyone knows if its possible to follow up with a call or email? Much success if so?
The wife is hesitant to apply any more places besides a possible refi through cap one..
Any suggestions welcome.
Thanks!
Try a credit union instead. I'm sure you'll see different results.
what were the decline reasons?
@thomcoogan wrote:Hello,
Currently trying to get out of a 19% auto loan / gas guzzler....
I was just denied online by Cap One's blank check and chase for a $25k auto loan.
My fico is 624, 1 year on time payments on current Chase auto loan, 1 year on time cap one cc, and my wife is co-signing, don't know exact fico, but has 2.5 years on time Honda finance auto payments and 1 year on time wells fargo credit card ($1200 limit). Our incomes are around $45-50k/year each.
She has a short credit history (auto loan is her first use of credit, ever, in 2011) but I still figured with her co-signing it would be easier to be approved, and I also figured becuase I have good standing with Chase and Cap One it would benefit us, but it hasn't.
I'm wondering if anyone knows if its possible to follow up with a call or email? Much success if so?
The wife is hesitant to apply any more places besides a possible refi through cap one..
Any suggestions welcome.
Thanks!
Online aps like that are either PASS/FAIL. If you failed in just one criteria - no matter how small, then the computer will deny you and send you a canned response listing reasons A,E,I,O,U & sometimes Y.
After reading the other details, I`m willing to bet a dealership with the car you want could get you financed with one of their lenders --- Including Chase & Capital One if they do business with them.
Go to the dealerships, online apps don't take in to account any trade or any possible negative equity.
Rich
Hi Rich, I edited you post to remove your email address. Personal information is prohibited on the forums.
Thank you - Guiness56 myFICO Moderator
Holy cheese n crackers, approved 4.9% no money down. Basically paying the same payment I was before, but now on a brand new car with 32 miles.
1 year ago, 540 FICO - 19.5%
Today, 620 FICO (with 710 FICO wife co-signing) 4.9%
Honestly cannot believe it, especially after being denied twice online.
Hooray!
Where did you apply?