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Established Member
Posts: 15
Registered: ‎01-31-2013
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Cap One / Chase Denied.... Does it help to follow up?

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!

Frequent Contributor
Posts: 484
Registered: ‎02-28-2013
0

Re: Cap One / Chase Denied.... Does it help to follow up?

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?


Starting Score: EQ: 499
Current Score: EX: 659, EQ: 622, TU: 659
CHASE Freedom: 1K, CHASE Sapphire: 5K, Barclay Arrival+: 5K, CapOne: 3K,CapOne: $3K, AMEX BCE: 3.9K, AMEX BCE: 1K, AMEX Platinum, Discover: 8.7K, DISCOVER IT: 2K, CITI Diamond:2.8K, Southwest Premier: 2K, Express:1.3K, Paypal: 3.6K, Amazon: 2.5K, Macys: 7.6K, Walmart: 1.5K, BestBuy: 1.5K, Lowes: 6K, HomeDepot: 3K
Established Member
Posts: 15
Registered: ‎01-31-2013
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Re: Cap One / Chase Denied.... Does it help to follow up?

Hers was for $11k with $10k cash down, $7k still owed, mine was for $18k, still owe $14k but that car will be traded in for the new one.
Regular Contributor
Posts: 154
Registered: ‎02-24-2010
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Re: Cap One / Chase Denied.... Does it help to follow up?


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. 

Total CL's combine: $150,600.
Established Contributor
Posts: 830
Registered: ‎10-25-2011
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Re: Cap One / Chase Denied.... Does it help to follow up?

what were the decline reasons?

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: 268
Registered: ‎06-26-2009
0

Re: Cap One / Chase Denied.... Does it help to follow up?


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. Smiley Happy

 

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.

 

 

EQ- 647, EX- 641, TU- 644
Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!
Member
Posts: 21
Registered: ‎07-30-2013
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Re: Cap One / Chase Denied.... Does it help to follow up?

[ Edited ]

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

Established Member
Posts: 15
Registered: ‎01-31-2013
0

Re: Cap One / Chase Denied.... Does it help to follow up?

Thanks for the feedback everyone. Fingers crossed.
Established Member
Posts: 15
Registered: ‎01-31-2013
0

Re: Cap One / Chase Denied.... Does it help to follow up?

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!

Valued Contributor
Posts: 1,265
Registered: ‎04-22-2013
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Re: Cap One / Chase Denied.... Does it help to follow up?

Where did you apply?

 

     
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