Capital One Auto Finance

[Anonymous]

In December 2015 I was approved through Capital One's Blank Check Program for a new car. 

My credit score then was around 500. I had a student loan $3500, a few collections around $500 and Zero Credit Cards. 

I bought a car with that blank check. Here we are 2 years later...my credit score is now TU 651, EQ 635. I have also received 3 credit cards ($5,000 total) and I am currently at 11% utilization. My question is ... now that I've been paying religiously on time for my car payments, received new credit cards, and improved my score over 100 points...Why would Capital One deny me for another car loan? (I want to trade my car in). 

They kept sending me notices in the mail asking me to apply for the Auto Navigator since I've been such a loyal customer but then they denied me...

In any event... I have a 2013 Altima and I want a 2016 or 2017 Altima and I'd love to stay with COAF

[Anonymous]

They have a preapproval option on their site now that is just a soft pull. I don't think they do the blank check anymore though. I'd go to their site and give it a try!

[Anonymous]

Thats where I went to apply (Their pre-approval Auto Navigator) and it was denied. But now I think I see what the problem was. I signed up yesterday for this MyFico and there was a fraud alert on EQ so I called them today and got it removed. Maybe Capital One uses them....we shall see. I will re-apply in a few weeks.

[Anonymous]

I'm sorry, I completely missed where you said they denied you in your original post.

Fraud alert probably has a lot to do with it. We had a fraud alert put on all 3 bureaus a couple of years ago and we were getting denied for all kinds of things that should have easily been approved.

Good luck!

[Anonymous]

I understand your desire to be faithful to Capital One because they gave you your start but you will almost certainly be better off going with one of the many fantastic credit unions that offer low interest car loans and fantastic customer service. I suggest DCU or Penfed as two great options.  You can find many satisfied customers here.   Also its not my business but know that the dealer will offer you very little for your trade so you might want to consider selling it yourself, it could mean the difference of a couple of thousand dollars.

[Anonymous]

Thank you very much for the advice. I have decided to go with PenFed. I applied for and opened a savings account with them last week. Waiting for my credit score to go up a tad before I apply for an auto loan.

[washpadude]

If I remember correctly, Auto Navigator doesn't give any way to indicate that you will be trading in your old car and paying off the loan. It seems to work as if you are taking on a second car loan in addition to the first, with no way to indicate otherwise. Unless you have a really high income, that can really hurt your Debt to Income ratio and result in a denial.

[Loquat]

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@Anonymous wrote:

Thank you very much for the advice. I have decided to go with PenFed. I applied for and opened a savings account with them last week. Waiting for my credit score to go up a tad before I apply for an auto loan.

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You'll be pleased with PenFed.  They are really good folks to work with.  I've had my last 7 auto loans with them and they're really quick, check is sent overnight and they'll waive the fee if you ask.  Process is seamless.  Best of luck to you when you decide to pull the trigger.