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Capital One Auto Loan Approval Chance

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Anonymous
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Capital One Auto Loan Approval Chance

Hi I want to know what are my chances of getting approved for the Capital One Auto loan. I am 19 years old. I turn 20 in July. I currently have a credit card with capital one for about 1 year and 6 months. I have nothing in the collections or public records so basically no derogotory marks. My payment history has been great but there is one problem. I have missed 1 payment out of a total of 18 payments. so 17 payments on time. It happened in December 2017. I am going to try to get my car in August or September My utilization is easy to bring down cause its just a snap shot so its bout 20-30%. Im just wondering is it going to be the end of the world for my chances of getting approved with it. I don't know if im just over exaggerating and thinking about it to much. My score is 645. I have 7 inquiries.I also work 2 jobs. 1 pays weekly and the other pays bi weekly. Please let me know what do you think and also if 2 jobs help. 

9 REPLIES 9
Anonymous
Not applicable

Re: Capital One Auto Loan Approval Chance

Try it, the Cap One website has a pre qualification tool, wont affect your credit in the slightest. Just go through that tool and see if you would even be approved and if so at what rates and for how much.

Message 2 of 10
Anonymous
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Re: Capital One Auto Loan Approval Chance

See this is the thing. I did a dispute on the late in January cause I did not understand it. so they took my score off im pretty sure i have to wait until july for it to come back because they said wait 6 months. thats why I am going to do it in August or September. Do you think that will affect my chances?

Message 3 of 10
Anonymous
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Re: Capital One Auto Loan Approval Chance

It might, but I'm no loan genius. 

 

I would apply through the Capital One tool just to see where you stand at this moment. Being armed with info is never a bad thing. 

Going through the loan tool wont ding your credit, its not a hard pull. I say do it just to see where you stand, if you are declined for whatever reason I bet it will tell you why and you can do whatever needs to be done to better your chances later on (Pay down balances, let accounts age).

Message 4 of 10
Brian_Earl_Spilner
Credit Mentor

Re: Capital One Auto Loan Approval Chance

Your score is missing from 1, or all 3 bureaus? Cap1 checks all 3, but only needs 2 bureaus to approve. I would assume that carries over to their pre-qualification.

    
Message 5 of 10
Anonymous
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Re: Capital One Auto Loan Approval Chance

I believe its cause I disputed the late in January. But they said it will be back up again soon. they basically took it off temporary. Im not worried about the score im just worried about them complaining bout the one late after 1 year and 5 months of on time payments. I was in the hopsital and it was a long story.

Message 6 of 10
Anonymous
Not applicable

Re: Capital One Auto Loan Approval Chance

Your score is not gone. You are confused. Right now while it is in dispute the late is "gone". NOT your score .So this in fact helps your score at the moment because the derogatory info is not showing. When it comes back your score may go back down but not by much .It will go back to whatever it was before IF it does in fact come back . you may get lucky and get it resolved. But you are highly confused .If you want to get the loan now you can it just depends what the APR will be. There is a common misconception that you cant get credit with derogatory info on your report. As many others have said. Go to Cap1 pre qual auto loan tool and put ur info in and they will tell you how much they will give you .It is a solid prequal so if you like what you see all you have to do is send them proof of income and they'll send you the check .If you don't like it you can wait a few more months and try again but not much will changle between now and August. Also you can call in amd see about squeezing more money or a better APR if you dont like what you see and they may be able to help you. Good luck .Hope this clears things up for you!

Message 7 of 10
Anonymous
Not applicable

Re: Capital One Auto Loan Approval Chance

No the dispute is resolved I have no derogotory marks. The late is on my report. the dispute been done since february. 

Message 8 of 10
Anonymous
Not applicable

Re: Capital One Auto Loan Approval Chance

Well if the late is on your report and the dispute is resolved then there's nothing you can do and nothing will change until it has been 7 years since the late. But either way your score is not gone fyi. 

Message 9 of 10
Anonymous
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Re: Capital One Auto Loan Approval Chance

no i know that but im saying it says score unavailable from experian credit wise and credit karma even tho it has been updating the utilization n all

Message 10 of 10
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