Capital One auto loan:7-10 message

[angel22]

So, I guess I got denied today for their auto loan. It makes me sad because they've been sending me preapproval letters lately. I thought I met all the requirements. Could it be because it's Saturday?

[Mike360]

Pre-approvals don't always mean you will get approved. We don't know much about your situation other than your score and credit line-up income etc... Also the day of the week you apply doesn't really matter.

[angel22]

I know preapprovals aren't a sure thing but I met income requirements. All I have is $20,000 school loans in good standing, no morgage or bankrupcy and my cc are usually pif every month or less than 10% utl. I hoped maybe since it was the weekend they needed to verify my identity or something

[marct]

I got the same thing in the mail and was rejected sadly. Although this past January I went to buy a car and low and behold Capital One approves me..If you are serious about getting a new car I would insist going into the dealer and requesting Capital One, the car guys can always get you a loan. 

[angel22]

That's good to hear, I need a new car and was getting worried. I'm anxious to find out what the reason is for my denial. Thanks!

[cashstacking]

I got approved a few weeks ago by Cap One Auto.  I had a roadloans approval but the Hyundai dealer suggested Cap One was better way to go.

Interest rate High, but, my credit is very bad.

Needed dependable transportation and already owned someone else's headache, so I went with a new Accent.

[Mambisa]

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@cashstacking wrote:

I got approved a few weeks ago by Cap One Auto.  I had a roadloans approval but the Hyundai dealer suggested Cap One was better way to go.

Interest rate High, but, my credit is very bad.

Needed dependable transportation and already owned someone else's headache, so I went with a new Accent.

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Sounds like my story. No one wanted to finance me except Cap One through the Huyndai dealership where I bought my Accent. The APR is sky-high, but I needed a vehicle and I'm actively working to live more simply and to rebuild my credit. My bank told me they would consider a refinance down the road if I could get a co-signer. We are rebuilding my husband's credit first so that he can reapply with me. 

[angel22]

I recieved my COAF denial letter letter today:

There are too many new accounts (I have opened all my cards in the past 4 months)

Length of employment is too short (going on 1 year)

There have been too many recent inquiries (8 counting COAF in past 4 months)

Too few or no revolving accounts are rated as satisfactory (Idk, all my accounts are in good standing)

The credit score it came with says TransUnion 670

I do really like the Hyundai Santa Fe, so I'm going to try the Hyundai dealership first.

[Mike360]

Seems legit. I'm sure you'll have much better success rate shopping at the hyundai dealer. i just got approved thru hyundai and was upfront with them about my score which was 723 EX and went in with a copy of my fico score and credit report and they got me pre-approved for top tier without pulling anything.