05-21-2008 01:17 PM
05-21-2008 05:18 PM
FICOfit wrote:My scores are in the 700s and I was denied an auto loan through Chase and CapOne. My current loan is through Chase and I called them up about the denial. Said they couldn't approve me because I was late two times two years ago, although I am current now. CapOne, I don't know. I have a CC with them with a $0 balance and have been nothing but a good customer.This is frustrating. The only negs on my reports are the lates with Chase, which I realize may be lowering my auto enhanced score (even though I had three other auto loans paid off, no lates, etc.). I also have an old CO from over 4 years ago that I cam having a heck of a time getting removed.Should I just try dealer financing?Contrary to popular belief, having a credit card with a company won't get you in the door with an auto loan. We are two completely different departments, we don't even communicate at all. Secondly, Capital One lost a lot of money last year from prime borrowers who borrowed large sums of money but then failed to maintain their payments. As such the new direction for COAF is is the sub prime business where we actually made a lot of money to cushion the losses from the prime borrowers. I know it sucks but companies are trying to make money too. You'd probably be approved for a refi before a new loan. As everyone says on here, try a CU. Good luck.
06-09-2008 02:27 AM
06-09-2008 10:16 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.