DENIED Capital One :\

[logan_720]

So I decided to jsut go ahead and apply for an autp loan from Capital One today...I wasn't sure what I was thinking. I have been gardening for a littl over 3 months now, completely app free. I requested $14,000 @66 months and figured I would refinance later with my CU. At first, the system said I would be hearing from them within 24 hours. Better than a flat out denial, which I have had them do to me in the past. I then checked my email, and within a minute of receiving the "24 Hour Notice" they emailed me and denied me. Wow. Anyway I figured I wouldn't have a problem, I have 1.5 years of completely positive history, 100% on time everything, the only negatuve being inquiries, which I think is a joke if thats why I was denied...whatever.

[namvet]

Why don't you give them a call and inquire about the reason for the denial?  They are required to give you a reason and a credit score.  

[logan_720]

At the bottom of the email, it says the following, "Please note: This is the most recent information available to our associates. For your privacy, phone representatives do not have access to decline reasons." 

I have been thinking about other lenders, because my income can support a car payment, but it is low, since I am currently a student. I've been trying to figure out what lenders are friendly to students/first time car buyers...

[AZHeather]

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@logan_720 wrote:

At the bottom of the email, it says the following, "Please note: This is the most recent information available to our associates. For your privacy, phone representatives do not have access to decline reasons." 

I have been thinking about other lenders, because my income can support a car payment, but it is low, since I am currently a student. I've been trying to figure out what lenders are friendly to students/first time car buyers...

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I have heard that Honda, Mazda, and Kia are "student friendly."

[logan_720]

Have you heard anything about Ford Credit? I've been interested in the 2012 Focus...

[mrcrush20]

ford credit had a student 1st time buyer program

[Anonymous]

I can't believe they denied you with your high credit scores. I was able to get approved with them 2 years ago with a high score of 610 and 1 year post bankruptcy.

[mrcrush20]

its more then just score

cap one will never wave poi on 1st time buyer 

poi has to be at least 1800 full time job for 6 months or more

with a pti of up to 15% with 10% down

max payment is 270 with 10% down and a LTV of 110

your loan can be recon but it has to be done dealer side

find a car worth about 12-13K with 1500 down and income 1800-2400 form full time 6 month job 

what income did you put on the app ?

[logan_720]

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@mrcrush20 wrote:

ford credit had a student 1st time buyer program

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What's the criteria? I tried squeezing it out of a CSR in their online chat a while back, but just got the generic, "we base our decision on a number of factors" message...

[mrcrush20]

two lines of credit both 12 months of good history or more

1000 high

2000 income 

full time work for 12 months

15 % pti 100 % TLV 10% down

if i remeber right fico of 620 or higher