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What happened? Getting turned down for auto loan

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Anonymous
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What happened? Getting turned down for auto loan

Credit Scores

667

656

644

 

Had identity stolen last year but all was cleared up and not on my credit.

Work full time, bring home $1,000 a week, working the same profession for over 25 yrs.

Lease home, 3 credit cards- low balances, 100% on time, no car payments, etc.

 

My credit union turned me down for a car loan saying my lowest score was a 634 (not the 644 my credit report shows)

Applied today to Capital One (who I have my credit cards with) and they turned me down also!

Capital One actually approved me for a loan in Dec 2013, a week before my identity was stolen so I put off buying a car at that time to concentrate on fixing the problem.

 

How are people getting approved for car loans with much lower credit scores?

 

 

 

 

 

 

Message 1 of 9
8 REPLIES 8
SamsungHDTV
Established Contributor

Re: What happened? Getting turned down for auto loan

Its hard to tell with the limited information given. Remember though, your credit score is only one factor in an application. People have been approved with lower scores than you, and have been denied with higher scores than you. It could be because of the collateral value, maybe DTI was too high, or even utilization. Check out this thread below and give us some more information so I have a better picture. Or, you could also wait for the denial letter that capital one will send you. That will be the official reason.

 

http://ficoforums.myfico.com/t5/Auto-Loans/Do-I-qualify-for-an-auto-loan-Info-that-is-needed/td-p/22...

Message 2 of 9
Anonymous
Not applicable

Re: What happened? Getting turned down for auto loan

That's the thing..I was never asked on the loan application how much I wanted to borrow for a car.

 

Here are myFico scores for auto lending- AutoScore 8

Equifax 680

Transunion 699

Experian 648

 

I have 2 Capitol Once credit cards and 1 Discount Tire credit card- low utlization and 100% on time payments.

 

We think that my 21 yr olds non-credit is being mixed with mine since we share the same name, address, and even employer.

He just got approved for a $3,000 Wells Fargo credit card with 0 credit history but the hard inquiry showed up the next day on my credit report.

Now the work begins.

Message 3 of 9
Anonymous
Not applicable

Re: What happened? Getting turned down for auto loan

So, only SS# & DOB differ for the two of you? Yes, you're getting mixed files. Disaster's in the air!

Message 4 of 9
Anonymous
Not applicable

Re: What happened? Getting turned down for auto loan


@Anonymous wrote:

So, only SS# & DOB differ for the two of you? Yes, you're getting mixed files. Disaster's in the air!


Oh yes! 

I have been having a hell of a time with that same issue, good luck.

 

Message 5 of 9
Anonymous
Not applicable

Re: What happened? Getting turned down for auto loan

sorry to hear, good luck

Message 6 of 9
Anonymous
Not applicable

Re: What happened? Getting turned down for auto loan

Maybe you & he could separate addresses by one of you (him) renting a box at a UPS store or Mailboxes, Etc. Update each of his current creditors. Freeze your files with PIN numbers. 

Message 7 of 9
Dj4Money
Established Contributor

Re: What happened? Getting turned down for auto loan

  How much are you asking for and do you have previous auto loan history?

 

  If you've never had an auto loan and ask for $30K, that will be a tough sell to most lenders. Captives like Ford Credit and Nissan might be the only exceptions.

 

 I have a checkered auto history and I will get approved 99% of the time as long as I know the loan limit, IE how much car I can buy. When I had no credit activity for four + years but a 608 score, all I could borrow was $15,000-$16,000.

 

 Five and Half months later, that amount has increased to about $25,000 as all loans submitted higher than that came back either rejected or with high downpayment requirements; one being $8500 on a $34,000 loan amount.

 

 I don't think previous ID Thief is the problem here.

 

 

Message 8 of 9
Anonymous
Not applicable

Re: What happened? Getting turned down for auto loan

Yeah, we know it's not the identity theft. Its what made us not use our approved car loan in Dec 2013 from Capital One because less than a week later, I was a victim of the Target breach and I put the car loan on hold to deal with the big mess of having 8 credit cards opened up in my name (all were closed thankfully)

 

It does seem my sons stuff is mixed with mine.

 

Wife and I both had car payments, paid off in 2007 and 2011. Some late payments.

Other than that, we have 100% on time cc payments, no mortgage, no other car loans, nothing.

 

I think together we owe $4,000 in cc debt combined.

 

 

Now having to deal with credit bureaus to sperate files. My son even tried to order a credit score from here and it told him he doesn't have enough info to even have a score, so bascially, he has 0 credit.

My scores would be higher if I didn't have that hard inquiry for that cc that Wells Fargo opened up under my credit in my sons name.

 

 

FICO Auto Score 8- 680 Equifax

FICO Auto Score 8- 699 Transunion

FICO Auto Score 8-650 Experian

 

FICO Score 8

Equifax 659

Transunion 679

Experian 645

 

Message 9 of 9
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