BMW Visa

[Andy77]

BMW gave me an auto loan for 31k.  I pay 531 per month as my payment and I am on time.  In the next month or so I will pay down the car loan by giving them a lump sum of 5k.

Since they gave me a car loan, do you think they will give me a Visa card?

Quick summary

4.5 yr BK

Zero debt

8inq

690 my fico score

Thanks

[enharu]

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@Andy77 wrote:

BMW gave me an auto loan for 31k.  I pay 531 per month as my payment and I am on time.  In the next month or so I will pay down the car loan by giving them a lump sum of 5k.

Since they gave me a car loan, do you think they will give me a Visa card?

Quick summary

4.5 yr BK

Zero debt

8inq

690 my fico score

Thanks

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really too hard to tell simply based upon your approval for auto loan.

A car loan is very different from a credit card, only because 1 is a secured lien with your car being collateral, while a credit card is essentially an unsecured revolving line of credit where the lender has last dips in the event of a default.

Try checking whogavemecredit, and google "credit pulls database" to see scores of individuals who were approved / denied.

[09Lexie]

Found this recent thread

http://ficoforums.myfico.com/t5/Credit-Cards/BMW-Credit-Card-is-it-worth-keeping/m-p/2324813#M655089

There are a few older ones too

[surfnspy]

Hi Andy,

I lease a car through BMW Financial and was told the BMW cards are through a different group.

They ran EX (dealer and BMW) twice and I didn't want another pull for the card so I didn't do it. 

[Andy77]

Well I called back to see if there was an update to my application...still pending from 2/25/14

Rep said a letter was sent.

I can't wait to see what it might be.  I highly doubt they are asking me for pay stubs as I did lease one BMW with them and financed another with them.

Maybe they want a written notice as to why I filed my BK in 2009..just a guess

Guess I will find out what the letter says in a day or so...

[Andy77]

Well got the letter in the mail today.  Declined.  No reason...just said I can write in if I want one.

So, I was like why not...so I saw a fax number on the bottom of the letter...asked for a re-decision of my application based on my perfect payment history on two cars with them from 2004 to 2014.

Will see what happens..probably nothing...