topic Re: Can someone explain why I got rejected for Capital One auto financing? in Auto Loans

Can someone explain why I got rejected for Capital One auto financing?

MikeyMagic — Tue, 30 Jan 2024 03:44:18 GMT

Hello,

So I was curious last month to see if I would be approved and I applied online with Capital One and was rejected.

I got a letter today from Global Lending Services and it told me they did not request a copy of my credit or consumer report. Their decision "on your application was not based on any information that we would have obtained from a credit or consumer reporting agency"

So my credit history is new but if they didn't use my credit history or reports why would I be rejected? What else do they go by?

Thanks.

Re: Can someone explain why I got rejected for Capital One auto financing?

Brian_Earl_Spilner — Tue, 30 Jan 2024 13:28:07 GMT

They could be looking at internal information based on previous cap1 accounts, e.g. blacklists. Or your income doesn't meet their minimum standards. Maybe your reports are frozen or locked? Just a few examples of why it could have been rejected, not necessarily why you were rejected.

Re: Can someone explain why I got rejected for Capital One auto financing?

MikeyMagic — Tue, 30 Jan 2024 22:15:54 GMT

@Brian_Earl_Spilner wrote:
They could be looking at internal information based on previous cap1 accounts, e.g. blacklists. Or your income doesn't meet their minimum standards. Maybe your reports are frozen or locked? Just a few examples of why it could have been rejected, not necessarily why you were rejected.

Thx for the reply. I am not on a blacklist, my income is fine, no accounts are frozen and never had a Cap1 account until mid Sept - when I got my first credit card in over 23 years, a Cap1 unsecured Platinum Mastercard with a $300 CL.

But here's something I just found out, I was looking at my credit reports today from Experian and Transunion and this Global Lending Services for Cap1 auto did a soft pull on the day I applied.

So should I just assume this letter they sent me was BS, and they obv did deny me because they did a soft pull of my credit and realized I have a limited history?

Re: Can someone explain why I got rejected for Capital One auto financing?

i4owner — Wed, 31 Jan 2024 19:15:46 GMT

I did not realize that Global Lending Services was related to Capital One.

Re: Can someone explain why I got rejected for Capital One auto financing?

AzCreditGuy — Tue, 06 Feb 2024 13:32:56 GMT

@MikeyMagic wrote:
@Brian_Earl_Spilner wrote:
They could be looking at internal information based on previous cap1 accounts, e.g. blacklists. Or your income doesn't meet their minimum standards. Maybe your reports are frozen or locked? Just a few examples of why it could have been rejected, not necessarily why you were rejected.
Thx for the reply. I am not on a blacklist, my income is fine, no accounts are frozen and never had a Cap1 account until mid Sept - when I got my first credit card in over 23 years, a Cap1 unsecured Platinum Mastercard with a $300 CL.

But here's something I just found out, I was looking at my credit reports today from Experian and Transunion and this Global Lending Services for Cap1 auto did a soft pull on the day I applied.

So should I just assume this letter they sent me was BS, and they obv did deny me because they did a soft pull of my credit and realized I have a limited history?

Maybe thats a blessing for you, while my cap 1 card has helped me rebuild my credit, its also a bucket card were the CL doesnt move for me. I feel after 9 years with my card cap 1 should show some love towards its consumers. Nope I wont show love towards them too lol.

PS global lending services sounds like a CFA

Re: Can someone explain why I got rejected for Capital One auto financing?

coldworld — Wed, 07 Feb 2024 21:27:46 GMT

You should check your local credit union for auto financing options. Up to this point, I've gotten the best rates from NFCU.

Re: Can someone explain why I got rejected for Capital One auto financing?

Jeffster1 — Wed, 07 Feb 2024 21:45:34 GMT

@MikeyMagic

Global Lending Services is a subprime auto loam lender. If you google a little, you will see how people who were denied by Cap One for an auto loan report that they immediately got a pre-qual offer from Global Lending Services

No doubt Cap One has some sort of deal going with Global Lending Services where Cap One sells them leads on people they rejected.