topic Re: Approved with Capital One in Auto Loans

Approved with Capital One

keikdasneak — Tue, 29 Jun 2010 03:01:54 GMT

I was denied from my credit union, So i went to Road Loans got approved $18k loan 3500 down and 24% APR! Said no and went to capital one and they approved me for $30,000 @ 11% APR... They sent me an email stating i had to fax my paystub, ID and give two reference.. I am excited!! Does anyone know how long it takes after everything is faxed?

Credit scores are below

674 EXP

625 EQ

628 TU

Thanks to this SITE!!!

Re: Approved with Capital One

whudini3000 — Tue, 29 Jun 2010 03:11:53 GMT

F'n Congrats man! I know its a pain in the ass process, but its all worth it. Glad you got fixed up and good luck!

Re: Approved with Capital One

Anonymous — Tue, 29 Jun 2010 20:04:19 GMT

Hi, and congrats on the auto loan approval! I went thru Capital One Auto for approval in 3/2010.

They requested similar docs as they have for you. I faxed them in, called an hour or two later to confirm they received them. They overnighted the blank check to me and it arrived via FedEx the next day.

Total amount of time elapsed between application and loan docs in my hand: < 24 hours. They were great to work with.

Side note, I did not end up financing thru them. The dealership gave me a lower rate (Cap1 @ 8.5, Nissan @ 7.49) 60 month used loan.

Re: Approved with Capital One

nathan — Tue, 29 Jun 2010 20:06:42 GMT

Good point Cardmaster. A dealer will try to beat that rate.

Re: Approved with Capital One

keikdasneak — Tue, 29 Jun 2010 20:15:18 GMT

Okay I am really upset, They called me verified all my informations twice, even call my work, but nobody answered... Then wammm i am denied.. WTF has anyone had this case before?

Re: Approved with Capital One

whudini3000 — Wed, 30 Jun 2010 01:40:28 GMT

no reason for the denial? wtf?

Re: Approved with Capital One

keikdasneak — Wed, 30 Jun 2010 03:27:50 GMT

NONE at all they said i have to wait for the denial letter.. I dont get it.. Why did they approve me and go through all that processing and then this crap.

Re: Approved with Capital One

whudini3000 — Wed, 30 Jun 2010 03:36:52 GMT

Im starting to second guess capital one.....

Re: Approved with Capital One

Anonymous — Wed, 30 Jun 2010 15:27:18 GMT

Perhaps a DTI issue...? That's the only thing I can think of since pretty much everything else is based on what they see on your bureau.

They wouldn't be able to calculate your DTI until they receive documentation to substantiate monthly income.

Re: Approved with Capital One

keikdasneak — Wed, 30 Jun 2010 16:40:25 GMT

Yeah but why wouldn't they contact me if they had a problem? Why would they just denie me. My DTI is great tho.

Re: Approved with Capital One

ngerasimatos — Wed, 30 Jun 2010 20:36:51 GMT

Did you inflate your income numbers or provide any incorrect information on your credit application?

Re: Approved with Capital One

keikdasneak — Wed, 30 Jun 2010 23:11:31 GMT

None at all, all my information was correct. But when the guy from capital one called, he was making it seem as if he didn't believe me.

Re: Approved with Capital One

ngerasimatos — Wed, 30 Jun 2010 23:35:43 GMT

Did you provide W2 forms, pay stubs or 1040 forms?

Re: Approved with Capital One

keikdasneak — Wed, 21 Jul 2010 23:26:35 GMT

I faxed them paystubs and my DL... When can i apply again?

Re: Approved with Capital One

Anonymous — Thu, 22 Jul 2010 00:39:57 GMT

You should have got the denial letter by now. Why did they deny you the first time. That will affect the amount of time you need to wait.

Re: Approved with Capital One

keikdasneak — Thu, 22 Jul 2010 01:48:01 GMT

Yeah i did get the denial letter it only said " couldn't verify " I called them and asked them what could they not verify, they placed me on hold for 2 mins and said they do not have information on what they could not verify.. Made no since to me at all... Do they delete applications after 30 days? I want to apply again but i don't want to hear the same crap from them.