topic DENIED Capital One :\ in Auto Loans

DENIED Capital One :\

Anonymous — Tue, 08 May 2012 23:22:08 GMT

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.

Re: DENIED Capital One :\

namvet — Tue, 08 May 2012 23:27:27 GMT

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.

Re: DENIED Capital One :\

Anonymous — Tue, 08 May 2012 23:30:18 GMT

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...

Re: DENIED Capital One :\

AZHeather — Tue, 08 May 2012 23:41:26 GMT

@Anonymous 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...

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

Re: DENIED Capital One :\

Anonymous — Tue, 08 May 2012 23:44:37 GMT

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

Re: DENIED Capital One :\

Anonymous — Wed, 09 May 2012 00:32:43 GMT

ford credit had a student 1st time buyer program

Re: DENIED Capital One :\

Anonymous — Wed, 09 May 2012 00:43:35 GMT

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.

Re: DENIED Capital One :\

Anonymous — Wed, 09 May 2012 02:53:15 GMT

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 ?

Re: DENIED Capital One :\

Anonymous — Wed, 09 May 2012 05:00:05 GMT

@Anonymous wrote:
ford credit had a student 1st time buyer program

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...

Re: DENIED Capital One :\

Anonymous — Wed, 09 May 2012 21:04:15 GMT

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

Re: DENIED Capital One :\

ando35 — Wed, 09 May 2012 21:27:14 GMT

How can you be denied with a 72o credit score?????

Re: DENIED Capital One :\

Mike360 — Wed, 09 May 2012 23:39:24 GMT

If you have low income and no prior auto history you can get denied with high scores. scores isn't everything

@ando35 wrote:
How can you be denied with a 72o credit score?????

Re: DENIED Capital One :\

Anonymous — Thu, 10 May 2012 02:34:41 GMT

Funny thing I applied for Capone online and got denied too. Less then 2 weeks later went to give it a try at a dealer and they got Capone to finance me. Go figure.

Re: DENIED Capital One :\

Anonymous — Thu, 10 May 2012 02:48:52 GMT

Yeah, I have no doubt my utilization is doing a lot of the harm. I mainly wanted to apply online just so it would make the whole car buying process easier and so I wouldn't have to wait forever at the dealer for the purchase to go through.

Re: DENIED Capital One :\

Revelate — Thu, 10 May 2012 03:42:50 GMT

@Anonymous wrote:
Funny thing I applied for Capone online and got denied too. Less then 2 weeks later went to give it a try at a dealer and they got Capone to finance me. Go figure.

Cap One is a little squirrley in their auto financing; they're not quite the same subprime lender to all people that they are on their credit cards, and it seems to vary on some criteria I don't understand. They are harder to get an approval from than the dealer services arms of Chase and Wells, which is pretty funny when I consider it.

Also their dealer services arm is different than their straight consumer lending... or at least certainly their underwriting criteria is (I saw something similar, I suppose it makes sense as they want to build relationships with dealers), and this is probably what got you approved through the dealer for C1.

Re: DENIED Capital One :\

Anonymous — Thu, 10 May 2012 05:04:22 GMT

So in other words, Chase and Wells are "easier" to get approved for?

Re: DENIED Capital One :\

Revelate — Thu, 10 May 2012 07:18:56 GMT

@Anonymous wrote:
So in other words, Chase and Wells are "easier" to get approved for?

In my personal experience as a subprime borrower, yes.

Re: DENIED Capital One :\

Anonymous — Thu, 10 May 2012 07:40:57 GMT

HA I always thinkg its funny to think about how some banks operate. Capital One will hand out a zillion cc's to the same person with $500 limits, but when it comes down to a large sum, its like they aren't liquid enough. Maybe the purchase of HSBC's credit card division drained their bank account too much.

I suppose I could try Chase tomorrow, although, I may wait until my scrores are driven up after I pay off some CC's.

Re: DENIED Capital One :\

Revelate — Thu, 10 May 2012 07:51:36 GMT

If you're sitting with a 700ish FICO with utilization, I really don't think you need to worry about getting approved for an auto loan when you go pull the trigger. You may be to the point where you qualify for the speciai manufacturer financing and those offers are ludicrously difficult to beat.

Chase does offer some decent approvals from what I've seen in the loan approvals thread.

Re: DENIED Capital One :\

StevenGG — Fri, 11 May 2012 00:15:38 GMT

I was denied with Capital One on an Auto loan last week that I applied for online. Yesterday afternoon I got the denial letter in the mail on my way to Koons Toyota. While I was denied a loan through Toyota, Capitol One came back and approved me with 9.42 apr and 18k.

I drove away in my lovely new Toyota Camry last night.