topic Re: Capital One Auto Navigator - denied in Auto Loans

Capital One Auto Navigator - denied

Anonymous — Mon, 30 Nov 2020 20:09:58 GMT

Hi. I was just declined by Capital One Auto Navigator for pre-qualification.

My scores are in the 715 to 720 range, a bit up from my sig. Current balances are $0 to $300 with a single home loan payment of $3,500 and income at $150,000, same employer 7+ years. Inquiries are in the table below. I have five open accounts including:

Discover
Amex
Cap One QS
Cap One Platinum M/C (AU)
Home Loan - begun March 1, 2020

Most recent missed payment is December 2017. I have pre-qual credit card offers in hand from Chase and Capital One (literally at 11:11AM this morning, I received an email from Cap One..."Dear Time2Rebound, thanks for your loyalty! You’ve received a pre-approval notice for an exclusive offer...").

Even though Auto Navigator is supposed to be a soft pull, I wondered if the fact that my files were frozen had any impact? I went ahead and un-froze all three and applied for the pre-qual again, same result. Seems strange. According to Cap One's response I have to wait 7 to 10 days for their letter to know why I was denied. Wondering if anyone has any thoughts or experience about this?

Inquiries:

1/30/19	EX
1/31/19	EX
5/1/19	EQ, EX, TU
1/13/20	EQ, EX, TU

Re: Capital One Auto Navigator - denied

CreditCuriosity — Mon, 30 Nov 2020 20:58:56 GMT

Could of had an impact on having them froozen initially then unfreezing them and trying later.. why do you want to use cap1 auto? Alot better ratea to be had by captiive lenders or CU's.

Re: Capital One Auto Navigator - denied

Anonymous — Tue, 01 Dec 2020 16:57:00 GMT

CreditCuriosity> why do you want to use cap1 auto?

That is a good question. I suppose because it seemed convenient. In checking rates however I believe you are correct that the captive lender, in this case Mini USA or one of our CU's would be a better choice.

Re: Capital One Auto Navigator - denied

Anonymous — Wed, 02 Dec 2020 19:31:04 GMT

I have purchased two cars using capital one auto finance since my Chapter 7 in January of 2017. This last week I was looking to get pre-approved and was denied with the reason being "a Previous Bankruptcy on your report". So it seems that they may have changed their terms recently.

Re: Capital One Auto Navigator - denied

luvsandyshores — Fri, 04 Dec 2020 22:40:28 GMT

I was denied when I did a prequalification, but they ended up being my financer when I went to the dealer the next day. So don't be discouraged.

Re: Capital One Auto Navigator - denied

OmarGB9 — Thu, 10 Dec 2020 07:02:36 GMT

Probably was due to having your reports frozen. Once you apply for a prequalification, I believe it's "good" (or if denied, I suppose it still stays in their system) for 60 days.

Re: Capital One Auto Navigator - denied

DebtStinks — Fri, 18 Dec 2020 23:38:24 GMT

I can't say whether or not having your bureau frozen impacted your prequalification, but I can say it likely impacted your second application since there was another on file within the previous 30 days.

I'd recommend (with bureaus unfrozen) calling Cap1 and having all previous applications rescended then trying your prequal application yet again.

Best of luck!

Re: Capital One Auto Navigator - denied

cleansl8tvet — Thu, 08 Apr 2021 23:19:08 GMT

You probably were denied because of the freeze. I had that happen with an app and the reason for denial was the freeze and was told to wait 24 hours and try again. After unfreezing and trying it again a day later it worked. Did you ever find out if this was the case? A lot of people with a lot less income and way lower scores have been approved by cap one auto finance for up to 40k loans. It could be the late payment. Curious as to what happend. Let us know hope everything worked out for you.

Re: Capital One Auto Navigator - denied

4sallypat — Fri, 09 Apr 2021 14:45:50 GMT

I had the same issue when looking for my teenager son's used car.

Round 1: Cap 1 Auto Navigator quoted very good rates (2-3% APR) with $50K limiit.

After searching for a few months, the Cap 1 Auto Nav said my searches have expired.

Round 2: 6 weeks after first app, I applied again - denied.

Gave up on them !

Re: Capital One Auto Navigator - denied

Anonymous — Sat, 10 Apr 2021 03:31:15 GMT

Same happened to me. I had my equifax frozen

Re: Capital One Auto Navigator - denied

dunn2500 — Sat, 10 Apr 2021 05:06:50 GMT

there are so many credit unions you shouldnt have a problem getting a good rate.....

Re: Capital One Auto Navigator - denied

cleansl8tvet — Sat, 10 Apr 2021 06:01:27 GMT

Hey,

I know that I saw that capital one has a 6 month application policy where you can only apply every 6 months and then have to wait before applying again. I have a strong feeling this could be there reason you were denied a second time. In fact I see people get approved for and use the capital one auto loan for one vehicle purchase where they get denied when applying for another loan. I think this is because of the same reason of it being too soon. To know for certain I would call capital one auto finance to find out an exact answer, but from what I have seen this seems to make sense of why people are getting denied after getting approved in a previous loan. I would either call capital one auto finance to find out or try again after 6 months and you'll find your answer!

Re: Capital One Auto Navigator - denied

cleansl8tvet — Sat, 10 Apr 2021 06:06:11 GMT

When my wife applied for her cap one credit card she was denied and when she called to find out why they told her it was becuase of her credit bureau freeze. They told her to call the bureau to get it resolved which she did and then when she applied again she ended up getting approved. All it takes is a little bit of follow up and work to get things to happen in a lot of the cases. I wouldn't give up yet. Hope all is well with your auto loan search.

Re: Capital One Auto Navigator - denied

cleansl8tvet — Sat, 10 Apr 2021 06:07:01 GMT

This is what we did and it worked when we had it unfrozen.

Re: Capital One Auto Navigator - denied

time2shine — Tue, 13 Apr 2021 17:22:16 GMT

Turns out, indeed, the denial was a result of frozen files. Word to the wise -- don't apply for Cap1 Auto Navigator with frozen files!

On the positive side, there was no consequence to our credit for the Cap1 app, and we wound up with a great financing package direct from Mini. Wife is now driving a beautiful Mini Convertible!

Re: Capital One Auto Navigator - denied

cleansl8tvet — Wed, 14 Apr 2021 06:10:55 GMT

Awesome! I'm happy for you guys!

Re: Capital One Auto Navigator - denied

800goal800 — Sat, 03 Jul 2021 02:42:48 GMT

@4sallypat This just happened to me. Last month $50k pre-approval at about 4-5%. Offer expired. Today denied and then it asked me to go to a partner site called GLS ( sub-prime).

I've gotten multi pre-approvals fro auto navigator - some better than others - but never a decline. Even financed with them once.

Wonder what has changed.

Re: Capital One Auto Navigator - denied

4sallypat — Sat, 03 Jul 2021 12:03:27 GMT

@800goal800 wrote:
@4sallypat This just happened to me. Last month $50k pre-approval at about 4-5%. Offer expired. Today denied and then it asked me to go to a partner site called GLS ( sub-prime).

I've gotten multi pre-approvals fro auto navigator - some better than others - but never a decline. Even financed with them once.

Wonder what has changed.

Yes, very strange indeed.

Glad to hear others had the same experience.

I ended up getting a great deal at my local CU (2.2%)

Re: Capital One Auto Navigator - denied

Anonymous — Wed, 29 Sep 2021 20:37:46 GMT

Same thing just happened to me. Was approved a few weeks but that expired. Applied again and was denied even though my scores are much higher now. TU: 648; Auto 8: 661