topic Re: Two Pre-Approved Denials, why? in Auto Loans

Two Pre-Approved Denials, why?

ghector — Fri, 17 Jun 2022 00:10:30 GMT

Hi! Today I did the SP pre-approval from Capital One and last night did one at Chase- both got denied.

I unlocked my transunion today for Capital One and unlocked my Experian last night for Chase. My credit score is 800+ and my current utilization rate should be 'excellent'. I'm very confused and a bit disheartened. Any ideas why?

Re: Two Pre-Approved Denials, why?

Murph5065 — Fri, 17 Jun 2022 00:13:56 GMT

@ghector wrote:
Hi! Today I did the SP pre-approval from Capital One and last night did one at Chase- both got denied.

I unlocked my transunion today for Capital One and unlocked my Experian last night for Chase. My credit score is 800+ and my current utilization rate should be 'excellent'. I'm very confused and a bit disheartened. Any ideas why?

Was your reports locked when u tried pre-approvals? If so that maybe why, they might have tried SP on you.

Re: Two Pre-Approved Denials, why?

ghector — Fri, 17 Jun 2022 00:21:35 GMT

@Murph5065 wrote:
@ghector wrote:
Hi! Today I did the SP pre-approval from Capital One and last night did one at Chase- both got denied.

I unlocked my transunion today for Capital One and unlocked my Experian last night for Chase. My credit score is 800+ and my current utilization rate should be 'excellent'. I'm very confused and a bit disheartened. Any ideas why?
Was your reports locked when u tried pre-approvals? If so that maybe why, they might have tried SP on you.

Nope, I unlocked it per above: transunion for Capital and Experian for Chase.

Re: Two Pre-Approved Denials, why?

Murph5065 — Fri, 17 Jun 2022 00:24:53 GMT

@ghector wrote:
@Murph5065 wrote:
@ghector wrote:
Hi! Today I did the SP pre-approval from Capital One and last night did one at Chase- both got denied.

I unlocked my transunion today for Capital One and unlocked my Experian last night for Chase. My credit score is 800+ and my current utilization rate should be 'excellent'. I'm very confused and a bit disheartened. Any ideas why?
Was your reports locked when u tried pre-approvals? If so that maybe why, they might have tried SP on you.
Nope, I unlocked it per above: transunion for Capital and Experian for Chase.

What is your fico scores

what is your fico auto scores

Re: Two Pre-Approved Denials, why?

ghector — Fri, 17 Jun 2022 00:27:59 GMT

@Murph5065 wrote:
@ghector wrote:
@Murph5065 wrote:
@ghector wrote:
Hi! Today I did the SP pre-approval from Capital One and last night did one at Chase- both got denied.

I unlocked my transunion today for Capital One and unlocked my Experian last night for Chase. My credit score is 800+ and my current utilization rate should be 'excellent'. I'm very confused and a bit disheartened. Any ideas why?
Was your reports locked when u tried pre-approvals? If so that maybe why, they might have tried SP on you.
Nope, I unlocked it per above: transunion for Capital and Experian for Chase.
What is your fico scores
what is your fico auto scores

My FICO is 800+. No idea the specific auto one.

Re: Two Pre-Approved Denials, why?

sectionals — Fri, 17 Jun 2022 02:00:33 GMT

If you have the EX App @ghector, login and select Scores. Your FICO 8 Auto and FICO 2 Auto scores are listed here. The same scores can be found on MYFICO under the Scores Tab as well but the kicker is they're posted for all bureaus. You can see your FICO 9 and 10 Auto scores in the 3B report as well. Hope this helps bud and good luck! Oh and Happy Friday people! At least for me it is haha...

Re: Two Pre-Approved Denials, why?

ghector — Fri, 17 Jun 2022 03:20:35 GMT

I have the $5 version so I don't get those other scores.

@sectionals wrote:
If you have the EX App @ghector, login and select Scores. Your FICO 8 Auto and FICO 2 Auto scores are listed here. The same scores can be found on MYFICO under the Scores Tab as well but the kicker is they're posted for all bureaus. You can see your FICO 9 and 10 Auto scores in the 3B report as well. Hope this helps bud and good luck! Oh and Happy Friday people! At least for me it is haha...

Re: Two Pre-Approved Denials, why?

sectionals — Fri, 17 Jun 2022 05:28:35 GMT

Lol 🤣...understood bro

Re: Two Pre-Approved Denials, why?

bigseegar — Fri, 17 Jun 2022 12:41:14 GMT

No way of really answering this without knowing your DP's and exact UTL and even with an 800 score how thick is your credit file? If it's an 800 but a very thin or young file then that's why. Also may/may not be your income as well. Again withour knowing all of those things it's impossible to try and give you any kind of possible answer.

Re: Two Pre-Approved Denials, why?

JM427 — Fri, 17 Jun 2022 14:10:45 GMT

I am not 100% Sure, but I am around 90% sure that the last Cap One Auto pre-approval that I got soft pulled all three bureaus for the preapproval. I do not know about Chase auto loans.

Re: Two Pre-Approved Denials, why?

ghector — Fri, 17 Jun 2022 18:49:58 GMT

@bigseegar wrote:
No way of really answering this without knowing your DP's and exact UTL and even with an 800 score how thick is your credit file? If it's an 800 but a very thin or young file then that's why. Also may/may not be your income as well. Again withour knowing all of those things it's impossible to try and give you any kind of possible answer.

DPs? UTL reported is 10% (currently 1%), and my file is avg age of 10 yrs, 18 yrs oldest, one hard pull from a card last year, perfect payment, total credit of $60K. The car loan prea-approvals didn't ask for any loan amount #s, fwiw. Income 100K.

Does that help?

Re: Two Pre-Approved Denials, why?

ghector — Fri, 17 Jun 2022 18:50:29 GMT

@JM427 wrote:
I am not 100% Sure, but I am around 90% sure that the last Cap One Auto pre-approval that I got soft pulled all three bureaus for the preapproval. I do not know about Chase auto loans.

ahhh, that could be it. I'll see what their letter says when it comes in.