topic Re: Capital One Auto Finance in Bankruptcy

Capital One Auto Finance

Kaydee84 — Thu, 29 Jun 2017 17:29:48 GMT

Hello everyone.

My husband and I were just discharged on 6/19 and need a new vehicle. I know several people have gotten approved for an auto loan through Capital One very soon after discharge so we tried to get prequalified there. However, we were unable to get a pre-qualified offer with the reason being "too many deliquent past or present Capital One credit obligations." My husband and I each had a Capital One account that was included in the bankruptcy plus we were authorized users on each other's card. I burned them for about 6K and my husband burned them for about 3K.

Has anyone here ever gotten the same response from capital one? Were you able to get prequalified after a few months? Should I just look for an auto loan elsewhere?

Thanks in advance for your help.

Re: Capital One Auto Finance

Anonymous — Thu, 29 Jun 2017 17:46:14 GMT

I don't know about the auto loan, but I know if you burn capital one in the BK that it generally takes 1 year to get another credit card with them. Thats how it was for me. They might possibly feel the same about the auto loan. I imagine someone with more knowledge then me will respond at some point.

Re: Capital One Auto Finance

Kaydee84 — Thu, 29 Jun 2017 17:51:16 GMT

Thanks for the reply. I've seen some conflicting info about when that year actually starts. Was that a year from discharge or a year from when the card was charged off?

Re: Capital One Auto Finance

Anonymous — Thu, 20 Jul 2017 21:08:04 GMT

Were you a 7 or 13?

I received immediate approval through auto navigator after my d/c reported, and I burned Cap 1.

I was a 5yr 13. So, it might be 1 yr post derog.

Re: Capital One Auto Finance

Anonymous — Thu, 20 Jul 2017 22:04:50 GMT

We received Cap 1 auto approval 6 days after ch 13 discharge & we burned cap 1. But, we had previously paid off a car loan with them 2 years before we filed the 13.

We have also been able to acquire their quicksilver card $300.

Hope this helps.

Re: Capital One Auto Finance

Anonymous — Fri, 21 Jul 2017 00:23:57 GMT

If you are discharged from a Chapter 13, that means your BK is most likely at least 5 years old. Bankruptcy is counted from filed date, not discharged date. That being the case. a discharged chapter 13 should have no problem getting approved for a Cap 1.

Re: Capital One Auto Finance

Kaydee84 — Fri, 21 Jul 2017 00:49:57 GMT

Mine was a ch 7. Originally I thought my account was charged off in the beginning of 2016 but looks like it was really Sept 2016. I'll try again in October.

Re: Capital One Auto Finance

Anonymous — Sat, 22 Jul 2017 18:16:13 GMT

Capital 1 will give you an opportunity for new credit 1 year from your most recent charge off date. (If the card was not charged off before your bk7 the date will be 1 year from the date of your filing of bk7)

Cap1 auto finance does not use the same time frame for an auto loan. I was denied a Cap1 card 2 months out of bk7 May 16 but I was approved for cap 1 auto loan in june 16, and subsequently I reapplied for a cap 1 card 1 year from my charge off date 7/15 and was approved for a MC platinum, 300 SL currently 850, and was approved for a Venture card This month 1 year after 2k SL

Re: Capital One Auto Finance

Kaydee84 — Tue, 25 Jul 2017 01:38:05 GMT

My husband actually just got a Capital One prequal a couple days ago. The rate was 9.8% for up to 35,000. He was also discharged in June 2017. His Capital One cc was charged off in Aug 2016.

Re: Capital One Auto Finance

Anonymous — Tue, 25 Jul 2017 01:29:37 GMT

There have been reports of those blacklisted for a year and those who were approved straight out of discharge, even after burning Capital One. The general consensus is that if you're blacklisted (for 1 year post charge-off) then you will be auto denied and your credit will not be pulled.

So there's no harm in applying every month if you wanted to (other than any manual underwriting would make you look like a crazy person for submitting so many applications).

The $1,000,000 question is: Why do some people get blacklisted while other people have no adverse action? Is there a dollar limit for the charge-off?

Re: Capital One Auto Finance

Kaydee84 — Tue, 25 Jul 2017 01:37:38 GMT

I wish I knew the answer to that question. My husband was coming up on 1 year post charge off. He is less than 2 weeks away but got preapproved on Friday. We just bought a car with that pre approval yesterday. Prior to that, he was checking multiple times a week for a preapproval and was getting declined. All of a sudden one came through.

Re: Capital One Auto Finance

Anonymous — Fri, 29 Jun 2018 17:24:51 GMT

Mine was discharged in late May. I had credit cards with capital one that were discharged as well. I waited about 4 weeks to give time for everything to get put into the bureaus. Fortunately, my credit score was close to 600 after the discharge and waiting 4 weeks, they did pre-approve me. I picked out my car and went to the dealership. My final interest rate was slightly higher then I was originally quoted, but still better then I thought it would be. So, although they will do financing soon after a bankruptcy discharge, I think they still look at your overall credit score. So, I would give it a little more time if I were you. Monitor your scores closely and make sure everyone updates your credit. Good luck. Also, shockingly, Capital One gave me a credit card already with a $2,000 credit limit. It's going in my safe for emergencies.