CAP 1 Auto rejected - while I have a Cap 1 CC

[Anonymous]

Ok so I read a post about capital one approving auto loan and also looking to buy a new car by next week

my score from Capital One Credit card is 645 and from Barclayus : 742

Cap 1 just increase my CL to 2000 about a week ago

I did apply for the pre-qualified capital one auto and this is the how come

"Thank you for your interest in a pre-qualified offer from Capital One Auto Finance®!

After reviewing your information, we're unable to provide you with a pre-qualified offer. We will send you a letter in the next 7-10 business days with more information regarding this decision.

Remember there's no risk to your credit score when checking your eligibility for an Auto Navigator pre-qualification offer.

For your privacy, our customer service associates are unable to discuss reasons for our decision by phone."

What do I do next?

Do I just go the dealership and use the normal way or wait for 7 days and know why I was rejected ?

What is the best way to do this . need some advice please

[MarineVietVet]

Hi there.

I removed your duplicate post about this. No reason to ask the same thing twice.

I appreciate your understanding.

[Anonymous]

ok , Thanks

[MarineVietVet]

I also removed the post you had in Rebuilding on the same subject.

[gdale6]

I would be checking with a local CU to see if they can help you, they have better rates than banks. You can disregard that score from Cap-1 its a FAKO, that Barclays is a real Fico 08 and that score should get you the best rates.

[Anonymous]

Having a credit card does not mean you will be approved for an auto loan with them.   They did you a favor though.  You don't have to wait the 7 days.  CUs are having good offers on auto loans right now.

If I were you, I'd look into Penfed CU, DCU etc.. and have a check in hand before going car shopping.  This way, you save yourself a lot of headaches and are able to negotiate a better price for your car since you have the money to hand over for the car.

[Anonymous]

Thank you, I live in stpetersburg Florida, How do I join PENFED.. I see they have good rates for new car loan

[Anonymous]

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@Anonymous wrote:

Thank you, I live in stpetersburg Florida, How do I join PENFED.. I see they have good rates for new car loan

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Just apply online for a membership and it will be HP on EQ.  But the HP is good for 90 days and so when you go ahead and apply for the auto loan, it will be the same hardpull  for it as they used for the membership-

[Anonymous]

Cap1 is a strange bird, don't feel bad. They deny people for many reasons, mostly for DTI or light credit in my experience. 

Are you a first time buyer? Are there any derogs on your credit? Credit unions will usually take a chance on light credit no derogs. Some auto manufacturers have programs too. You likely will be better off going to a reputable dealer and telling them what is going on. They should know who uses Transunion (your good score). They can set you up with a CU as well. Keep in mind they get paid a fee/reserve to send a deal to the bank so they will want to help you. On that same token, don't let them charge you a ridiculous spread either.

[Anonymous]

Thank carfinancepro, no I'm not a first time buyer. I own two car n was going to trade in one for a newer one. I have a 2011 Hyundai Sonata and was thinking of getting Honda Accord. Due to the reselling value on the accord. 

I only have one medical bill in collection which I'm paying off in installment. 

My DTI is 20%

i sent an email to all the dealerships in the Tampa Bay Area hoping to get the best offer. Will be going to dealership in the morning. Reason for doing cap 1 was I didn't want to go to the dealership for them to over run my credit I had some bad experience with car ax which mess up my CS badly. 

Can I only apply CU loan even if it's not local like DCI or achiever or penfed or do I need to be a member for some time before applying for an auto load from a non local credit union ? Please advice. My oldest credit account is just 2 yrs since I moved from London to here.