CAUTION: CAPITAL ONE AUTO LOANS

[Anonymous]

Last September I was pre-approved for 38k through Capital One for an auto loan.  In the end I decided against it because I wanted to save more money for a down payment.

Last week I decided to apply after receiving an email from Capital One.  To my surprise I was declined.   I have no idea why because my scores at the time I applied were pretty much the same as they were last September.  Although, I am now self-employed so that may have been a factor as well it is harder to get  loans now with the economy.

I then got an email stating that they were sending my information to a partner of theirs called RoadLoans.  I was like WTF?  I emailed Capital One and asked them to NOT send my information to anyone because I did not want another inquiry.  They promptly responded back with the portion of the online agreement that states by applying for Capital One they have the right to send my information to 3rd party partners.  Of course, the little agreement window is so freakin tiny that I missed it.

Well, now as a result of this mess... Capital One put a HARD inquiry on ALL 3 of my credit reports and I ALSO have a hard inquiry from RoadLoans.  All of my fico scores went dramatically down.

I just wanted to let everyone know to use caution when applying with Capital One.  Unless you can afford the inquiries, don't do it.

[Anonymous]

Was the Inquiry with Roadloans within 14 days?  If so it will only count as 1 hard pull.

[Anonymous]

Hi, all 4 inquiries showed up on my credit report.  3 from Capital One and 1 from RoadLoans.  All were on the same day.  I just feel sick about it.  I was upset all weekend but I know I just have to get over it.  The damage is done now.

[Anonymous]

I wouldnt worry about it... they will all show up on your report, every inquiry does, it doesnt mean that it impacts your score. when you apply for auto loans, you have a 14 day window in which all the inquiries are lumped together and count as just one in fico scoring, even though they all show up.

[Anonymous]

Heck I have a cap one credit card 2000.00 dollar credit limit , balance of about 600.00 I pay around 100.00 a month on it and usually get my balance down to about 150.00.. Any how my scores 663 EQ , TU is 634.. I got turned down from cap one auto loans today ... on a 8500.00 loan with 2000.00 down.. WTF... The reason is not enough revolving credit... ??????? How do you get more revolving credit if no one else wants to give you credit.. Anyway I bought the truck today , paid 8350.00 cash for it... I think I will send a picture of it to cap one auto loans dept, with a paid in cash recipt ..I guess its too bad they missed out on the 7.15%..  Its not that I need the credit ( FOR MONEY) I just want to build my score.. While I can afford stuff like a truck and food and an apt rent , I would really like to finance a house one day.. I don't think I can afford to buy a house with cash... But as my business grows you never know...

[FICOfit]

Heck, I have scores in the 700s and I didn't get approved for COAF and they did send me off to RoadLoans as well, where I was approved, but at a crap rate.

I got the denial letter the other day and the reasons were:  1) too much new credit (fair enough) and 2) Few or no mortgage accounts......

Someone on hear said they are harder to get approval from for a prime loan, but will approve subprime at high interest.  Don't know if that's true or not, but I got financing through the dealer at 7% with about $4k negative equity.

[Takunda1]

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FICOfit wrote:

Heck, I have scores in the 700s and I didn't get approved for COAF and they did send me off to RoadLoans as well, where I was approved, but at a crap rate.

I got the denial letter the other day and the reasons were:  1) too much new credit (fair enough) and 2) Few or no mortgage accounts......

Someone on hear said they are harder to get approval from for a prime loan, but will approve subprime at high interest.  Don't know if that's true or not, but I got financing through the dealer at 7% with about $4k negative equity.

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Yes that is true. Prime customers don't make businesses a lot money. Coaf's new strategy is just to deal with subprime loans for now to recover from the the losses from this past year.

[Anonymous]

for those of you approved online, how long b4 you got a check in the mail and if you are post bankruptcy, how long?

oh yeah, and how long is the offer good for?

Message Edited by whoisjohngalt7 on 05-31-2008 04:25 PM

[islandchild82]

It is mentioned all over the forums that Cap One pulls a hard on all three credit reports when apping for credit with them, whether credit cards or auto loans. It's unfortunate, but something to keep in mind whenever apping with them.

[Anonymous]

I had a few bad experiences with capital one, decreasing of credit limit to put me overlimit so they can increase the ARP and charge overlimit fees, refusal to close the account after payment in full, after payment they posted a 0.32 balance in the account and keeped open so next month they charged me another late fee and list the account 30 days late in all reports, no reporting of credit limit for years.....

Finnaly only to have the account closed and listed as 30 days late had cost me about $50, my score dropped 35 points average

Capital one is the most greedy bank that I know, bad business for consumers, they had realize that customers with bad credit are more profitable so they'll do almost anything to kill your score.

If you apply for credit with them you are asking for trouble.

Carl.-