cancel
Showing results for 
Search instead for 
Did you mean: 

Cap One / Chase Denied.... Does it help to follow up?

Established Member

Cap One / Chase Denied.... Does it help to follow up?

Hello, 

 

Currently trying to get out of a 19% auto loan / gas guzzler....

I was just denied online by Cap One's blank check and chase for a $25k auto loan.  

My fico is 624, 1 year on time payments on current Chase auto loan, 1 year on time cap one cc, and my wife is co-signing, don't know exact fico, but has 2.5 years on time Honda finance auto payments and 1 year on time wells fargo credit card ($1200 limit).  Our incomes are around $45-50k/year each.

She has a short credit history (auto loan is her first use of credit, ever, in 2011) but I still figured with her co-signing it would be easier to be approved, and I also figured becuase I have good standing with Chase and Cap One it would benefit us, but it hasn't.

 

I'm wondering if anyone knows if its possible to follow up with a call or email?  Much success if so?

The wife is hesitant to apply any more places besides a possible refi through cap one..

Any suggestions welcome.

 

Thanks!

Message 1 of 12
11 REPLIES
Established Contributor

Re: Cap One / Chase Denied.... Does it help to follow up?

It is probably the banks are thinking your income is not enough to have 2 big loans at the same time. How much is your other car loan?


Starting Score: EQ: 499
Current Score: EX: 661, EQ: 676, TU: 698
CHASE Freedom: 2K, CHASE Sapphire: 5.5K, Amazon Prime: 500, Barclay Arrival+: 4.3K, CapOne: $6.7K, AMEX BCE: 1K, DISCOVER IT: 2.5K, DISCOVER MILES: 7K, Shell FCU : 5K, Express: 2.5K, Paypal: 4.1K, Amazon: 4K, Macys: 10K, PenFed Visa Signature: 10K, Walmart: 5K, BestBuy: 5K, Lowes: 6K, HomeDepot: 6.8K, BOA Travel Rewards: 500, Cheapoair: 2.5K, ToysRUs: 2k, CreditOne: 500,
Citi ThankYou Preferred: 5k
Message 2 of 12
Established Member

Re: Cap One / Chase Denied.... Does it help to follow up?

Hers was for $11k with $10k cash down, $7k still owed, mine was for $18k, still owe $14k but that car will be traded in for the new one.
Message 3 of 12
Regular Contributor

Re: Cap One / Chase Denied.... Does it help to follow up?


thomcoogan wrote:

Hello, 

 

Currently trying to get out of a 19% auto loan / gas guzzler....

I was just denied online by Cap One's blank check and chase for a $25k auto loan.  

My fico is 624, 1 year on time payments on current Chase auto loan, 1 year on time cap one cc, and my wife is co-signing, don't know exact fico, but has 2.5 years on time Honda finance auto payments and 1 year on time wells fargo credit card ($1200 limit).  Our incomes are around $45-50k/year each.

She has a short credit history (auto loan is her first use of credit, ever, in 2011) but I still figured with her co-signing it would be easier to be approved, and I also figured becuase I have good standing with Chase and Cap One it would benefit us, but it hasn't.

 

I'm wondering if anyone knows if its possible to follow up with a call or email?  Much success if so?

The wife is hesitant to apply any more places besides a possible refi through cap one..

Any suggestions welcome.

 

Thanks!


Try a credit union instead. I'm sure you'll see different results. 

Total CL's combine: $150,600.
Message 4 of 12
Established Contributor

Re: Cap One / Chase Denied.... Does it help to follow up?

what were the decline reasons?

Message 5 of 12
Frequent Contributor

Re: Cap One / Chase Denied.... Does it help to follow up?


thomcoogan wrote:

Hello, 

 

Currently trying to get out of a 19% auto loan / gas guzzler....

I was just denied online by Cap One's blank check and chase for a $25k auto loan.  

My fico is 624, 1 year on time payments on current Chase auto loan, 1 year on time cap one cc, and my wife is co-signing, don't know exact fico, but has 2.5 years on time Honda finance auto payments and 1 year on time wells fargo credit card ($1200 limit).  Our incomes are around $45-50k/year each.

She has a short credit history (auto loan is her first use of credit, ever, in 2011) but I still figured with her co-signing it would be easier to be approved, and I also figured becuase I have good standing with Chase and Cap One it would benefit us, but it hasn't.

 

I'm wondering if anyone knows if its possible to follow up with a call or email?  Much success if so?

The wife is hesitant to apply any more places besides a possible refi through cap one..

Any suggestions welcome.

 

Thanks!



Online aps like that are either PASS/FAIL. If you failed in just one criteria - no matter how small, then the computer will deny you and send you a canned response listing reasons A,E,I,O,U & sometimes Y. Smiley Happy

 

After reading the other details, I`m willing to bet a dealership with the car you want could get you financed with one of their lenders --- Including Chase & Capital One if they do business with them.

 

 

EQ- 647, EX- 641, TU- 644
Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!
Message 6 of 12
Member

Re: Cap One / Chase Denied.... Does it help to follow up?

Go to the dealerships, online apps don't take in to account any trade or any possible negative equity.

Rich

 

 

 

 

Hi Rich, I edited you post to remove your email address.  Personal information is prohibited on the forums.

 

Thank you  -  Guiness56  myFICO Moderator

Message 7 of 12
Established Member

Re: Cap One / Chase Denied.... Does it help to follow up?

Thanks for the feedback everyone. Fingers crossed.
Message 8 of 12
Established Member

Re: Cap One / Chase Denied.... Does it help to follow up?

Holy cheese n crackers, approved 4.9% no money down.  Basically paying the same payment I was before, but now on a brand new car with 32 miles.  

 

1 year ago, 540 FICO - 19.5% 

Today, 620 FICO (with 710 FICO wife co-signing) 4.9%  

 

Honestly cannot believe it, especially after being denied twice online.  

Hooray!

Message 9 of 12
Valued Contributor

Re: Cap One / Chase Denied.... Does it help to follow up?

Where did you apply?

 

"I am become death, the destroyer of worlds"
Message 10 of 12