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Cap1 can't pre-qual me now?

Established Contributor

Cap1 can't pre-qual me now?

Twoweeks ago I did the Cap1 auto prequal to see what they were offering, and it came back with the 7-10 day letter message.

 

I got the letter last week, and on the first page it states that after reviewing my request as well as information obtained from my credit file(s), they were unable to pre-qual me for auto financing. The official reason on that page was "Credit bureau information is missing or unavailable". On the 2nd page, they give my EX score as a 690(range of 250-900, source as Experian, dated pull or whatever as 9-7-16; guessing thats the auto enhaned score? My FICO 8 is a 717, and never had an auto loan).

 

I do have credit freezes on TU & EQ, but EX definitely does not have a freeze on it, so I'm wondering what that "missing or unavailable" means? On the 2nd page it lists generic reasons as well for adversely affecting credit scores, but I'm guessing the real reason was this unavailability of my information somehow?

 

I haven't been able to call them this week due to my work schedule, but any ideas why they cant seem to pull my info from EX which isnt frozen, yet they can come up with an auto score?

 

I did check the auto pre-qual with them earlier this year with EX, and there were no issues getting that info & they even pre-qual'd me at that time, so I'm not sure whats going on. I have no issues with CCT or anyone else being able to get my EX info for reports/scoring.

 

Hopefully I can get some daytime to call them next week.

Current FICO 8's: EX 713, TU 707, EQ 712
Gardening for 8 months so far
Oldest TL: 6yr 7mo - AAoA: 3yr 1mo - INQ: EX(4) - EQ(0) - TU(3)
Plans: Pay off medical debt; Get a car
Message 1 of 6
5 REPLIES
Member

Re: Cap1 can't pre-qual me now?

Capital 1 pulls from all 3 credit bureas, your freezes on the 2 other bureaus is the problem. You need to have all 3 unfrozen.

Message 2 of 6
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Established Contributor

Re: Cap1 can't pre-qual me now?


calis wrote:

Capital 1 pulls from all 3 credit bureas, your freezes on the 2 other bureaus is the problem. You need to have all 3 unfrozen.


They pre-qual'd me with only Experian unfrozen a few months ago. The other 2 bureaus have been frozen for awhile now.

Current FICO 8's: EX 713, TU 707, EQ 712
Gardening for 8 months so far
Oldest TL: 6yr 7mo - AAoA: 3yr 1mo - INQ: EX(4) - EQ(0) - TU(3)
Plans: Pay off medical debt; Get a car
Message 3 of 6
Valued Contributor

Re: Cap1 can't pre-qual me now?

Capital One is known for pulling all three.  They may have prequal you using one bureau, but when you did the application for credit they wanted to pull all three.  Since they could not access the other two, they denied the loan all together.  

Rule of Thumb:  It is not advisable to apply for credit when your reports are on lock.  A lender at any time can pull what they choose and if that bureau is on lock they can and will deny the loan all together.

Barclay Reward MC 750|Cabela's 1k|Capital One QS1 3.4k|
|Sony Card 3.5k|
Message 4 of 6
Valued Contributor

Re: Cap1 can't pre-qual me now?

Truly with scores that high you will get a better rate w ford or Toyota etc
Message 5 of 6
Established Member

Re: Cap1 can't pre-qual me now?

I used Cap1 mainly to give me my worst case scenario so I'd have an idea of what kind of APR I can expect.  In the past, I was an idiot and actually trusted those people so whatever they told me, I believed.  Cap1 pre-approved me for $40K and, based on how much of that I needed, my APR was 3.??% to, max, 4.03%.  The dealer was able to get me 2% APR.  My credit score wasn't as high as yours (I think 663).  I will admit they originally came bopping in the room to tell me they had to pull a few strings and call in a few favors to get me an APR of 4.99%.  It was then I showed them the Cap1 pre-approval letter and Cap1's worst case of 4.03%.  They decided to check their numbers again and came back with 2%.

Message 6 of 6