Capital One Auto Navigator - denied

[Anonymous]

Hi. I was just declined by Capital One Auto Navigator for pre-qualification.

My scores are in the 715 to 720 range, a bit up from my sig. Current balances are $0 to $300 with a single home loan payment of $3,500 and income at $150,000, same employer 7+ years. Inquiries are in the table below. I have five open accounts including:

• Discover
• Amex
• Cap One QS
• Cap One Platinum M/C (AU)
• Home Loan - begun March 1, 2020

Most recent missed payment is December 2017. I have pre-qual credit card offers in hand from Chase and Capital One (literally at 11:11AM this morning, I received an email from Cap One..."Dear Time2Rebound, thanks for your loyalty! You’ve received a pre-approval notice for an exclusive offer...").

Even though Auto Navigator is supposed to be a soft pull, I wondered if the fact that my files were frozen had any impact? I went ahead and un-froze all three and applied for the pre-qual again, same result. Seems strange. According to Cap One's response I have to wait 7 to 10 days for their letter to know why I was denied. Wondering if anyone has any thoughts or experience about this?

Inquiries:

1/30/19	EX
1/31/19	EX
5/1/19	EQ, EX, TU
1/13/20	EQ, EX, TU

[CreditCuriosity]

Could of had an impact on having them froozen initially then unfreezing them and trying later.. why do you want to use cap1 auto?  Alot better ratea to be had by captiive lenders or CU's.

[Anonymous]

CreditCuriosity> why do you want to use cap1 auto?

That is a good question. I suppose because it seemed convenient. In checking rates however I believe you are correct that the captive lender, in this case Mini USA or one of our CU's would be a better choice.

[Anonymous]

I have purchased two cars using capital one auto finance since my Chapter 7 in January of 2017. This last week I was looking to get pre-approved and was denied with the reason being "a Previous Bankruptcy on your report". So it seems that they may have changed their terms recently. 

[luvsandyshores]

I was denied when I did a prequalification, but they ended up being my financer when I went to the dealer the next day.  So don't be discouraged.

[OmarGB9]

Probably was due to having your reports frozen. Once you apply for a prequalification, I believe it's "good" (or if denied, I suppose it still stays in their system) for 60 days.

[DebtStinks]

I can't say whether or not having your bureau frozen impacted your prequalification, but I can say it likely impacted your second application since there was another on file within the previous 30 days.

I'd recommend (with bureaus unfrozen) calling Cap1 and having all previous applications rescended then trying your prequal application yet again.

Best of luck!

[cleansl8tvet]

You probably were denied because of the freeze. I had that happen with an app and the reason for denial was the freeze and was told to wait 24 hours and try again. After unfreezing and trying it again a day later it worked. Did you ever find out if this was the case? A lot of people with a lot less income and way lower scores have been approved by cap one auto finance for up to 40k loans. It could be the late payment. Curious as to what happend. Let us know hope everything worked out for you. 

[4sallypat]

I had the same issue when looking for my teenager son's used car.

Round 1: Cap 1 Auto Navigator quoted very good rates (2-3% APR) with $50K limiit.

After searching for a few months, the Cap 1 Auto Nav said my searches have expired.

Round 2: 6 weeks after first app, I applied again - denied.

Gave up on them !

[Anonymous]

Same happened to me. I had my equifax frozen