Capital One Auto Pre-Approval

[Anonymous]

Hi all, I applied for the Capital One Auto preapproval last night and I got denied. I just paid off a car with them a month ago (the car shows as paid off on my reports as well). My fico scores on all 3 bureaus are around 700 (694,702,703). I do have a credit freeze in place. So my questions are: Does the credit freeze matter as it wasn't going to be an HP anyways, What other reason could they have for denying me? and, What are some other better lenders that I could go to for my auto loan?

[donkort]

It could be the "credit freeze."

If you got your scores from MYFICO, you can check out your auto-enhanced scores, too.   My auto scores, until recently, were about 30 points lower than my FICO 8 Scores.

Were you "refused" explicitly----or did you just not get any offers?

[Brian_Earl_Spilner]

In order to access your reports despite a freeze being in place, they need a valid business reason. Following up on an existing account would be one. A collection agency buying a debt would be another. You were trying for a new loan so you need to thaw your reports as they have no legitimate reason to access your report even though you have existing products with them.

[Anonymous]

I check my scores on Experian and my FICO auto score 2 is 703, while auto score 8 is 679. They denied my application saying that I would be getting a letter in the mail explaining why. In the meantime, I would also be looking into other options.

[donkort]

I've been rejected like this, too----despite having about your scores----but I've been rejected for credit cards.  The only reason why I got my car lease in 2018 (despite a 640 auto score) was because I had leased with the same company TWICE (three years each).  without any late payment.  The 640 auto score was caused solely by high utilization.

I had extremely high utlization.  How is your utilization?  

[Anonymous]

My Util is exactly 10%. Anyways, I did apply with Digital Credit Union for an Auto Loan and got instant approval for 25k(that's what I applied for).

[AllZero]

Congratulations on your approval!

[Anonymous]

Congratulations on your approval! 👍

[donkort]

Congratulations!

[Anonymous]

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@Anonymous wrote:

My Util is exactly 10%. Anyways, I did apply with Digital Credit Union for an Auto Loan and got instant approval for 25k(that's what I applied for).

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Congrats on your approval.