Hey Folks,
A couple of weeks ago I applied for financing through Capital One, and I was denied. Has anyone been able to get a loan through a recon with them? Do they even do recons for auto loans?
My denial letter stated the following reasons for not approving my financing:
- There have been too many recent collections inquiries
- There are too few or no accounts
- There is presence of collection action or judgement
- There are too many revolving accounts
I had seriously defaulted on multiple student loans, that have been consolidated now for almost a year, with 100% on time payment history. But I think the severity of the delinquency is going to be hard to overcome, especially for consideration for an installment loan.
I only have two credit cards, very low CL (200/each), 2% utilization, perfect payment history, but very recently established (November 2014).
Also, my denial letter listed my EX credit score as 573 as of 02/01/15. My regular EX FICO, has seen an 85 point increase since 01/27/15 (from 560 => 645). I know the score auto lenders use is a little different from the standard FICO model, but do you think my auto FICO score may have improved as well?
Anyone have any idea where I might be approved for financing if not Capital One? My myFICO scores are EQ: 631, TU: 592, EX: 645.
Thanks!
