Capital One Blank Check Approval

[Anonymous]

Wife applied for the Cap One blank check program and was DENIED.

Wife's credit scores range from  710-730 from the 3 CRAs.

Income around 40k

1 open auto loan (lease due to be finished in may), no credit cards from Cap One, no derogs in report. credit utilz ~10%.

then I applied and was APPROVED for the amount of 30k. (USED)

Originally asked for the amount of 28k and they gave me 30k.

72 month loan:

2013 and newer ~9%

2012 ~10%

2011-10 ~11%

Credit Scores are around 570-640 from the 3 CRAs.

Income around 40k

No open auto loans, multiple credit cards from Cap One (in good standing), 12 derogs in report. credit utilz ~ 45%

Honestly, I thought my wife would get approved but was denied. Said what the heck, and I applied and was approved. Thought I had no chance.

They said they needed a little bit of more information after being "conditionally approved", and asked me to call to get final approval.

When I called, they asked me some security questions from my past credit history, where I live and telephone number. Then she connected me

to an account manager who asked me if I had any credit cards. I told her I had multiple Cap One cards and she asked me for the credit limit or the balance of one of the credit cards. Told her one of the card's credit limit (1k). 

Then she asked me if I knew how the Blank Check program works, and if I needed the check right away.

I said no, and then she said I can expect my packet to arrive within the week.

They did not need me to fax in any documentation.

[Creditaddict]

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@Anonymous wrote:

Wife applied for the Cap One blank check program and was DENIED.

Wife's credit scores range from  710-730 from the 3 CRAs.

Income around 40k

1 open auto loan (lease due to be finished in may), no credit cards from Cap One, no derogs in report. credit utilz ~10%.

then I applied and was APPROVED for the amount of 30k. (USED)

Originally asked for the amount of 28k and they gave me 30k.

72 month loan:

2013 and newer ~9%

2012 ~10%

2011-10 ~11%

Credit Scores are around 570-640 from the 3 CRAs.

Income around 40k

No open auto loans, multiple credit cards from Cap One (in good standing), 12 derogs in report. credit utilz ~ 45%

Honestly, I thought my wife would get approved but was denied. Said what the heck, and I applied and was approved. Thought I had no chance.

They said they needed a little bit of more information after being "conditionally approved", and asked me to call to get final approval.

When I called, they asked me some security questions from my past credit history, where I live and telephone number. Then she connected me

to an account manager who asked me if I had any credit cards. I told her I had multiple Cap One cards and she asked me for the credit limit or the balance of one of the credit cards. Told her one of the card's credit limit (1k). 

Then she asked me if I knew how the Blank Check program works, and if I needed the check right away.

I said no, and then she said I can expect my packet to arrive within the week.

They did not need me to fax in any documentation.

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SWEET but would think your wife could get a better rate! if it was a smaller loan amount I might say it would be worth it for you to carry the loan to improve your credit but at $30k you are talking about some serious money each month in payment difference from your 9% to say 3% that a 700 credit score shoudl probably qualify.... Do you have any credit unions that you are members of? this is private party rigth? otherwise the dealership should probably be able to compete and beat the rate.