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Couldn't get pre-approved by Cap1, how solid is this?

biff-henderson
Valued Member

Couldn't get pre-approved by Cap1, how solid is this?

Am currently, for at least another 2 weeks, a current Cap1 auto loan customer. Been on-time with all payments, and just paid off the loan 2yrs early -- by selling car. Thanks CarMax! 

 

Last week I hit up the pre-approval tool to see what rates and amounts I coul dpre-qual for. Rejected. Got the letter today and it said too many recent inquiries. Am currently sitting at 10 HP's on Ex. Not sure the other bereaues. 4 in the last 3 mos.

 

Is Cap1 that inquiry sensitive? Any chance they would be more receptive with a current customer? I'd rather not destroy what little score I have left with the usual dealer treatment, and go with the devil I know.

 

TIA

B.

7 REPLIES 7
Loquat
Moderator

Re: Couldn't get pre-approved by Cap1, how solid is this?

CapOne is…well, CapOne. Are you a member of any credit union? There are other options besides CapOne that may serve you better with the right income and scores.
Message 2 of 8
mrtech3
New Member

Re: Couldn't get pre-approved by Cap1, how solid is this?

i would look into joining a LOCAL CU if you can...I have had way better luck when I can sit across the desk from another human being and discuss the loan and options....

Message 3 of 8
biff-henderson
Valued Member

Re: Couldn't get pre-approved by Cap1, how solid is this?

That makes sense, but I figured Cap1 would want to keep my business, or am I just too old to keep up with the times? WF was tripping over themselves to finance me again when I paid off that note. Sorta expected the same with Cap1 -- just with a better APR.

 

B.


@mrtech3 wrote:

i would look into joining a LOCAL CU if you can...I have had way better luck when I can sit across the desk from another human being and discuss the loan and options....



 

Message 4 of 8
bigseegar
Member

Re: Couldn't get pre-approved by Cap1, how solid is this?

Yes, they are very inquiry sensitive. Plus also was the old loan with them showing PIF in their records yet?

Message 5 of 8
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Couldn't get pre-approved by Cap1, how solid is this?

Could be too many inquiries for your profile. I was pre-approved for 55k with about 17 inquiries on each bureau.




Message 6 of 8
biff-henderson
Valued Member

Re: Couldn't get pre-approved by Cap1, how solid is this?


@bigseegar wrote:

Yes, they are very inquiry sensitive. Plus also was the old loan with them showing PIF in their records yet?


Yes it was. In fact they notified me I overpaid by $24.

 

Luckily I have time as I live in a city with decent PT, a walkable neighborhood, and I work relatively close to work. I'm in no hurry, but options would have been nice.

 

B.

 

 

Message 7 of 8
Crowhelm
Frequent Contributor

Re: Couldn't get pre-approved by Cap1, how solid is this?


@biff-henderson wrote:

@bigseegar wrote:

Yes, they are very inquiry sensitive. Plus also was the old loan with them showing PIF in their records yet?


Yes it was. In fact they notified me I overpaid by $24.

 

Luckily I have time as I live in a city with decent PT, a walkable neighborhood, and I work relatively close to work. I'm in no hurry, but options would have been nice.

 

B.

 

 


Yeah like others mentioned already. Look at credit unions. Affinity Federal Credit Union offers new car loans as low as 1.39%. Which bank beats that? Also if you are a Costco member they work with the Costco new car program. But depending on where you live a local Credit Union is a great choice as well. Our local ones offer as low as 2.49%, which is over 1% higher than Affinity but also local.

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Message 8 of 8
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