@Anonymous wrote:
Cap 1 just preapproved me for a rate of 10%. My scores are around 720. Still looking for a vehicle but needless to say I will not be financing with Cap 1. Really hate I wasted a pull with them. Should also mention I have a credit card with them since Nov paid on time.
Auto pulls are never wasted as several lenders will pull all three bureaus anyway so you can't escape the single inquiry penalty on those reports.
Auto-coded inquiries are rolled up into one from a FICO scoring perspective if done within a certain period (generally 30/45 days on any current FICO model, I consider FICO '98 to be out of date though it's at 2 weeks for full information) so it's really in everyone's best interest to just take the inquiries to comparison rate shop. Minimal (to zero) penalty to one's FICO penalty, and even at it's worst it's only there for a year, and might save you thousands of dollars on an auto loan. That's an easy trade to make, and it's only folks on this forum which might not consider it so as we're all so inquiry-paranoid.
I was approved for a Capital One auto loan last year with a score of 542 and all types of baddies. I am, however paying through the nose...
Starting Score: 532I would have gladly paid through the nose. My subprime Capital One loan made my brain seize and my eyes bleed.
Thank goodness I was able to pay it ahead and only had to deal with it for a little over three years instead of the 5 it was written for. And it made me aware that I NEVER want to be in that situation again where they are my only alternative.
Spell check wanted to replace subprime with supreme. Maybe I should have let it.