First Time Auto Loan

[Anonymous]

Unfortunately, all 3 offer the same "FAKO" Vantage Score which is useless for creditworthiness.  It's an "educational" score that means nothing.

Go to CreditScoreCard.com (owned by DIscover) and they will give you a FREE monthly FICO 08 score from Experian.  Do that, it's free, report back the number.

There's no way that Capital One knows your income so that's not a likely reason for denial.  I bet your credit profile is too "thin" so far but if CreditScoreCard.com gives you a score, it means you HAVE a FICO score.

[Anonymous]

Thank you,  I started right now. Its hard to tell which score I should look at when there are like 5 different ones ...not sure how many just a guess. 

[Anonymous]

it says 702 as of 9/27/17. I expected it to be lower.

[Anonymous]

The only credit score you should trust is one that specifically states it is a FICO credit score.  If it doesn't say FICO, it's probalby NOT FICO.  If it says Vantage Score, it's a garbage score with no purpose.

Once you have your FICO score, you have a starting point for sure.  If your profile is thin, less than 6 months old, you may not be able to generate a FICO score.  Once you can generate one, you should be able to get a prequalification offer from Capital One that you can use to negotiate a better deal from the dealer with!

[Anonymous]

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@Anonymous wrote:

it says 702 as of 9/27/17. I expected it to be lower.

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Wow 702 is a fantastic score for a new person to credit.  Congrats!

Do you have student loans or any installment loans reporting on your credit reports?

702 will likely get you an auto loan at a good rate.

[Anonymous]

where should i go from here? They denied me , and i have a 702. Should i just wait for first two check stubs then go?

[Anonymous]

It is more helpful to negotiate a better interest rate if you already have an offer from a bank.  Do you have a bank or credit union you can visit to get a preapproved rate and limit?  If so, get that, take it to the dealer, negotiate over the price (bring a friend!) and then let the dealer make an offer on what they can find you.

[Anonymous]

yes i have 3 installment loans on my credit, those are my student loans. and 2 more open accounts those are my credit cards, with a total of 4 inquiries too. 

Thank you very much means a lot coming from someone who actually knows what theyre doing. 

[Anonymous]

my boss with an 820 score advised me to go to golden one. I literally have a balance of 2 dollers in there, i nevver use that account. i got it for the sole purpose of getting the auto loan. I will go with them but first transfer all my money (the 5 grand is in wells fargo, and yes they are a bit shady).  Do you have any advise for negotiating all i have is my dad and i payed almost full price for with him negotiating

[Anonymous]

Well, I'm twice your age lol.  I had perfect credit when I was 20 and then destroyed my credit in a beautiful blaze of glory (bad marriage, lol).  Rebuilt it with years of work and then in my 30s blew it up when a business failed -- what's worse there is I had the money to pay it off, I just didn;t know I had debt to pay.  Really stupid.

Now in my 40s I guard my credit like a hawk.  I never buy more than I can afford to pay off immediately.  It'll take me 2 more years to get perfect credit again and I will never let it get out of control or forget to make a payment.

Protect your credit with all you have.  Start a savings account so you can get to the point where you can pay off any debt with one click and try to never charge more than you can afford to pay quickly.

Also, don't buy the most car the banks will loan you.  Buy the car you like and that you can afford.  If they approve you for some crazy high amount, don't buy the maximum.