cancel
Showing results for 
Search instead for 
Did you mean: 

I guess i'm sunk..

kahmyah
Valued Member

I guess i'm sunk..

well i went ahead and did it. i applied for a new car autoloan online with capital one.  now mind you, i haven't had a car loan in 15 years..my credit scores are not that great i admit - exp -637, eq - 662, and trans - 626 at my last check of them which is daily through My Fico.  Anyway, i had a lot of accounts in my past that i have paid of satisfactorily through settlement agreements.  i only have 3 open accounts, all in current status with no balances at all on two of them and most recent about $143 on the last one which i paid in full before my due date.  i have a job which i have been at for two years now going into my 3rd year.  so with that history and again, i know it doesn't sound rosy, i went ahead and applied for a new car loan being that i haven't had a new car in 15+ years.  So I figured I would apply to Capital One being that I have an account with them thats current with no balance on it and I have had for about 3 months or more now.  I got an email from them telling me about their auto buying process so I figured I would take a chance.  I applied online was nervous the whole time i was putting in my info and before I hit the send/apply button, I said a prayer, lit a candle, offered to be extrra good for a whole week etc etc etc.  ok i am joking but the truth was i hoping it would go through without a snag.  Yes in 15 mins or less just as they advertised I got my response back.  Drum roll please!!..  A resounding depressing NO!  I was so bummed.  But mentally i had prepared myself for the worst.  Its odd.   Now what..  Even if i do manage to find someone to approve me, i am looking at very high interest rate.  But seriously, even if i do manage to find someone or bank kind enough to take a chance or a reformed credit card holder, the best rate i think i would get would be in the neighborhood of what 10+ percent..i might as well go visit the Godfather and have him give me one of his ahhh, how do i say it "make me an offer he won't refuse" kind of rates. its so depressing and i'm sunk.  i mean i am doing everything right from all the research i have done.  paid everything i have on time or ahead of my due date.  i have  a job, a credit history (ok its not stellar but at least i have one)...ah to pay for your sins of the past.  they come back to haunt you.  ah, i'm sunk..any advice besides a gun or some hemlock..   
Message 1 of 20
19 REPLIES 19
kahmyah
Valued Member

Re: I guess i'm sunk..

well thats encouraging..so i at least have a chance..but not at 26..oh my gosh..hmm..any other suggestions..i thought about roadloan, and eloan.  anyone heard anything on these guys..and there is always hsbc..oh my gosh..like i said, any other suggestions will be hugely appreciated..thank you all in advance...
Message 2 of 20
sonogirl
Regular Contributor

Re: I guess i'm sunk..

Try Americredit, they approved me with scores in the 500's it was a sucky rate but you could always refi. By the way your scores aren't that bad call them and ask them why you were declined.
09/11 TU 599 EQ 601
Message 3 of 20
kahmyah
Valued Member

Re: I guess i'm sunk..

thank you so very much for the heads up..i will give them a try as well..its so frustrating..i'm trying just about everything rather than going through the dealer..thanks..
Message 4 of 20
kahmyah
Valued Member

Re: I guess i'm sunk..

also, what does it mean when your referred to as an "opt-In"..i got an email message that says my application was under review or something to that effect.  however, they forwarded (Roadloans, eloan i am assuming) to another dealer (preferred or one of their other partners) who could possibly help me.  however, its a volkswagon dealer.  mind you i don't have anything against volkswagons.  but its not the car that i am looking to purchase.  so why send me there if its not the model or make i am interested in..plus what does opt in mean in the car business..man this is confusing..
Message 5 of 20
Schoolbuskid
Valued Contributor

Re: I guess i'm sunk..

Hey could you not join a credit union and apply with them, your scores are not bad, i would consider them fair. Anyways credit union are alot more lenient and are willing to help more! My credit union offer its highest APR at 11.75% so thats not too bad! Good Luck! If you have high util on some of your cards it might be a good idea to bring them down the best you can!  You should see a score boost from that! Wish you the best!
Rebuilding and Reducing Debt, is my game plan.
Message 6 of 20
shyboy
Frequent Contributor

Re: I guess i'm sunk..

Like the person above said, i would try a credit union.
-------------------------------------------------------------------------------------------------Getting back in the credit game after major setbacks
Message 7 of 20
phatcaddy843
New Visitor

Re: I guess i'm sunk..



@kahmyah wrote:
well i went ahead and did it. i applied for a new car autoloan online with capital one.  now mind you, i haven't had a car loan in 15 years..my credit scores are not that great i admit - exp -637, eq - 662, and trans - 626 at my last check of them which is daily through My Fico.  Anyway, i had a lot of accounts in my past that i have paid of satisfactorily through settlement agreements.  i only have 3 open accounts, all in current status with no balances at all on two of them and most recent about $143 on the last one which i paid in full before my due date.  i have a job which i have been at for two years now going into my 3rd year.  so with that history and again, i know it doesn't sound rosy, i went ahead and applied for a new car loan being that i haven't had a new car in 15+ years.  So I figured I would apply to Capital One being that I have an account with them thats current with no balance on it and I have had for about 3 months or more now.  I got an email from them telling me about their auto buying process so I figured I would take a chance.  I applied online was nervous the whole time i was putting in my info and before I hit the send/apply button, I said a prayer, lit a candle, offered to be extrra good for a whole week etc etc etc.  ok i am joking but the truth was i hoping it would go through without a snag.  Yes in 15 mins or less just as they advertised I got my response back.  Drum roll please!!..  A resounding depressing NO!  I was so bummed.  But mentally i had prepared myself for the worst.  Its odd.   Now what..  Even if i do manage to find someone to approve me, i am looking at very high interest rate.  But seriously, even if i do manage to find someone or bank kind enough to take a chance or a reformed credit card holder, the best rate i think i would get would be in the neighborhood of what 10+ percent..i might as well go visit the Godfather and have him give me one of his ahhh, how do i say it "make me an offer he won't refuse" kind of rates. its so depressing and i'm sunk.  i mean i am doing everything right from all the research i have done.  paid everything i have on time or ahead of my due date.  i have  a job, a credit history (ok its not stellar but at least i have one)...ah to pay for your sins of the past.  they come back to haunt you.  ah, i'm sunk..any advice besides a gun or some hemlock..   



I got turned down by Capitol One, too, but then when I started shopping at the major car dealers, all of them were able to offer me a good loan. I ended up getting a loan for 11K on a 2 year old car, with a 6% interest rate from Eastern Bank. The dealers have a lot of pull with the banks, so its better to go through them.
Message 8 of 20
kahmyah
Valued Member

Re: I guess i'm sunk..

well finally i got some good news..i did get approved by Capital One..it took a lot prayer even after i got rejected the first time, but they went back and reviewed it again and i got approved.  now mind you the rate was at 9.3.  i am still shopping around to see if i can get a lower but its good to know that i have at least one just in case everything else falls apart.  woo hoo..  also, i must say, the capital one auto buying program. if you haven't used it yet, i will say DO IT.  its very simple and easy.  once your approved, they ask that you fax in some pay stubs for income verification.  once those check out, your good to go.  very simple and easy..the people you talk to on the phone are very nice friendly and courteous.  they couldn't understand why i got rejected the first time but they walked me through again to see what went wrong and it worked.  good program.. nice people.   so give it a try is my recommendation..also, one last thing..i would like to personally thank each and everyone one of you for your positive, upbeat kind words of encouragement.  that means or meant a lot to me through this whole process..also, i would like to thank you all for all the great information and pieces of advice you offered.  it helped me so much through this whole thing.  thank you all again..
Message 9 of 20
Watchmann
Valued Contributor

Re: I guess i'm sunk..

9.3% on a car loan isn't THAT bad.  Could be worse.  See if the dealer can beat it, if not use the approved loan.
Message 10 of 20
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.