Turned down for loan by CU but got Cap One Blank Check and question

[moreFICOplease]

I applied with my local CU and got rejected. They said my score was 515 and they don't work with scores below 600. They must use an auto enhanced FICO because I pulled my report the same day after they did the pull and my score was 644. They pull Experian only.

I got my approval with Cap One the same day and just got the blank check packet yesterday. I'm car shopping now and hope to be in a new vehicle by the weekend! I'm making offers and hope to get a bite from one of these dealers.

Question...does anyone when know when Cap One requests income verification? Is it after I buy the car? I expected it to be in my loan packet but there was no mention of me having to send any documentation in it-only for the dealer.

7/10/08   EQ: 629  TU: 641  EX: 644

[granny031350]

my daughter had to send it in to Cap One after she had her vehicle and had signed for her loan.   The approval process took a while at the dealer, like 3 hours because they couldn't get through to Cap One.  Everything was verified over the phone at the dealer and then daughter had to send in paperwork after she had the car.  It was really pretty painless and a lot of fun to car shop knowing what she had to spend.

[moreFICOplease]

Thank you! Just what I needed to know.

[Anonymous]

Congrats on your loan, enjoy your new car!!!!!

[Anonymous]

For my current car, I have that one financed with Cap 1 and I used

the blank check thing.  It was so easy, I loved it.  I took care of sending

them all the "stips".. pay check stub and whatever else they wanted

right at the beginning.  I didn't go shopping until I talked to them and they

gave me the official OKAY... but.. that's me.. I am always paranoid about

things not going like they are supposed to.  All in all, Cap 1 has been great.

Have fun shopping for your new car! 

[moreFICOplease]

I just called Cap 1 to find out what documentation they will need from me and where to fax it and they said I don't need to send in any documentation (check stubs, driver's license, w-2).

The woman I spoke to said if they needed documents from me it would be stated in my packet and that it would be in their computer system. Said I'm good to go. We'll see...I'm meeting with a dealer tomorrow.

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Lance66 wrote:

For my current car, I have that one financed with Cap 1 and I used

the blank check thing.  It was so easy, I loved it.  I took care of sending

them all the "stips".. pay check stub and whatever else they wanted

right at the beginning.  I didn't go shopping until I talked to them and they

gave me the official OKAY... but.. that's me.. I am always paranoid about

things not going like they are supposed to.  All in all, Cap 1 has been great.

Have fun shopping for your new car! 

---

Exactly! I'm wondering why this deal is different than what you and others have gotten.

Does having a Cap 1 credit card count? I have two cards from them for 3-4 yrs and never been late, always paid more than the minimum.

Thanks everyone!

[TangMeister]

Congrats on the loan. I like their service a lot.

I got the same deal from Cap 1 in Dec '06. They approved me instantly, and I never had to supply any supporting documentation. I've been a Cap 1 card holder since 2002, so perhaps that is part of the reason why there was no verification required. They pulled credit reports/FICOs from all 3 bureaus.

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@moreFICOplease wrote:

I just called Cap 1 to find out what documentation they will need from me and where to fax it and they said I don't need to send in any documentation (check stubs, driver's license, w-2).

The woman I spoke to said if they needed documents from me it would be stated in my packet and that it would be in their computer system. Said I'm good to go. We'll see...I'm meeting with a dealer tomorrow.

---

@Anonymous wrote:

For my current car, I have that one financed with Cap 1 and I used

the blank check thing. It was so easy, I loved it. I took care of sending

them all the "stips".. pay check stub and whatever else they wanted

right at the beginning. I didn't go shopping until I talked to them and they

gave me the official OKAY... but.. that's me.. I am always paranoid about

things not going like they are supposed to. All in all, Cap 1 has been great.

Have fun shopping for your new car!

---

Exactly! I'm wondering why this deal is different than what you and others have gotten.

Does having a Cap 1 credit card count? I have two cards from them for 3-4 yrs and never been late, always paid more than the minimum.

Thanks everyone!

---

[Ashley1980]

What type of % did you get?

[Anonymous]

I've had several loans thru Cap One and have been very pleased. One word of advise though, DO NOT tell the dealer that you have a CAP ONE check that gives you XX % of value of car, because they will make sure you are charged that, simply tell them that you have your own financing and are ready to buy!!

[moreFICOplease]

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TangMeister wrote:
Congrats on the loan. I like their service a lot.

I got the same deal from Cap 1 in Dec '06. They approved me instantly, and I never had to supply any supporting documentation. I've been a Cap 1 card holder since 2002, so perhaps that is part of the reason why there was no verification required. They pulled credit reports/FICOs from all 3 bureaus.

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Thanks TangMeister! I'm happy to know I'm in good company. Yep I got pulls from all three bureaus also.