Capital One Auto Finance

[Kaydee84]

Hello everyone.

My husband and I were just discharged on 6/19 and need a new vehicle. I know several people have gotten approved for an auto loan through Capital One very soon after discharge so we tried to get prequalified there. However, we were unable to get a pre-qualified offer with the reason being "too many deliquent past or present Capital One credit obligations." My husband and I each had a Capital One account that was included in the bankruptcy plus we were authorized users on each other's card. I burned them for about 6K and my husband burned them for about 3K. 

Has anyone here ever gotten the same response from capital one? Were you able to get prequalified after a few months? Should I just look for an auto loan elsewhere?

Thanks in advance for your help.

[Anonymous]

I don't know about the auto loan, but I know if you burn capital one in the BK that it generally takes 1 year to get another credit card with them.  Thats how it was for me.  They might possibly feel the same about the auto loan.  I imagine someone with more knowledge then me will respond at some point.

[Kaydee84]

Thanks for the reply. I've seen some conflicting info about when that year actually starts. Was that a year from discharge or a year from when the card was charged off?

[Anonymous]

Were you a 7 or 13? 

I received immediate approval through auto navigator after my d/c reported, and I burned Cap 1. 

I was a 5yr 13. So, it might be 1 yr post derog. 

[Anonymous]

We received Cap 1 auto approval 6 days after ch 13 discharge & we burned cap 1. But, we had previously paid off a car loan with them 2 years before we filed the 13.

We have also been able to acquire their quicksilver card $300.

Hope this helps.

[Anonymous]

If you are discharged from a Chapter 13, that means your BK is most likely at least 5 years old. Bankruptcy is counted from filed date, not discharged date. That being the case. a discharged chapter 13 should have no problem getting approved for a Cap 1. 

[Kaydee84]

Mine was a ch 7. Originally I thought my account was charged off in the beginning of 2016 but looks like it was really Sept 2016. I'll try again in October.

[Anonymous]

Capital 1 will give you an opportunity for new credit 1 year from your most recent charge off date. (If the card was not charged off before your bk7 the date will be 1 year from the date of your filing of bk7) 

Cap1 auto finance does not use the same time frame for an auto loan. I was denied a Cap1 card 2 months out of bk7 May 16 but I was approved for cap 1 auto loan in june 16, and subsequently I reapplied for a cap 1 card 1 year from my charge off date 7/15 and was approved for a MC platinum,  300 SL currently 850, and was approved for a Venture card This month 1 year after 2k SL 

[Kaydee84]

My husband actually just got a Capital One prequal a couple days ago. The rate was 9.8% for up to 35,000. He was also discharged in June 2017. His Capital One cc was charged off in Aug 2016.

[Anonymous]

There have been reports of those blacklisted for a year and those who were approved straight out of discharge, even after burning Capital One. The general consensus is that if you're blacklisted (for 1 year post charge-off) then you will be auto denied and your credit will not be pulled. 

So there's no harm in applying every month if you wanted to (other than any manual underwriting would make you look like a crazy person for submitting so many applications).

The $1,000,000 question is: Why do some people get blacklisted while other people have no adverse action? Is there a dollar limit for the charge-off?