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Should I reapply after getting declined by two CC apps

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Mega Contributor

Re: Should I reapply after getting declined by two CC apps

Those are starter cards, you're fine as far as future Cap One cards go

 

With that said, here is a little bit of circular argument...two denials 4 months ago and one borderline approval may mean garden longer. 

So, if you want to get approved with decent terms and SL, you need to stop applying for a while. I would not touch an app till at least 6 months to a year.  Dont put  yourself in the exact same situation that caused denials in a first place. 

 

Again, that does not mean you wont get approved, but it may mean approval with lower SL and higher APR due to credit seeking. 

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Message 11 of 20
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Valued Contributor

Re: Should I reapply after getting declined by two CC apps


@MichaeliRoc wrote:
@Jannelo The dealership I went to financed me with Chrysler Capital because that was the best rate possible. I believe the interest is 27.99% or somewhere around those numbers. I’m not sure I don’t really remember. The vehicle was 16k but I’m paying a total of 25k.

Your main goal should be refinancing that rate right now is extremely highSmiley Sad

Message 12 of 20
Valued Contributor

Re: Should I reapply after getting declined by two CC apps

Agreed. However, it's too soon considering OP just apped for more Credit. And their current score isn't much better than when originally approved for the Loan. 20 point gain isn't going to lower the interest rate by that much. Getting Util down to under 9% and letting tbhose accounts age is what's gonna help here.

 

@MichaeliRoc wrote:
@Jannelo The dealership I went to financed me with Chrysler Capital because that was the best rate possible. I believe the interest is 27.99% or somewhere around those numbers. I’m not sure I don’t really remember. The vehicle was 16k but I’m paying a total of 25k.

This is why so many people wind up upsidedown, and never truly recover. Especially since KBB is probable only around $13K.

If your income does double, I'd pay this pack ASAP! Or at least put about $12K towards it then refinance with a better rate.

 

Next time you go car shopping, don't let them run it. Once you decide what you want, try preapproval first to see where you're at. But definitely check you Fico score, and try going to a CU for the Loan. 

Message 13 of 20
Community Leader
Senior Contributor

Re: Should I reapply after getting declined by two CC apps


@coldfusion wrote:

As was pointed out,  multiple HP acquired within a short window when applying for an auto loan are only consolidated for FICO scoring purposes.  They are all still reported individually and each issuer can choose for themself how they should be evaluated.

 

A $1K limit on an AMEX card means you just managed to squeak in.  You should be taking that as a general warning that you need to exert patience and focus on establishing a track record of responsible use and prompt payment, not as a sign that all is well and you're ready to start applying for a CSR.  Anything can happen but IMO the odds of you right now acquiring a CSR are poor.

 

Lastly, unless Capital One has very recently updated their policy you're limited to holding 2 of their core cards (i.e. not co-branded like a Cabelas card) at any time.  If that's still the case (I recommend you confirm this) you're going to be SOL by default regarding the Venture.


^^^this

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Message 14 of 20
Community Leader
Senior Contributor

Re: Should I reapply after getting declined by two CC apps


@Remedios wrote:

Those are starter cards, you're fine as far as future Cap One cards go

 

With that said, here is a little bit of circular argument...two denials 4 months ago and one borderline approval may mean garden longer. 

So, if you want to get approved with decent terms and SL, you need to stop applying for a while. I would not touch an app till at least 6 months to a year.  Dont put  yourself in the exact same situation that caused denials in a first place. 

 

Again, that does not mean you wont get approved, but it may mean approval with lower SL and higher APR due to credit seeking. 


Ditto

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JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

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Message 15 of 20
Community Leader
Valued Contributor

Re: Should I reapply after getting declined by two CC apps


@Janus wrote:

Agreed. However, it's too soon considering OP just apped for more Credit. And their current score isn't much better than when originally approved for the Loan. 20 point gain isn't going to lower the interest rate by that much. Getting Util down to under 9% and letting tbhose accounts age is what's gonna help here.

 

@MichaeliRoc wrote:
@Jannelo The dealership I went to financed me with Chrysler Capital because that was the best rate possible. I believe the interest is 27.99% or somewhere around those numbers. I’m not sure I don’t really remember. The vehicle was 16k but I’m paying a total of 25k.

This is why so many people wind up upsidedown, and never truly recover. Especially since KBB is probable only around $13K.

If your income does double, I'd pay this pack ASAP! Or at least put about $12K towards it then refinance with a better rate.

 

Next time you go car shopping, don't let them run it. Once you decide what you want, try preapproval first to see where you're at. But definitely check you Fico score, and try going to a CU for the Loan. 


Very true but if her FICO now is 720 so prior 680, that is an awful rate for that score range??

Message 16 of 20
Regular Contributor

Re: Should I reapply after getting declined by two CC apps


@MichaeliRoc wrote:
@Jannelo The dealership I went to financed me with Chrysler Capital because that was the best rate possible. I believe the interest is 27.99% or somewhere around those numbers. I’m not sure I don’t really remember. The vehicle was 16k but I’m paying a total of 25k.

Go on the Capital One Auto Finance website and check what you prequalify for for a refinance of your car loan.  That interest rate is horrific.  My scores were in the 590s and high 580s when Cap One approved me for a car loan  between 6.28 and 6.99 depending on what length of loan I wanted.  Others might know of other sites you can check for a prequalification for refinancing, and it's a soft pull.   This should definitely be your main focus.  And pay more towards principal each month until you can refinance.  I've only had my loan five months, and I've shortened the loan by four months by making extra payments towards the principal.

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Message 17 of 20
Community Leader
Valued Contributor

Re: Should I reapply after getting declined by two CC apps


@Jannelo wrote:

@MichaeliRoc wrote:
@Jannelo The dealership I went to financed me with Chrysler Capital because that was the best rate possible. I believe the interest is 27.99% or somewhere around those numbers. I’m not sure I don’t really remember. The vehicle was 16k but I’m paying a total of 25k.

Go on the Capital One Auto Finance website and check what you prequalify for for a refinance of your car loan.  That interest rate is horrific.  My scores were in the 590s and high 580s when Cap One approved me for a car loan  between 6.28 and 6.99 depending on what length of loan I wanted.  Others might know of other sites you can check for a prequalification for refinancing, and it's a soft pull.   This should definitely be your main focus.  And and pay more on principal each month until you can refinance.  I've only had my loan four months and I've shortened the loan by four months by making extra payments towards the principal.


Maybe if OP can join a credit union, they tend to offer much better rates  I see alot have had success  with Cap one, me not so much they offered me 9.89% with 700 scores I ended going with citizens bank at 4.5%.

Message 18 of 20
Community Leader
Senior Contributor

Re: Should I reapply after getting declined by two CC apps

Some CUs are stingy with auto loans esp if your credit isnt that great... case in point a friend of mine just barely got a 21% Santander finance loan on a car he put 50% down on... Because his CU complained about DTI only AFTER waiting a week to hear back from them...


-J

 

Message 19 of 20
Established Contributor

Re: Should I reapply after getting declined by two CC apps


@MichaeliRoc wrote:
@Jannelo The dealership I went to financed me with Chrysler Capital because that was the best rate possible. I believe the interest is 27.99% or somewhere around those numbers. I’m not sure I don’t really remember. The vehicle was 16k but I’m paying a total of 25k.

That looks like a massive lie. Did you get the full list of offers? My guess is that they did not give you all the terms for every offer. Chrysler Capitol looks like a preferred lender for the dealership where they shove everyone and get a kickback. I know for a fact that Chrysler Capitol is one of the lenders you would go to of last resort. That loan needs refinancing bad. I just hope the car is not a Chrysler vehicle too but something more reliable.

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