BCE decline :( at least I got approved for Chase Freedom with a "decent" limit.

[enharu]

I just got an auto loan in feb 2013 and it just got reported to my CR early this month, which is why I am worried about my odds. 

I got denied by american express because of it. They said it was a new account, and debt to balance ratio was too high (well it's my 1st statement, so it's going to show 100% owed). 

My auto loan statement just came out today so it should get reported to the CRAs fairly soon. I will apply once it shows my new loan balance, which is hopefully sometime this week Still hoping I don't get turned down because they just gave me CSP when I just got an auto loan. I totally regret getting this auto loan sigh.

[zeusta20]

---

@dodgerslv wrote:

---

@zeusta20 wrote:

---

@dodgerslv wrote:

---

@zeusta20 wrote:

So...A few days ago, I apped for the BCE and got denied. So bummed out! I was sure that I was going to get approved! I have NO baddies. Tried to call to find the reason, and from what the rep told me, they have their own little "risk" score. She told me a bunch of small little reasons, but to be honest, I can't remember them all so i'm going to have to wait until I get the letter.

Since I got denied, I apped for the Chase Freedom card. Was approved for 2k. Called and got it up to 4k.

At least I got a CLI....I still want the BCE though! I thought i'd be able to get it since my credit isn't bad, and since I've already got my foot in the door with the Amex Green! Oh well....Guess its time to wait it out :-/

---

Sorry to hear about BCE zues but Congrats on Chase!....how long have you been with AMEX?

---

I know! I'm so bummed...I've been with amex for about 10 months now. I opened my account with AMEX 06/01/12

---

with the cards you have on your siggy i cant believe they denied your application...well at least it wasnt a HP. I wanted to apply for the costco TE and BCP once i reach 6 months with my green charge card but now im thinking if i should wait longer.

---

I know! I didn't think i'd have a problem getting approved. But we'll see...Once I get the letter, I'll be able to see exactly why, and that way I could see what I need to focus on and eliminate for next time.

[zeusta20]

---

@enharu wrote:

I just got an auto loan in feb 2013 and it just got reported to my CR early this month, which is why I am worried about my odds. 

I got denied by american express because of it. They said it was a new account, and debt to balance ratio was too high (well it's my 1st statement, so it's going to show 100% owed). 

My auto loan statement just came out today so it should get reported to the CRAs fairly soon. I will apply once it shows my new loan balance, which is hopefully sometime this week Still hoping I don't get turned down because they just gave me CSP when I just got an auto loan. I totally regret getting this auto loan sigh.

---

really?! why?!

I'm probably gonna shoot myself in the foot too...lol. Because I'm looking to probably get an auto loan in the near future...lol. I just wanted to make sure I had the cards I wanted before I get it...lol.

[enharu]

do you know what car you are getting?

the best way to do it is to get a preapproved loan before you buy the car itself (based on what people on this forums recommend).

The best APR rates are usually given by the car manufacturers themselves but they are also the hardest to get usually. It is also kinda illogical to apply for a pre-approval for an auto loan from that car manufacturer before you decide which car you are buying. Because for example a Chase pre-approved loan can be used to shop for any car with a similar pricetag, whereas a BMW Financial services preapproved loan cannot be used for a Mercedes.

I guess when you fill up the credit app, make sure you tell them to run you ONLY for the manufacturer's financing division (i.e. Honda Financial Services, BMW Financial Services, etc) first. If you are not approved, then tell them to inquire with other banks. Then again, the car dealership might not listen, or their systems are designed to do a blanket application with many banks at the same time to increase efficiency.

What happened to me was that I qualified for the manufacturer's financing, which gave me a 0.9% APR. The dealership however did a blanket app for me and also inquired with Chase, Bank of America & Citi, and got approved for all. However, I only need 1 auto loan, rather than 4. So basically I got screwed over with 5 inquiries out of the blue for 1 auto loan (1 by dealership, 1 by bmw, 1 by chase, etc....). Worst part of it all was that my dealership made no mention of this. When I found out and called them back, even the finance manager didn't know I got hit with 5 inquiries.

FICO says that rate shopping for mortage/auto loan should be counted as 1, but I guess that is just for scoring purposes. American Express got spooked by the number of inquiries and declined me

I got an auto loan to increase my score. I can't say whether it will increase my score overall as time goes by, but right now it is screwing me over hard.

[09Lexie]

@zeusta

Shaking my head! What happened to the Garden?!

By the way... Congrats

[zeusta20]

---

@enharu wrote:

do you know what car you are getting?

the best way to do it is to get a preapproved loan before you buy the car itself (based on what people on this forums recommend).

The best APR rates are usually given by the car manufacturers themselves but they are also the hardest to get usually. It is also kinda illogical to apply for a pre-approval for an auto loan from that car manufacturer before you decide which car you are buying. Because for example a Chase pre-approved loan can be used to shop for any car with a similar pricetag, whereas a BMW Financial services preapproved loan cannot be used for a Mercedes.

I guess when you fill up the credit app, make sure you tell them to run you ONLY for the manufacturer's financing division (i.e. Honda Financial Services, BMW Financial Services, etc) first. If you are not approved, then tell them to inquire with other banks. Then again, the car dealership might not listen, or their systems are designed to do a blanket application with many banks at the same time to increase efficiency.

What happened to me was that I qualified for the manufacturer's financing, which gave me a 0.9% APR. The dealership however did a blanket app for me and also inquired with Chase, Bank of America & Citi, and got approved for all. However, I only need 1 auto loan, rather than 4. So basically I got screwed over with 5 inquiries out of the blue for 1 auto loan (1 by dealership, 1 by bmw, 1 by chase, etc....). Worst part of it all was that my dealership made no mention of this. When I found out and called them back, even the finance manager didn't know I got hit with 5 inquiries.

FICO says that rate shopping for mortage/auto loan should be counted as 1, but I guess that is just for scoring purposes. American Express got spooked by the number of inquiries and declined me

I got an auto loan to increase my score. I can't say whether it will increase my score overall as time goes by, but right now it is screwing me over hard.

---

I'm looking at getting either a 2012 kia optima, or a 2011 Hyundai Sonata....Most likely the Sonata since i heard that they are really good when it comes to gas. It was probably a dumb decision to get the CC's first, but I just couldn't help it...I didn't wanna wait for a couple years for me to pay down the auto loan before they approved me. I wanted to get started early on my AAoA. That way I don't have to app for anything else in the future. Plus, the CC's got my UTL down. Now I'm at 17% UTL. I'm just hoping that when I do get the car, that these CC's don't screw me over since they're new accts.

[09Lexie]

@enharu

Adding a new auto loan will help in the long run but the first few months you will take a hit. FICO does count multiple inq's for rate shopping as 1 (if done in a 14day period) and any lender can see that on manual review. If that was the reason Amex denied you- you might want to ask for a manual review noting the inq's

[zeusta20]

---

@09Lexie wrote:
@zeusta

Shaking my head! What happened to the Garden?!

By the way... Congrats

---

OKAY...SO...what had happened was....lol.

Oh no...you got it all wrong...when I posted that I had gotten approved for the freedom, I had ALREADY found out about the decline for the BCE. I just didn't wanna post anything until today after I talked to them. I wanted to call to see if they'd approve it. Since they didn't, NOW I decided to post the final results...lol. 

[09Lexie]

Ok...so off to the Garden?

[myjourney]

---

@09Lexie wrote:
Ok...so off to the Garden?

---

mailman made me do it 09Lexie lmao