I Got Declined For A Capital One Auto Finance Loan

Anonymous · ‎10-23-2007

My scores are 659, 648, 642. (well, they were before this).

They sent me a letter saying I was pre-approved, or something.

I thought they were easy to get a loan with.

I asked for $20,000 over 48 months.

Now I don't know what to do if my car breaks down. I have to plan for a wedding (I'm getting married in 18 months).

I don't know why I was declined. My scores aren't horrible. I make over $55,000 a year. My payments on my Cap One card have always been on time.

What do I do now?

Anonymous · ‎10-23-2007

Now I just tried E-Loan. Same thing.

If I went to a dealer, do you think I'd have a better shot?

Or is the fact that Cap One and E-Loan declined me pretty much a good indication I'm not getting a loan from anyone.

Anonymous · ‎10-23-2007

There has to be something else here...

Call Capone up and ask for the reason...ask for Recon.

silly34 · ‎10-23-2007

Take a look at this:
http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=1231&view=by_date_ascending&page=1

Anonymous · ‎10-23-2007

You might want to try Roadloans....If you have and HSBC card you might try them....

Anonymous · ‎10-23-2007

Typist, eLoan declined me and I ended up getting two offers after that. One from my credit union and the other the dealer got me and the rate was bascially the same. Perhaps you should go to the dealer for financing since they have access to more resources.

silly34 · ‎10-23-2007

Seriously should try and find out why declined.

Anonymous · ‎10-23-2007

I applied online with Citifinancial. They called me back about 2 hours later and said I was approved for $20,000.

The rate is horrible, 13%.

So I plan on going to a dealership, seeing what they can offer me. Then if it's not better than that, I'll just whip out the Citifinancial check and pay that way.

I figure I can always refinance in a year.

A year from now I'll have a judgement come off my record. All the cards I applied for in February will be over a year old, and my credit cards will be paid off in full.

I should be in the 700s by then.

So I think that's my plan.

sound good?

Anonymous · ‎10-23-2007

My guess is you were declined because of the judgement in your CR. It's sounds stupid and unfair because aren't PSYCHO...er FICO scores suppose to outweight these blemishes?? Hence, if your score are aboves 620 personally I think they (CapitalOne Auto) should have approved you. Are you listening, CitiBank???

Message Edited by korgsman on 10-23-2007 02:03 PM