Turned Down by Capital One Auto Finance. Can't

[sarai56]

figure out why.? I was turned down by Capital One Auto Finance and can't seem to figure out why. We've had 2 auto loans thru them and paid on time everytime. We have one that is current, the other was traded in. We also have a credit card that we pay on time. Our credit scores are around 620, which I know is not the best, but it is better than last October when they were around 580 and they financed us then?!? The only thing I can think of is that we had an issue at my bank where the bank placed a stop payment on my car note by mistake, which meant my payment was like 15 days past due. Totally not my fault as I paid the darn thing 4 times during this month and only one went thru the bank after repeated calls to both capital one and the bank. I think this may have something to do with it because when I applied my payment was showing past due, even though I paid it. Anyone think of a reason for the denial. Or know how I should handle? I've called and all they'll say is they've sent a letter.More info...I originally have the payment drafted from my account on the due date (5th of the Month). The bank put the stop payment on it and the money was returned to my account on the 7th. I called Capital One and the Bank and made another payment (through the internet) I also told the bank to remove the stop payment. Capital One is saying that this was also returned for stop payment but the bank says that it never went thru a second time. I kept calling Capital One and they kept showing it current and said that it could take 10 - 12 days to clear my account so I waited and then that one came back as a stop payment. I just made the 4th payment online yesterday and it finally came out of my bank account today! It's not reporting to the credit bureau yet as it is only 15 days past due and they told me that it had to be 30 before it would report. Also, we make 75,000 annually, which is about 10,000 more than we made when they financed us last time.

[eastmain700]

subprime lending fallout

[blackdragon]

Maybe you should recheck all three credit bureaus. Possibly this stop payment affair has lowered your credit rating at one or more of the bureaus. You will need to correct it with the credit bureau.

[happner]

♥ The letter will tell you why you were denied credit through them. I know what you mean though. I have a loan through Citi Financial and have paid on time every time and I've always paid over the minimum balance. A few months back I talked to them about getting an extra $1000 and they said they couldnt do it without a co-signer. I was like why not? you financed me before when I had the exact same credit [[very sucky]] excpet now I make $14.00 an hour instead of $7.50 an hour. Once you receive the letter it will state why you were denied and you can get a copy of your credit report for free. I'd suggest getting that credit report and making sure that your debt/available balance is good. Good Luck!

[ruca80]

thats is not good credit. you have the right to to find out why you were denied and to request a credit report from capital one. also, if there was a mistake by your bank and they admit it then you should have your bank give you a letter stating this, and send that letter along with your own personal letter of dispute to each credit reporting agency. experion, transunion and equifax. and give them time to investigate and respond. they'll contact captial one with the information to verify stuff. they will probably take that off your credit report if you do this. also if you already have a loan with them, they may decide that you dont make enough money to pay for another loan.

[Nikolas M]

I think with the current mortgage crisis and all the people who have already tapped into their home equity like an ATM, banks are tightening their standards for loans. You probably would have got this loan 2 or 3 years ago under the same circumstances.

[one voice]

Haven't you heard? Capital One is about to go under like most subprime lenders. They aren't doing any more home mortgage loans, and I am sure their other lending products are affected now as well. A 620 score isn't terrible, but it isn't good either. I'd focus on getting your score up and re-apply with another auto finance company- or a solid local bank would be your best bet. A 15-day late payment won't affect your credit, only after 30 days late. Hope that helps!

[Sooty Cat]

Well they have a great "monkey on your back" ad on TV...but the truth of the matter is Capital One is in big trouble. It's been all over the business reports this week while the DOW has been on it's wild, wild roller coaster ride. It's not personal, it's just business and it is filtering down to other areas and will for some time. It's an unknown and pretty scary scenario right now...for the seasoned financial experts and why the markets can't focus.

[james m]

In the first place,money is really tight at this time.People are losing their homes and cars.They do not have to tell you any specifics about why they turned down your loan.All they are required to tell you is" Due to your current credit history,we don't feel that we can grant you the loan at this time"or something to that effect.