Capital One Blank Check

[CindyLou]

applied online and was approved for $40k at 10%.. now gotta find a place that does not look at your credit to issue a quote for insurance.

State Farm does not check credit, at least not in california. but go in to an agent. Do not apply online.

[theurge]

I just got approved!

It's been awhile since I've been on here, but I thought I'd sign back on to let everyone know that I was approved thru Capital One today. My explorer (exploder) suddently got a really bad coolant leak from the back of the engine this past weekend that would be expensive to fix. I decided it's no longer worth putting any more money into it being it has 145,000 miles on the clock. So I came back on here to BK forums for some advice and found this thread...

Went on to Capital One to give the blank check loan a try and sure enough it worked! I got approved for 25k @ 11.95% - 60 months*(which I only plan on using about 10-11k - I'm trying to keep those good spending habits ). They are overnighing the check, so I can get on the ball and get a new car tomorrow. Gotta have something reliable to drive to work ya know...

I do have a credit card with Capital One, so that might have helped to move my approval through, but who knows...

[1bigmistake]

Ok can someone help me with my odds here, I applied for a capital one credit card offer that was sent to me and got it at $500 limit, they soon sent me just after i activated the card one for $1000 and the guy said I couldnt get anymore credit with them for the 1st 90days or something. I have paid them off in full ever month for the past 2 months, and never been late! How does it look for me getting a blank check auto loan?

[1bigmistake]

What am I doing wrong I pay everything ontime or early since my BK and capital one says that they can not give me any credit right now, i have a credit card with them and I pay it off every month, what do i do now, this is hopeless!!!!!

[CindyLou]

Did you ask them for the reason? They will tell you if you ask or at least tell you in a letter. Maybe it has to do with your debt to income ratio. If your payments that are listed on your credit report are a large portion of your income then this could affect it. Also, repos can affect it,

[SinkingFast]

As Cindy suggest, repos can affect your ability to get a car loan.

Various industries take the FICO and weight it with their own standards using their own forumlas.

Mortgage Lenders weight toward previous home ownership. If you've owned a house(s) before. Did you pay as agreed. Was the note(s) paid in full or did you have a house go to Foreclosure.

Car Lenders do the same thing. Weight according to previous auto loan behavior. Did you always pay as agreed. Was the car(s) paid in full or repo'd.

[1bigmistake]

I dont have any repos Im paying my car note insurance and everything ontime, they said they wuold send a letter next week, so I hope thats what happens Im just so confused Im doing everything the correct way, Ive had a loan with this company for about a year and a half and have NEVER missed a payment, the dealership today says they dont think they are reporting my info to the bureaus, after all my interest rate is 23%, and the car is only worth 10k, im paying almost 30k for it....

[CindyLou]

did you get the car before or after you filed?

[1bigmistake]

After, Im just afraid that it will break and I want to get rid of it, but no one will give me financing now....

[NOMOREBADCREDIT]

As Cindy suggest, repos can affect your ability to get a car loan.

Various industries take the FICO and weight it with their own standards using their own forumlas.

Mortgage Lenders weight toward previous home ownership. If you've owned a house(s) before. Did you pay as agreed. Was the note(s) paid in full or did you have a house go to Foreclosure.

Car Lenders do the same thing. Weight according to previous auto loan behavior. Did you always pay as agreed. Was the car(s) paid in full or repo'd.

a repo can hurt chances of getting a blank check loan even if the repo discharge?

[geek4Life]

Blank check before or after discharge?

My wife and I recently had our 341 meeting and are now awaiting discharge.

At what point did many of you apply for the blank check with Capital One? Did you wait until discharge, or were you in a situation where you needed to get a vehicle while waiting for discharge?

[AngelinaCatHub]

Hey '1bigmistake': At this time, why not salt away an equivelent of a car payment. You said you were "afraid it might break". If it hasn't you are rideing free. When it does, one car payment could probably fix it. We purchased at auction a used police car, I put about 200 bucks into it. It only had 113k on it but lots of idle time. We have driven it 50k so far without a problem. If I EVER get out of this, cash only for me. Only my opinion. 'Hub

[dragonnfly]

geek4life - you might want to try and start your own thread. This one is over a year old. You might get more responses. Dragonnfly

[Stilltheone]

My wife and I recently had our 341 meeting and are now awaiting discharge.

At what point did many of you apply for the blank check with Capital One? Did you wait until discharge, or were you in a situation where you needed to get a vehicle while waiting for discharge?

From what I've been told, you need to wait until discharge to apply for anything.

[HopeFaith]

They declined me... but gave me a CC with a $2500 limit. Don't get it!