What do you think of this? I was approved for an auto loan with Cap One two month ago, I applied last week for their Credit Card and got denied. Does this sound odd?
Not really---their whole business model defies logic much of the time. Hope you didn't have to take three hits (1 each) to be turned down.
A secured loan is easier to get if your credit's not great than an unsecured loan or revolving line of credit (credit card). I got a 12% car loan from Chase a year ago. I was 1.5 years post Ch7 BK and had to put down $2500 to borrow $9500 on a 2000 Honda, but I was delighted to get a loan w/Chase. After I had made six payments, I applied for a Chase card and was turned down. Although my score then was above 700, the reason given was my BK.
Keep in mind, pre-approved, doesn't mean anything either... Pre-Approved just means that when they provided the CRAs with a list of criteria, at least one of the CRAs claimed that your credit file met that criteria, and gave them your header information. That's it... It is that which makes pre-screened offers based on actual credit file information fall into the Federal Trade Commission's definition of a CONSUMER CREDIT REPORT -- technically they can virtually reverse engineer your credit report if they set their criteria strict enough -- all without a permissible purpose; I need to snoop around the Federal Trade Commission site to dig that 80+ page pdf up again. Hmmmmm, approved, not pre-approved -- so used to their wastebox fillers... As was said, anything which has a security interest in something (which can be repossessed) is a lot easier to qualify. But the denial letter from them will give you ideas on what you need to take care of on your reports to get approved.
