Credit App for Marv

[crleslie]

Your Age: 25

How long have your been on file with the CRA’s? 7 years

 

Credit Scores:

Equifax? 552

Experian? unknown

TransUnion? unknown

 

Your Credit:

Rate your OVER ALL credit from 1-10 (10=BEST)4

Rate your installment Credit from 1-10: 5

Rate your revolving Credit from 1-10: 4

 

Public Records? no

If yes, please describe:

 

Auto Loans:

Do you have an open auto loan? yes

How many auto loans are presently open? 1

Are you trading in your open auto loan? no

Are there late pays on your CURRENT auto loan? yes

If yes, please list the time frame.

The number of 30 days late in the previous 12 months 1

The number of 30 days late in the previous 13 to 24 months 2

The number of 60 days late in the previous 12 months 0

The number of 60 days late in the previous 13 to 24 months 0

Current open auto loan is financed with? credit union

Current open auto loan payment? 200/mo

Estimated amount you may be upside down in this vehicle? 0

Rate this open auto loan from 1-10. 6

 

Credit Cards:

Total number of revolving accounts: 7

Percent utilization overall: 100

 

Your Info:

Total Provable MONTHLY GROSS income: $3670 self + $2600 husband

Provable via computerized paystubs or what method: computerized paystubs available for self, paystubs for husband

 

Your Downpayment in CASH: $500

Rebates not considered; Trade Equity not considered; cash only.

Please use a monetary value. Don't use the typical comments such as "little as possible" etc. I only hear that 4000 times a day. Cut to the chase please.

 

New or Used Vehicle: used

Please describe desired vehicle: 1997 Ford Mustang, $10,995

 

Please leave any comments that your feel may be pertinent and may lend added weight for a favorable outcome

My sister, who has much higher credit scores than I do, is offering to co-sign for me if needed.

Edited July 27, 2005 by crleslie

[Mayor]

A 1997 is going to be very difficult to find someone who is willing to finance such a OLD car... Think about that it's 8 years old.

Edited July 27, 2005 by Mayor

[crleslie]

I had never thought about that. I've been taking the angle that the cheaper the car the more likely I am to get financed. Makes sense now though, that a bank might not finance a car that's old with the possibility that it might not be around in a few years, thus my likelyhood of paying is diminished. Is that the logic? I would be more than happy to look for a newer car - but what price range should I be looking in for my income/credit?

[Mayor]

You should be able to find a newer mustang for that same price... Even if you can't there's plenty of newer cars that around that price.

[Marty716]

I had never thought about that. I've been taking the angle that the cheaper the car the more likely I am to get financed. Makes sense now though, that a bank might not finance a car that's old with the possibility that it might not be around in a few years, thus my likelyhood of paying is diminished. Is that the logic? I would be more than happy to look for a newer car - but what price range should I be looking in for my income/credit?

<{POST_SNAPBACK}>

You might have better luck with a credit union for a car that old.

[Mayor]

I had never thought about that. I've been taking the angle that the cheaper the car the more likely I am to get financed. Makes sense now though, that a bank might not finance a car that's old with the possibility that it might not be around in a few years, thus my likelyhood of paying is diminished. Is that the logic? I would be more than happy to look for a newer car - but what price range should I be looking in for my income/credit?

<{POST_SNAPBACK}>

You might have better luck with a credit union for a car that old.

<{POST_SNAPBACK}>

Even with a CU -- Most probably won't finance that.

[MarvBear]

That old of a car is actually 10 model years old by now.

 

Would require manual approval, and and IMO unless the credit is sterling would not be approved.