Will I get approved?

[PROSA]

[i'm following the format other people have used]

 

Your Age: 48

How long have your been on file with the CRA’s? 25+ years

 

Credit Scores:

Equifax - 540

Experian - 642

TransUnion - 584

[Quite a range, I know]

 

Your Credit:

Rate your OVER ALL credit from 1-10 (10=BEST)7

Rate your installment Credit from 1-10:10

Rate your revolving Credit from 1-10:7

 

Public Records? None

 

Auto Loans: 1

Do you have an open auto loan? Yes

How many auto loans are presently open? 1

Are you trading in your open auto loan? Yes

Are there late pays on your CURRENT auto loan? Never

Current open auto loan is financed with? Capital One

Current open auto loan payment? $423/mo.

Estimated amount you may be upside down in this vehicle? Not upside down

Rate this open auto loan from 1-10. 10

 

Credit Cards: 2

Total number of revolving accounts: 2 open

Percent utilization overall: 75% - 80% [Can reduce by 10%-15% if needed]

 

Your Info:

Total Provable MONTHLY GROSS income: $7,000

Provable via computerized paystubs or what method: paystubs

 

Your Downpayment in CASH: 1,500.00

 

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: New

Please describe desired vehicle: Possibly a Subaru or Volkswagen, looking to

borrow around $20K

 

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

 

My main problem is a recent (August 2005) 120-day late on my stepdaughter's credit card, for which I had co-signed. I immediately brought the card current when I found out she hadn't been paying. I have four 30-day lates of my own, from the first half of 2005, due mainly to bad record-keeping. Nothing past 30 days.

Also have a $10K personal loan with Beneficial, c. $200/mo.

Paid off a mortgage in June 2005, it had never been late.

Leased a car from 2000 to 2003, never late. My current car loan is from exercising the purchase option.

Also have two parental (PLUS) loans for my stepdaughter's college tuition, one from fall 2003 and the other from fall 2004. They total about $20K, combined payments are c. $300/mo., never late.

Experian (but not the other two) lists me as an authorized user of two CC's in my mother's name. They have credit limits of $10K and $12K, balances of less than $1K on each, never late.

[MarvBear]

approved

[PROSA]

Thanks for the very prompt response!

 

I was looking at some of those bank rate sheets posted on this forum and note that some of them divide applications into credit tiers. Do you have any idea as to what tier I might be in, or are lender-to-lender variations too significant to made any such determination?

Also, would waiting a few months, establishing a pattern of timely payments on the 120-day late cosigned account, make any difference?

[MarvBear]

Tiers can be assigned simply by nothing more than a credit score

 

OR

 

assigned by a particular lender's internal scorecard.