Credit Application For Marv To Review

[KARMA2678]

Credit Application:

 

Your Age: 26

 

Your Equifax Credit Score:618

Your Experian Credit Score:680

Your TransUnion Credit Score:681

 

How long have you been on file with the CRA?s? only 14 months history - had a file longer but denied credit

 

Previous Automotive Credit History: none

Do you have an open auto loan? no

Will this loan be a trade-in? yes - car paid in full

Number of late pays within the last 12 months on the currently open loan? none

Number of late pays within the last 13-24 months on the currently open loan? none

Current open auto loan is financed with? n/a

Current open auto loan payment is? n/a

Estimated amount you may be upside down in this vehicle? n/a

Rate this open auto loan from 1-10 (10=BEST) n/a

 

Revolving Credit History:

Total number of revolving accounts?9

Total percent utilization overall? 20%

 

Your Information:

How long at residence? 8 years

Rent/Homeowner/Live with relative? own home

How long at current job? 6 years

Total Provable MONTHLY GROSS INCOME? 112K

Provable via computerized paystub or what method? paystubs/bank statement

 

Your Downpayment in CASH: OPEN 1K-2K

Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

 

Does any credit repository contain any Public Record? no

Is so, please describe.

 

Does any credit repository contain any Collection Account(s) Yes

If so, please describe. Equifax has a collection acct in the amount of $245. This CA is currently in dispute. Investigation should conclude before I would apply for auto loan and should be deleted as it does NOT belong to me. This CA really belongs to my brother that lived with us for a while and it ended up on my report due to the fact that his middle name is my first name. Well, this is the only explanation I can come up with. I have verified this acct. is not mine with the Original creditor so it should not be a factor, but since I cannot speak to the CA and am just learning how to fix this issue, I really don't know if it willl be on my EQ report or not. It only shows up on EQ all other reports are completely clean. This CA has a report date of 11/05.

 

New or Used Vehicle you are considering; please describe: I am not picky. Just want a dependable car with low miledge. My current vehicle is a 1996 Ford Taurus with 140K Miles. I am not even sure if I can trade it in. It does run, but it is in bad shape. I would probably need a loan for no more than 25K

 

Your creditworthiness on a scale of 1-10 with 10 being the best: 7 ( hard to say as my history is limited)

OVERALL credit: clean history on TU and EXP 7

Installment Credit History: 1 paid off IL and one open IL all current never late 14 months

Revolving Credit History: all current never late

 

Dear Marv: Sorry if I did not answer the questions sufficiently. If you have any questions please feel free to ask. I do not plan on applying for this auto loan until the CA is taken care of and deleted from my report. It is only 245, but it really does not belong to me so I don't think I should pay it. If EQ would complete a proper investigation it would removed easily. My main problem is that I only have 14 months of established credit history, but am able to put down a large down payment if required. However, I do have excellent job reference and I do own my own home in full without any mortgage payment. My wife and I actually own 2 homes in full w/o mortgage payment as well as a commercial piece of property ( prior car dealership). Property was inherited though so I have no credit references from it, but could show the deeds, if it would help.

 

Thank You! I know I don't have much to work with

[MarvBear]

How long have you been on file with the CRA?s? only 14 months history - had a file longer but denied credit

 

Please explain this statement before we continue.

[KARMA2678]

Oh. Sorry about that. I am a bit confused about the question. I only have 14 months of established credit history. My oldest TL is only 14 months old. I have applied for credit years ago and was denied due to not having any credit. My credit report actually has a section that says I have been on their file since 1998 which would have been when I first applied for credit. I hope that I am making since! Thanks for your help.

[MarvBear]

Total Provable MONTHLY GROSS INCOME? 112K

 

With that monthly income pay 1/2 down and buy your car credit.

[KARMA2678]

Oh goodness Marv... You must think I am completely nuts or really well off financially! Please forgive me for making these mistakes on my application. I know that you are very busy and do not have time to keep coming back to me. This is my first application and I work very late at night and must have been tired at the time I completed this.

 

I do not have a monthly income of 112K. I listed our household income by mistake. I am use to stating 112K on my recent credit card applications. My monthly provable income is 4,500 and my husbands would be 5,500. We both work in the medical field.

 

If it was necessary we could put down 5k. We are not opted out so we receive pre-approved offers from local dealerships almost everyday. We have checked and they have reviewed our credit history before sending this offer. That being said, I am not sure if this means we are really pre-approved or if dealerships send these out to everyone anyway. I have read that when you are auto shopping you usually end up with the dealer sending out your application to everyone under the sun. I would really like to know what our chances are before doing this. I would hate to end up with several inq. and no vehicle.

 

Thanks for your help and again I am sorry about the mistakes and confusion!

[rogerbaby2001]

The Great One Speaks

you got good beacon scoresand lots of trade lines even though you're technically at thin file. Your perfect credit union material with zero down and your job time and residence time and income you're a slamdunk Car deal.

credit unions are a have moved away from using one of the big three reporting agencies to do anything more than tier your interest-rate. What they have started using is a bankruptcy predictor and with 25% utilization on your revolvers which this bankruptcy predictor is very sensitive to you'll be fine. I've always been a big believer in having your money in your account instead ofsome car dealers account. When you open your account at the credit union what you're $5,000 into your share account as further proof that you don't need the loan and they will fall over themselves to loan you the money at low low rates. Most credit unions have gone to an open charter status sold you no longer have to belong to a select groupin order to join all you need to do is live within the right zip code for their membership. The dealer can help you determine which one best suit your needs and 99% of the time the dealer is not allowed to mark up the rate from a credit union

 

EL REY

and on his tombstone it will say "HE GOT PEOPLE DONE"

[KARMA2678]

Thank you for your help. You have given me some really great advice that I did not even think about. I am a member of Lockheed FCU, but I have not done much with the account. I have made frequent small deposits just to keep the account open, but I have only about $800 in the account. I am wondering if I should try with them after depositing more money into the account or should I open an account at a local CU. We have a few here locally that allow anyone who lives locally to join. Right now I bank with Bank Of America and I know that my credit is just not enough for approval with them.

 

I truly appreciate you taking the time to help me out. This is really not a case of just wanting a new car. We really do need a new car. My husband is the type to keep a car until you can not physically drive it anymore. My car is now at this point. My current vehicle was paid in full as I did not have the credit to finance it.

[rogerbaby2001]

Good Credit makes the world go round karma and I'm glad you know the importance of maintaining a good credit profile as well as the need for all peoploe to live within their ,means. Alot of people who go the credit union route after not being AN ACTIVE MEMBER OR EVEN A MEMBER AT ALL SOMETIMES THINK THAT THEY WOULD FEEL ACKWARD JUST JOINING A CREDIT UNION TO BORROW MONEY FROM THEM AND TO THIS i SAY ...THATS WHY THEY HAVE GONE TO SDO MUCH TROUBLE AND EXPENSE TO change their names and their charters is so that they can appeal to a broader base of people ...in other words they want to make those loans eespecially to credit worthy individuals like yourself. You can either put more money on deposit with your credit union or not ...obviously as a newer member with no trackable installment credit to go on it wouldn't hurt a bit to have it in there and the good news is they have some of the highest savings and cd rates around good luck and have fun!

 

El Rey

[MarvBear]

What is your personal income. I do not consider household income acceptable.

[KARMA2678]

My monthly income is 4,500

 

Thanks

[MarvBear]

You should be approved.