Marv here is my app

[ftwmcmillan]

This is as a joint app me and my wife

 

Your Age: 33/34

 

Your Equifax Credit Score: 676 / 640

Your Experian Credit Score: 656 / 653

Your TransUnion Credit Score: 640 / 648

 

How long have you been on file with the CRA's? 11 years / 10 years

 

Previous Automotive Credit History: yes/yes

Do you have an open auto loan? yes 2

Will this loan be a trade-in? Yes My car have about $8000 negative equity

Number of late pays within the last 12 months on the currently open loan? 0

Number of late pays within the last 13-24 months on the currently open loan? 0

Current open auto loan is financed with? chrysler

Current open auto loan payment is? $936.00 and $503

Estimated amount you may be upside down in this vehicle? 8k

Rate your payment history on this open auto loan from 1-10 (10=BEST): 10 never late

 

 

 

Revolving Credit History:

Total number of revolving accounts? 15(EQ), 13(EXP), 12(TU)...Her 7 (TU), 7 (EQ), 7 (EXP)

Total percent utilization overall? 65% for me/35% for me

 

Your Information:

How long at residence? 1.5 years/same

Rent/Homeowner/Live with relative? homeowner

Monthly Rent/Lease/Mortgage / $1500

Total Provable MONTHLY GROSS INCOME? $5100/$5700

Via computerized paystub or what method? Paystub/same

 

Your Downpayment in CASH: not sure

 

Does any credit repository contain any Public Record? No/No

 

Does any credit repository contain any Collection Account(s): no

Vehicles wanted: 2007 gmc denali

 

Your creditworthiness on a scale of 1-10 with 10 being the best:

OVERALL credit: 8 pay everything on time but high debt to income ratio.

Installment Credit History: yes student loans that are now paid off

Revolving Credit History: 10

 

I have most things in my name which makes my debt to income ratio bad. My wife only has a few cards and we have the house in both of are names. But both cars are in my name solely. What do you think Marv. I've always been able to get loans but they are always like 12%, should I expect better?

thanks for any help.

[MarvBear]

Why so upside down?

[ftwmcmillan]

I have a 04 navigator that I paid around $50000 for I still owe $38000 on it. The reason I want to get rid of it is lincoln is changing the body style this year so that will really depreciate the vehicle.

[MarvBear]

I don't think a body style change will depreciate the vehicle, but thats just my opinion.

 

If you think you need to get rid of it, because you anticipate a severe reduction in value because of the body change, then you certainly picked the right vehicle to get yourself approved again for.

[rxis]

my fiance just bought a 07 Denali w nav for 47k with gm friends and family deal. She is fresh out of college with a 720 or was it 740 credit score. Never had a mortgage but has had about a 30k car loan that my dad signed on with her. Now we have about 40k financed at 5.8% int without a cosigner. She has 5 years of credit history. Its a sweet ride. I love it more than my fiance Too bad I couldn't benefit much from her use of credit since I helped it.

[rxis]

my fiance just bought a 07 Denali w nav for 47k with gm friends and family deal. She is fresh out of college with a 720 or was it 740 credit score. Never had a mortgage but has had about a 30k car loan that my dad signed on with her. Now we have about 40k financed at 5.8% int without a cosigner. She has 5 years of credit history. Its a sweet ride. I love it more than my fiance Too bad I couldn't benefit much from her use of credit since I helped it.