Credit ap for Marv

[pittwriter2]

Hi Marv, this one is a little different than the one I submitted last month. I found some additional info to add to make it more complete. I am going to try and buy the car now instead of in June. Hopefully my debt to income and big down payment (equity + cash) will carry the day!

 

Credit Application:

 

Your Age? 40

 

Your Equifax Credit Score? 598

Your Experian Credit Score? 587 (has errors, I have sent disputes to EXP)

Your TransUnion Credit Score? 602

 

How many years have you been on file with Equifax? 22 years

How many years have you been on file with Experian? 22 years

How many years have you been on file with TransUnion? 22 years

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? Yes

Will this open auto loan be a trade-in? Yes

How many late pays within the last 12 months on the currently open loan? 3 (all 30 days)

How many late pays within the last 13-24 months on the currently open loan? (2 60 days 8 30 days, including the ones listed above)

Your current open auto loan is financed with? Citizen's Bank

Your current open auto loan payment is? 343.28

Estimated amount you may be upside down in this vehicle? $7500 in equity

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) I don't know. It was paid perfectly until my credit debacle in 2005-2006. I had two consecutive 60 days late Sept-Oct. 2005, and some scattered 30 days since then. It has been current since October 2006 and I am paying extra towards the principal every month. I am sure you are used to hearing sob stories, LOL... my GF said she paid it off, she never did and that is why they were late. I had the bank looking for my payment and they could not find it... she said she lost the receipt. She screwed up my CCs too.

 

 

YOUR REVOLVING CREDIT HISTORY

 

Total number of revolving account(s) you have? One active, Jared Jewelers $4,000 limit $0 balance, never late. All others are closed or charged off but with 0 balances, and I have not applied for new cards yet. I am living with cash and raising my score a bit before I apply for new ones.

 

Total percentage utilized overall? 0

 

How many of your revolving accounts are store cards? 1

 

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 0

 

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 14 years 8 month

 

Do you Rent or have a Mortgage, or Live w/Relative or Other? Other. Live free

at place owned by my family

 

Your Monthly Rent or Mortgage payment? 0

 

How long have you held your current job? 8 months

 

Your total provable monthly gross income is? $8,500

 

Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) computerized pay stub

 

Is there additional monthly income? What amount monthly? No

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $3,000

 

Does any credit repository contain any Public Record? No

 

 

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

 

If yes, please very briefly describe. Varies by bureau. I have one reporting as paid in full on TU, none on

 

Equifax. One on Experian. Everything is paid...

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) I have no debt other than my car payment, but some bad history over the past two years. Three charge-off revolving accounts,

all either paid in full or settled. Given my debt to income ratio, I would rate myself at a 7 despite my payment history.

 

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 3 I was good until last year when my cards were charged off. I have a couple of closed accounts paid in full never late.

 

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) I was good until last year when my cards were charged off. I have a couple of closed accounts paid in full never late.

 

New or Used vehicle you are considering: Please very briefly describe.

 

There are two I am considering: One is a brand new (leftover from last year) 2006 Honda S2000, MSRP $34,000 I would finance around $18,000. The other is a brand new 2007 Honda S2000 MSRP $35,000. If I get a new 2007 I would be financing around $21,000.

 

Would I be approved, and does it matter which one I try to buy? (i.e. approved for the 2006 and not the 2007, etc.)

[MarvBear]

approved at 50% LTV.

[pittwriter2]

approved at 50% LTV.

 

What does at 50% LTV mean?

[MarvBear]

LTV=Loan To Value.

 

Is the rest not self explanatory?

[pittwriter2]

approved at 50% LTV.

 

What does at 50% LTV mean?

 

I just did a wikipedia and it said Loan to value. Are you saying I would be approved because I am near 50%, or I would need cash to get me to 50% in order to get approved? Also- am I better off telling them only to send the ap to Honda financial, so I only have one inquiry?

[MarvBear]

different lenders use different methods of calculating a VALUE for an automobile. Some of these differing methods are explained in the bank rate pinned topic by examining a portion of some of the lenders information I have made available.

 

Based on the information you have provided, I would project an approval if the amount of the loan 50% of the automobile's value based on the approving lenders value guidelines.

 

Of course that assumption is that you would not apply for a 100,000.00 valued vehicle.

 

Certain caveats would apply.