Hi Marv - Application for your review

[Utica]

First of all, thanks for doing this. You rock!

 

 

 

 

Credit Application:

 

Your Age? 29

 

Your Equifax Credit Score? 622 FICO (2 months old)

Your Experian Credit Score? 580 FICO (2 months old)

Your TransUnion Credit Score? 744 FICO (Recent Score)

 

How many years have you been on file with Equifax? 10-11 years

How many years have you been on file with Experian? 10-11 years

How many years have you been on file with TransUnion? 10-11 years

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? NO

Will this open auto loan be a trade-in? N/A

How many late pays within the last 12 months on the currently open loan? N/A

How many late pays within the last 13-24 months on the currently open loan? N/A

Your current open auto loan is financed with? N/A

Your current open auto loan payment is? N/A

Estimated amount you may be upside down in this vehicle? N/A

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) N/A

 

 

YOUR REVOLVING CREDIT HISTORY

 

Total number of revolving account(s) you have? 13 (WITH 3 NEW ACCOUNTS NOT ON REPORT)

Total percentage utilized overall? 14% ($4900 BALANCE ON $35K TOTAL CREDIT)

How many of your revolving accounts are store cards? 2

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 11

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

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 5 YEARS

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

Your Monthly Rent or Mortgage payment? $1250

How long have you held your current job? 3 YEARS

Your total provable monthly gross income is? $8K-$10K

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

Is there additional monthly income? What amount monthly? NO

Describe the source.

Is the additional monthly income provable? N/A

Spousal income is not applicable. N/A

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) I CAN DOWN UP TO $4,000

Does any credit repository contain any Public Record? YES

If yes, please very briefly describe. JUDGEMENT ON MY EQ & EX FOR A DEFICIENCY BALANCE ON A REPO FOR $3.5K. I'M CURRENTLY MAKING MONTHLY PAYMENTS TO RESOLVE THIS.

 

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

If yes, please very briefly describe. YES. THE DEFIENCY BALANCE STATED ABOVE WITH THE OLD BANK AND 1 C/O FROM CAPONE FOR $1800.

 

THE C/O FROM CAPITOL ONE OCCURED IN 2001 AND WILL FALL OFF IN 9/2008.

 

THE REPO HAPPENED IN 2/2002.

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 7

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 3

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 9

 

New or Used vehicle you are considering: Please very briefly describe. USED, I'D LIKE TO PURCHASE A VEHCILE THAT'S ABOUT $15K IN PRICE BUT I DON'T WANT TO GET HOSED ON THE INTREST RATE. WHAT ARE MY CHANCES THAT I END UP WITH A LOAN FROM A BANK THAT ONLY LOOKS AT TRANSUNION REPORTS?

 

 

 

 

Marv, I was talking to one of my buddies brother who's a Finance Manager for a local Toyota Dealer. I asked him if he uses a bank that only looks at TU since my TU report is the best. He said what they do is they pull all 3 reports and submits the best report to the bank(s). Is that true, can he do that?

 

 

THANKS FOR YOUR TIME MARV!

[MarvBear]

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum. We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.Come get your new keys!HAPPY MOTORINGCB Admin: LKH, Pam, radi8, breezeCB Mods: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67, Forum Leads: TeeSharice, orangecrush, Four20Nik and Neen

[MarvBear]

I always pull all three reports. I prefer to use the most reflective credit report to rate the loan. That may not be the bureau with the highest score.

 

I then choose the lenders whom I believe will pull the most reflective credit report.

[Chris in OK]

From my experience, Toyota uses EX and as a backup or alternate, they use TU. I recently bought a car, and my TU score was significantly higher than my EQ (see sig). I got 5.85% on a used car, using my TU report.

Edited March 28, 2008 by Chris in CA

[Utica]

I always pull all three reports. I prefer to use the most reflective credit report to rate the loan. That may not be the bureau with the highest score.

 

I then choose the lenders whom I believe will pull the most reflective credit report.

 

Marv, can you please elaborate on "Reflective?".

 

Does the person pulling the report have the authority to submit any report they choose with the bank?

[MarvBear]

I always pull all three reports. I prefer to use the most reflective credit report to rate the loan. That may not be the bureau with the highest score.

 

I then choose the lenders whom I believe will pull the most reflective credit report.

 

Marv, can you please elaborate on "Reflective?".

 

Does the person pulling the report have the authority to submit any report they choose with the bank?

 

 

reflective = best credit report that reflects how well a consumer repays their debt. This is not necessarily the bureau with the highest score.

 

As I indicated I pull all three, I know which report most of my lenders will use as a default bureau. The actual creditor can pull any bureau they wish for decisioning. At my request, they sometimes will use the bureau I believe is most reflective for decisioning, instead of their normal default bureau.

[Utica]

I always pull all three reports. I prefer to use the most reflective credit report to rate the loan. That may not be the bureau with the highest score.

 

I then choose the lenders whom I believe will pull the most reflective credit report.

 

Marv, can you please elaborate on "Reflective?".

 

Does the person pulling the report have the authority to submit any report they choose with the bank?

 

 

reflective = best credit report that reflects how well a consumer repays their debt. This is not necessarily the bureau with the highest score.

 

As I indicated I pull all three, I know which report most of my lenders will use as a default bureau. The actual creditor can pull any bureau they wish for decisioning. At my request, they sometimes will use the bureau I believe is most reflective for decisioning, instead of their normal default bureau.

 

Cool, in my case I've got:

 

1. TU - No baddies all positive TL's

2. EX - 3 baddies 550 score or so

3. EQ - 3 baddies 622 score or so.

 

I think that in my situation the most reflective report would be my TU since my 2 other reports are so ugly. I know most people have all 3 reports kind of similiar but in my case it's 1 extreme to another.

 

Hey, you didn't say "Approved" or "Denied"

[MarvBear]

approved