Help Marv!

[Male Nurse]

I have a 3 year old REPO on my credit report - I have a lot of good new credit though. I'm wanting to know if a repo will bar me from getting a new vehicle??? The balance left on it is $ 4,995 and the loan started out around 20k

 

Do I have to settle this or wait till it falls off? I'm thinking of car shopping at the end of the year...

 

My Fico's are in the 630-650 range on all three... TransUnion has more baddies than the other two. Equifax and Exp have one bad account each. The Repo only shows on TU and EX. EQ's baddie is a bank charging OD fees from 3 years ago... That's when I lost my job and everything went bad.

 

Now Im a Registered Nurse and I just started working in June (graduated in May). It SHOULD be considered a VERY secure job by financiers... but with the credit market in the shape it's in I figure I don't stand a chance..

 

please help!

[hurricanesfans27]

generally you had to wait at least 6 months after a repo .. me thinks youve waited long enough.

[MarvBear]

IMO approvable.

[Male Nurse]

Thanks you two - approvable through dealership financing? I KNOW I can't go through Ford (that's who has the repo)... should I do online financing? Do I have to do badcredit financing? Should I try dealership financing? Would I need a co-signer? How much down?

 

Sorry for all of the questions, just trying to get prepared.

[MarvBear]

How about trying to post the pinned credit application within this thread so we can review for you.

[Male Nurse]

Credit Application:

 

Your Age? 28

 

Your Equifax Credit Score? 652

Your Experian Credit Score? 564 - Murdered by the REPO reporting as currently late... I hate EXP.

Your TransUnion Credit Score? 621

 

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

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

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

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? Yes - but not reporting to the bureaus. Can use them as a reference.

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

How many late pays within the last 12 months on the currently open loan? 0 - It's only going to be 1 yr old at the time I'm looking to get a new car.

How many late pays within the last 13-24 months on the currently open loan? 0

Your current open auto loan is financed with? Car-Mart In House Financing

Your current open auto loan payment is? $ 258

Estimated amount you may be upside down in this vehicle? 0 - 2004 Pontiac Sunfire w/ only 40k miles - owe $ 4,900.00 (had a decent downpayment).

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

 

 

YOUR REVOLVING CREDIT HISTORY

 

Total number of revolving account(s) you have? 9

Total percentage utilized overall?

How many of your revolving accounts are store cards? 6

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 3

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 1 if Orchard is one... if not then 0

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 3 Years

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

Your Monthly Rent or Mortgage payment? 650

How long have you held your current job? 6 months when I'm going to apply

Your total provable monthly gross income is? $ 3,870.00

Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements): Check Stub/Direct Deposit Slip

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.) Somewhere ~ $ 2,000.00

Does any credit repository contain any Public Record? No

If yes, please very briefly describe.

 

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

If yes, please very briefly describe.

* TransUnion - 5 - One from Cox saying I never turned in a cable box (still fighting it - 3 yrs. old), One from a small company for some service they provided (3 yrs old - fighting it), and one from AFNI for cingular (3 yrs old. fighting it). Repo from Ford 3 yrs ago... $ 4,499.00 left on a $ 20k loan... and a bank saying I owe $1k in OD fees.. stupid. 3yrs old as well and fighting it.

* Experian - 1 - Same Ford account as above.

* Equifax - 1 - Same Bank account as above.

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 6

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 3 (That Repo... but I have student loans that are showing as good???)

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

 

New or Used vehicle you are considering: Please very briefly describe. Would like a new vehicle... I'm thinking about a 16k loan or maybe up to 20k... 2008 Pontiac G5?

[MarvBear]

approved.

[Male Nurse]

Thaks Marv. Would that be with bad credit financing or through a bank???

[MarvBear]

It would be an approval.