for MarvBear - Auto Financing

[liquidlilac]

Your Age? 32

 

Your Equifax Credit Score? [not yet purchased]

Your Experian Credit Score? [not yet purchased]

Your TransUnion Credit Score? 662 (as of 12/28/2008)

Pfico: 664

CreditKarma: 701

 

How many years have you been on file with Equifax? 14

How many years have you been on file with Experian? 14

How many years have you been on file with TransUnion? 14

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? NO

Will this open auto loan be a trade-in? NO

How many late pays within the last 12 months on the currently open loan? NONE

How many late pays within the last 13-24 months on the currently open loan? NONE

Your current open auto loan is financed with?

Your current open auto loan payment is?

Estimated amount you may be upside down in this vehicle?

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

 

 

YOUR REVOLVING CREDIT HISTORY

 

Total number of revolving account(s) you have? 8

Total percentage utilized overall? 51%

How many of your revolving accounts are store cards? 3 (Sears, Macys, BestBuy - all with zero balance)

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 5

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) NONE

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 2 years

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

Your Monthly Rent or Mortgage payment? $950

How long have you held your current job? 2 years and 7 months

Your total provable monthly gross income is? ~$3,500-$4,000

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

Is there additional monthly income? What amount monthly? YES, $1,000

Describe the source. Spouse's income

Is the additional monthly income provable? YES but "Spousal income is not applicable."

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $1,000

Does any credit repository contain any Public Record? NO

If yes, please very briefly describe.

 

Does any credit repository contain any Collection Account(s)? NO

If yes, please very briefly describe.

 

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

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 9, my only lates are on my student loan. The bad part is, the one late is counted as three lates [the loans are separate as they have 3 origination dates from different semesters, but I only pay one loan.]

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 8, I carry a large balance but no lates.

 

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

2009 Subaru Forester X [the lowest one]. My work has a VIP Subaru Program pricing but I am worried that I may not qualify for a loan through Subaru. I want to apply at my Credit Union first before going through the dealership. I previously had a car loan with the Credit Union, paid off 3 years ago, no lates.

[MarvBear]

For the sake of argument, you can post whatever scores you feel most comfortable posting, or the scores to which you have access. I will interpret all posted scores in this forum as if they were an Auto Enhanced FICO Version.

 

so could you redo this portion for me?

 

Your Equifax Credit Score?

Your Experian Credit Score?

Your TransUnion Credit Score? 662

[liquidlilac]

Your Equifax Credit Score? 650

Your Experian Credit Score? 666 [last score that i had access to, 10 months ago]

Your TransUnion Credit Score? 662

[MarvBear]

When I'm entering data to get a customer approved I do not have the luxury of entering a range.

 

 

Your total provable monthly gross income is? ~$3,500-$4,000

 

Can you correct or restate the above quote?

[MarvBear]

ummmmmmmmmmmmm unless it's changed I think Chase backs Suburu financing.

[liquidlilac]

Your total provable monthly gross income is? $4,000 [just got a pay raise]

[MarvBear]

maybe

[liquidlilac]

thanks marv!

[liquidlilac]

Hi Marv,

I would like a second look. I went ahead and purchased my scores today from MyFico. It's not as low as I thought. I also might end up buying a Toyota Corolla instead if the Subaru Forester would be too expensive. My downpayment would still be $1000.

 

 

 

Your Age? 32

 

Your Equifax Credit Score? 715

Your Experian Credit Score? 709

Your TransUnion Credit Score? 662 (as of 12/28/2008)

 

 

How many years have you been on file with Equifax? 14

How many years have you been on file with Experian? 14

How many years have you been on file with TransUnion? 14

 

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? 8

Total percentage utilized overall? 51%

How many of your revolving accounts are store cards? 3 (all with zero balance)

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 5

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) NONE

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 2 years and 3 months

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

Your Monthly Rent or Mortgage payment? $950

How long have you held your current job? 2 years and 7 months

Your total provable monthly gross income is? $4,167 (I divided my annual salary to 12)

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

Is there additional monthly income? What amount monthly? NO

Describe the source. N/A

Is the additional monthly income provable? [N/A]

Spousal income is not applicable.

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $1,000

Does any credit repository contain any Public Record? NO

If yes, please very briefly describe. [N/A]

 

Does any credit repository contain any Collection Account(s)? NO

If yes, please very briefly describe. [N/A]

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 8

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 9 [My only lates are on my student loan. The bad part is, the one late is counted as three lates [the loans are separate as they have 3 origination dates from different semesters, but I only pay one loan.]

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7, [i carry a large balance but no lates. My high utilization is the one that's killing me, so I have to give myself a lower score on this.]

 

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

2009 Subaru Forester X or 2009 Toyota Corolla

 

Thanks a bunch!!!

[MarvBear]

maybe

[liquidlilac]

I applied online to my Credit Union [i've been with them for 15 years, and had one car loan in the past, paid and no lates.] and got approved for $22,000, 6.5% APR (will be reduced to 6.25% if using direct payment).

 

Thanks a bunch CreditBoards...off to get my new Subaru...hopefully I can get it lower than $22,000!!!

[YungAndNew]

Congrats! keeps us updated, which CU is this?

[YungAndNew]

Congrats! keeps us updated, which CU is this?

[liquidlilac]

^the CU is LBS Financial

 

I also applied online to Southland CU [work CU] but I have not heard from them.

[liquidlilac]

^I got approved with Southland CU as well...same terms pretty much...6.49% APR. [They have a deal that they can lower the APR to 5.49% but with 20% downpayment. If I had that much money to put down...all my cash goes to my CC debts!]

[MarvBear]

congrrrrrrrrrrrrrrrrrrrrrats.

[gamecockcountry]

Thanks a bunch CreditBoards...off to get my new Subaru...hopefully I can get it lower than $22,000!!!

 

Congrats. I have an 08 Subaru Legacy and love it. If they have something I like in 2010 when my lease is up I'll be getting another Subaru.

[liquidlilac]

i finally got my subaru forester '09 yesterday. the base model was the only one within my budget so i got it (same safety features, power door & locks but without the bells & whistle of the 2.5x premium. however, that would have been 2500-3000 more and i wanted to stay within budget (i could have been approved for that but i held my ground). the one i got (tax, license, fees included) was 22646. i went over about 646 from what i planned to buy but the good side is i got approve through Subaru and bought it with 4.9% apr, no down for 60 months. yes i'm very happy!

[MarvBear]

CONGRRRRRRRRRRRRRRRRRRRATS.

[wanabe]

Congrats, that is great.