App vs. theory

[bryenz]

I thought I'd actually submit the formal application for Marv to look at...

 

Your Age? 37

 

Your Equifax Credit Score? 659 FICO (from myfico.com)

Your Experian Credit Score? 677 FAKO (USAA-CCMP)

Your TransUnion Credit Score? 677 FAKO (USAA-CCMP)

 

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? 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? 14

Total percentage utilized overall? 45%

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) 6

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 2

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 1.5yrs

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

Your Monthly Rent or Mortgage payment? 2300

How long have you held your current job? 2 yrs

Your total provable monthly gross income is? 13333 + 5200 bonus

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

Is there additional monthly income? What amount monthly? 1175

Describe the source. Rental income to offset mortgage on rental property.

Is the additional monthly income provable? Yes

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.) 1000

Does any credit repository contain any Public Record? yes

If yes, please very briefly describe. BK7 discharged 11-2004

 

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

If yes, please very briefly describe. two which are included in bankruptcy from 11-2004

 

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) 10 [student loans only]

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 8

 

New or Used vehicle you are considering: Please very briefly describe. 2011 Chevy Traverse/Buick Enclave

 

Factors on myfico.com: high utilization, inquiries, AAOA only three years, BK from 2004. (in that order)

[MarvBear]

First thing I'd ask, If you make all that much money a month, why so little for downpayment? That amount surely won't even cover the sales tax if you live in a state that charges tax on automotive purchases.

[bryenz]

Marv -

 

I could, but I'd rather use extra cash to pay down the revolving debt that's at a higher rate. I think it's a better use unless any auto approval would be 12%+.

[MarvBear]

Is there previous comparable credit to what you seek on file? (not counting student loans).

[bryenz]

Is there previous comparable credit to what you seek on file? (not counting student loans).

 

That's probably the issue. Aside from SL there is not.

[MarvBear]

Would consider an 80% Loan with POI upfront.

[bryenz]

Would consider an 80% Loan with POI upfront.

 

POI is not an issue. Would rather not do 20% down though - is this requirement score-driven or more related to lack of installment loan history, in your view?

[MarvBear]

It's a risk management issue. Usually what a credit union will do, when there is no previous auto/installment credit on file.

[bryenz]

Spent yesterday and today working with the Chevy store and drove away this evening in a new 2011 Traverse. Americredit did the loan with 5% down. The rate is nothing special (but certainly nowhere near their highest) but the deal is done and the payments are manageable.

 

There's no prepayment penalties at all. So, some extra principal payments every so often will make the rate less annoying, and my scores should continue to increase so maybe with good history I can refi in a little bit.

[MarvBear]

CONGRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRATS.