App for Marv

[enm123]

Credit Application:

 

Your Age?

 

Your Equifax Credit Score? Fico unable to generate score - no credit history since bk in 2009

Your Experian Credit Score? Fico unable to generate score - no credit history since bk in 2009

Your TransUnion Credit Score? 593 from credit karma

 

How many years have you been on file with Equifax? 20+

How many years have you been on file with Experian? 20+

How many years have you been on file with TransUnion? 20

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? NO

Will this open auto loan be a trade-in?

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

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

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? 0

Total percentage utilized overall?

How many of your revolving accounts are store cards?

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

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

 

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? 1250

How long have you held your current job? 7-months

Your total provable monthly gross income is? 5,333.00

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

Is there additional monthly income? What amount monthly? $800

Describe the source. Self employment income from previous business.

Is the additional monthly income provable? Yes, via bank statements.

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?

.If yes, please very briefly describe. Yes. BK discharged in 2009.

 

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

If yes, please very briefly describe.

 

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

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

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

 

New or Used vehicle you are considering: Please very briefly describe. New Ford Focus $18,000

[MarvBear]

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[MarvBear]

Your Age?

???????????????

[enm123]

Your Age?

???????????????

 

D'Oh!

 

Chronicle age=47. Ability to fill out forms age = 4!

 

Thanks Marv!

[MarvBear]

No credit scores??????????????????????????

[enm123]

No credit scores??????????????????????????

 

I tried pulling my scores at MyFico but they didn't charge my card and gave me back an error. saying basically I did not have enough data to score. After my bk in 2009 I didn't being rebuilding - D'uh - so since then I've had no open lines of credit. The 593 I listed above is from Credit Karma.

 

Is there somewhere else I can go to get "real" scores?

 

When I saw that I did apply for a Cap1 card. On their soft-pull preapproval check they said I was preapproved for $1500 unsecured. Have not received confirmation yet.

 

the good news is I have zero debt!

 

Thanks again!

[MarvBear]

Very tough to call this one with no score. It would depend on the overall credit file content and the business acumen of a good F&I person.

[enm123]

Very tough to call this one with no score. It would depend on the overall credit file content and the business acumen of a good F&I person.

 

Any suggestions on how to proceed or questions to ask the F&I person before letting them do a pull?

Thanks!

[MarvBear]

The F&I person, is probably the last person you will/would be able to talk to.

 

I would pick out a reputable dealership, have all the requirements necessary for an approval. POI POR Copy of Phone Bill etc.

[enm123]

Hi Marv

Looks like Ford is going to get me approved through Cap1! The initial rate they quoted was 20% but the finance guy is working to get it down to 14% so they can get the payments closer to my budget.

 

So thanks for your help!

 

Quick question for you. The finance guy said that the dealer is going to have to pay Cap1 $600 to get this loan through. Is that for real or a story to bump up the price on the car?

 

I'll post again once it's finalized.

 

Thanks again!

 

Ed

[MarvBear]

Well I had to authorize a 1295.00 fee for Cap One to fund a deal the other day.

 

The very telling of that to you is in violation of TILA & Fed Reg Z.

 

But to answer your question, Capital One does charge to the dealer an acquisition fee based on their assessment of the credit risk involved in an particular extension of automotive credit.

[road2freedom]

Congrats OP! Hopefully you can refi to a better rate after some good payment history.

 

Marv - I learn something new every day. Where does that fee normally come into play in the numbers? And why is disclosing part of the transaction cost in violation of Reg Z? Just curious to know more.

[MarvBear]

Congrats OP! Hopefully you can refi to a better rate after some good payment history.

 

Marv - I learn something new every day. Where does that fee normally come into play in the numbers? And why is disclosing part of the transaction cost in violation of Reg Z? Just curious to know more.

 

 

The Feds consider it a finance charge and therefore it would alter the apr disclosed in the FED REG Z box. IT MAY NOT BE PASSED ON TO THE CONSUMER. Also likewise violates TILA. Vehicles should not be priced for credit quality.

[road2freedom]

Wow, that's very interesting. So the dealer just absorbs this fee in general? Or do they just adjust their "floor" accordingly and just don't claim that it's because of the fee (would seem to create the same situation that violates TILA in an indirect way, right)?

[MarvBear]

If there is enough room in the deal, then the dealer would absorb the fee.

[road2freedom]

Nice - so same result, just not in way to directly affect Reg Z.