Jump to content




Welcome to CreditBoards!


Sign In 

Create Account
Welcome to CreditBoards! Like most online communities, you must register to post in our community, but don't worry - this is a simple process requiring minimal information for you to sign up. Be a part of CreditBoards by signing in or creating an account.
  • Start new topics and reply to others
  • Subscribe to topics to get email updates
  • Get your own profile page and make new friends
  • Send personal messages to other members.
 
Guest Message by DevFuse

Read These Items!

  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.

Photo

App for Marv


  • Please log in to reply
15 replies to this topic

#1 enm123

enm123
  • Newbies
  • 2 posts

Posted 29 January 2012 - 02:28 PM

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



#2 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,771 posts

Posted 29 January 2012 - 02:31 PM

Welcome to CreditBoards! We hope that you find what you're looking for here.

Some helpful tips:

  • Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free
    to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.
  • If you haven't yet, take a peek at out Newbies Section.
    Everything that you need to know is in that forum, for the most part! It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  • If you find that someone is discourteous to you, use the REPORT button at the bottom of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS.
  • Off -topic posts should go in the General Forum.

Again, welcome to the CreditBoards family!

CB Admin: LKH, Pam, radi8, breeze
CB Mods: CargoJon, Chris in OK, cotterpin, CramItCCCAs, Fallon, MarvBear, CtSoxFan, pryan67, psp, Stryker, TrevorHere
Forum Leads: brazen, Brian B The Loan Professor, cedski, DallasLoanGuy, hoapres, ICANHASMUNY?, Lighthouse84, Linx04, Neen, TeeSharice


Come get your new keys!

HAPPY Posted Image MOTORING

#3 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,771 posts

Posted 29 January 2012 - 03:23 PM

Your Age?

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

#4 enm123

enm123
  • Newbies
  • 2 posts

Posted 31 January 2012 - 11:57 PM

Your Age?

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


D'Oh!

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

Thanks Marv!

#5 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,771 posts

Posted 01 February 2012 - 08:02 PM

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

#6 enm123

enm123
  • Newbies
  • 2 posts

Posted 02 February 2012 - 01:50 AM

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!

#7 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,771 posts

Posted 02 February 2012 - 08:25 PM

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.

#8 enm123

enm123
  • Newbies
  • 2 posts

Posted 03 February 2012 - 02:56 PM

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!

#9 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,771 posts

Posted 03 February 2012 - 09:00 PM

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.

#10 enm123

enm123
  • Newbies
  • 2 posts

Posted 11 February 2012 - 02:37 PM

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

#11 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,771 posts

Posted 11 February 2012 - 04:57 PM

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.

#12 road2freedom

road2freedom

    Bump Influence XXXII

  • Members
  • 5,926 posts

Posted 12 February 2012 - 12:18 AM

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.

#13 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,771 posts

Posted 12 February 2012 - 10:54 AM

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.

#14 road2freedom

road2freedom

    Bump Influence XXXII

  • Members
  • 5,926 posts

Posted 12 February 2012 - 12:36 PM

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)?

#15 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,771 posts

Posted 12 February 2012 - 04:47 PM

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

#16 road2freedom

road2freedom

    Bump Influence XXXII

  • Members
  • 5,926 posts

Posted 12 February 2012 - 05:24 PM

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




0 user(s) are browsing this forum

0 members, 0 guests, 0 anonymous users



© Copyright 2003 - 2013 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.