15 replies to this topic

[Joker]

Credit Application:

Your Age? 24

Your Equifax Credit Score? 2/16/12 EQ: 656
Your Experian Credit Score? 1/28/12 EX: 649
Your TransUnion Credit Score?3/2/12 TU Myfico.com: 674

How many years have you been on file with Equifax? 4
How many years have you been on file with Experian? 4
How many years have you been on file with TransUnion?4

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? 2
Total percentage utilized overall?: 7%
How many of your revolving accounts are store cards? 0
How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 2
How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0

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? 350
How long have you held your current job? 4 years 8 months
Your total provable monthly gross income is?1600
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) computerized Check stubs
Is there additional monthly income? What amount monthly? No
Describe the source.
Is the additional monthly income provable?
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.

Paid Judgement from 2008 from Cap1 for $500.

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) 8
Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 9
Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7

New or Used vehicle you are considering: Used 2004 Golf. 100k miles for 6k.

Edited by Joker, 09 March 2012 - 06:28 AM.

[MarvBear]

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[Joker]

If I use my yearly tax return my monthly income is equal to 2000. I work a seasonal job and make a good 4 grand more but can only prove 1600 based on weekly checks until May. I'm a total newbie and don't know if that matters.

[MarvBear]

If you can reliably prove at least 2000.00 monthly gross income and have at least 1,000.00 down then I think it is very reasonable to assume you may be approved as long as the collateral is suitable.

The vehicle you described in the application would likely result in a decline, due to it's age and mileage.

[Joker]

Once again I'm a total idiot, if I tried to finace to alliant they would approve the amount but not for that vehicle?

[twizzle]

Once again I'm a total idiot, if I tried to finace to alliant they would approve the amount but not for that vehicle?

Don't know about the approval part, that's Marv's thing.

But I'd think you'd run into some issues w that vehicle.

We were in the market for a used SUV, and we recently bought and financed one thru a credit union. But one of the obstacles we ran into is most have a age/mileage limit they won't go over for financing. In our exp, it was unilaterally under 7 yrs old and 100k mi.

We bought in Jan, however, and the SUV we wanted had just flipped to 7 yrs old (it had really low mileage, though, and was being sold well under value, so that worked in our favor). So, it took a few days, but the underwriters approved it anyway.

Edited by twizzle, 10 March 2012 - 09:02 AM.

[MarvBear]

Once again I'm a total idiot, if I tried to finace to alliant they would approve the amount but not for that vehicle?

Read one of the credit union rate sheets I have posted in the Bank Rate sticky. It should give you an idea of how far back in years they normally go, and their mileage restrictions.

[Joker]

I did my reading this morning and saw that limit. The price was right for the kind of payment I wanted but I suppose I can aim for something newer that costs a little more if I have to. Appreciate the help.

[Joker]

I know it's a repeat but I'm seriously looking into doing this soon and want to have as much info ready as possible.

Credit Application:

Your Age? 24

Your Equifax Credit Score? 2/16/12 EQ: 656
Your Experian Credit Score? 1/28/12 EX: 649
Your TransUnion Credit Score?3/2/12 TU Myfico.com: 674

How many years have you been on file with Equifax? 4
How many years have you been on file with Experian? 4
How many years have you been on file with TransUnion?4

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? 2
Total percentage utilized overall?: 7%
How many of your revolving accounts are store cards? 0
How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 2
How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0

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? 350
How long have you held your current job? 4 years 8 months
Your total provable monthly gross income is?1700
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) W2 and checks if necessary.
Describe the source.
Is the additional monthly income provable?
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.) 600
Does any credit repository contain any Public Record? Yes
If yes, please very briefly describe.

Paid Judgement from 2008 from Cap1 for $500.

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) 8
Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 9
Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7

New or Used vehicle you are considering: Used 2009 Rabbit. 58k miles, asking price is 13k, I'm assuming I could get it down to 12 or 11 quite easily.

Edited by Joker, 12 March 2012 - 05:15 AM.

[MarvBear]

Based on this application, I would decline the loan due to NSF income.

[Joker]

Thanks again. Anything at all I could do to help my chances? I know we're not counting trade in value but I would have one that would increase my down payment to the 2k range also I got the exact number on my monthly income and it's 1711. Doubt it helps since it's only a small bump.

Edited by Joker, 12 March 2012 - 07:35 PM.

[MarvBear]

I understand, but that would not increase your monthly income, which in part, is used to calculate a basis for repayment.

[Joker]

I understand. Just seems that if you're knocking 1500 of the loan it would change things a bit. Suppose it's a no go. Thanks a lot regardless. Suppose I need to pick up a second job. Saves me a lot of time and embarrassment and wasting inquiries.

Edited by Joker, 12 March 2012 - 07:40 PM.

[MarvBear]

Most of your better banks require $2,000.00 monthly income. Some of your subprime lenders will finance a consumer who makes less. As a result those banks have far less favorable terms than a prime lender.

[Joker]

Is Cap One considered one of those subprimes I assume? The idea of a 15%+ APR isn't quite what I had in mind . I may still try and see what kind of offers I can get. I most likely will just wait till after summer when I will have a higher income to show ( I made about twice as much in the first 3 months of this year as last) and can make a larger down payment as well.

[MarvBear]

Yes, I consider Capital One a subprime automotive lender.