4 replies to this topic

[adotta]

Credit Application:

Your Age? 25

Your Equifax Credit Score? 742 CreditSecure
Your Experian Credit Score? 741 CreditSecure / 779 CreditSesame
Your TransUnion Credit Score? 737 CreditSecure / 781 CreditKarma

How many years have you been on file with Equifax? 7 years
How many years have you been on file with Experian? 7 years
How many years have you been on file with TransUnion? 7 years

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? Yes
Will this open auto loan be a trade-in? Yes
How many late pays within the last 12 months on the currently open loan? 0
How many late pays within the last 13-24 months on the currently open loan? 0
Your current open auto loan is financed with? Fifth Third Bank
Your current open auto loan payment is? 553
Estimated amount you may be upside down in this vehicle? 1-2k? 2009 Mustang GT and I have 17k left on the note.
Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10


YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 7
Total percentage utilized overall? 0%
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) 7
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? 8 months
Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent
Your Monthly Rent or Mortgage payment? 955
How long have you held your current job? 3 years, 1 month
Your total provable monthly gross income is? $4686
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Computerized Paystub
Is there additional monthly income? What amount monthly? None
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.) $2000-$4000
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) 10
Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10
Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 10

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

New 2012 Jeep Wrangler Unlimited. Should be somewhere between 35-40k

Other questions:

1) My current car was cosigned by my dad back in college. How do I go about dealing with the trade-in? The registration lists my name first and his name second. However, it makes no mention of "AND" or "OR". I've heard that if it's not specified, it's OR.
2) How would I deal with the trade-in using a credit union? I'm sure the current car loan would cause problems for them approving a new loan whereas the dealership could work it into the sale.
3) I know you can't predict rates, but do I have a substantial chance of getting a better rate than 5.75% that I got on my car in college?

[MarvBear]

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[MarvBear]

[adotta]

Thanks Marv

Does anyone have answers to my other questions?

1) My current car was cosigned by my dad back in college. How do I go about dealing with the trade-in? The registration lists my name first and his name second. However, it makes no mention of "AND" or "OR". I've heard that if it's not specified, it's OR.
2) How would I deal with the trade-in using a credit union? I'm sure the current car loan would cause problems for them approving a new loan whereas the dealership could work it into the sale.
3) I know you can't predict rates, but do I have a substantial chance of getting a better rate than 5.75% that I got on my car in college?

[MarvBear]

Just trade it in. depending on the title, you might have to have your father present to sign off.

Credit union won't make any difference, dealer can use CUDL and place the loan with a credit union for you.