Auto Credit App for Marv Bear

[bignrich]

Hi: I hope I'm doing this right:

 

Your Age:42

How long have your been on file with the CRA’s? 10yrs

 

Credit Scores: last check

Equifax? 610

Experian? 590-600 (guesstimate)

TransUnion? 610

 

Your Credit:

Rate your OVER ALL credit from 1-10 (10=BEST)7

Rate your installment Credit from 1-10:7

Rate your revolving Credit from 1-10:10

 

Public Records?

If yes, please describe:only 1 on EP just found out, tax lien that was filed and released within 30days timeframe, dispute pending

 

Auto Loans:

Do you have an open auto loan?yes

How many auto loans are presently open? 1

Are you trading in your open auto loan? no

Are there late pays on your CURRENT auto loan? 2

If yes, please list the time frame. 30 day, in 24 month period

Current open auto loan is financed with? TranSouth 17%, had BK, gone now

Current open auto loan payment? 410

Estimated amount you may be upside down in this vehicle? 7K

Rate this open auto loan from 1-10. 7

 

Credit Cards:1

Total number of revolving accounts:1

Percent utilization overall: 10%

 

Your Info:

Total Provable MONTHLY GROSS income:3,200

Provable via computerized paystubs or what method: stubs

 

New or Used Vehicle:

Please describe desired vehicle: used economy (like a honda civic)

Thanks for anything you can advise on. Sorry if I didn't do this right.

[bignrich]

Forgot to add to app:

New job: 1 month, same industry 12 years

Time at resident: rent, same two years

In area: two years, same state 20 years

Down: not much 500 to 1,000

Seeking used economy car as second car for job/commute, 1st is big 97 Suburban: keeping because of kids, but want to trade in -down the line-for newer one with better rate.

Thanks again.

[MarvBear]

you might be hard pressed to qualify for another auto loan without a joint applicant.

[bignrich]

OK, can't joint. Thank you for your reply. One more question: Should I just trade in for newer car and seek better rate. Thanks.

[MarvBear]

With 7K upside down, there will be a difficulty in trading.

 

No wife to go joint?

[bignrich]

Wife has no income, better Scores 700s, 1 revoling with high utilzation. Car is only in my name.

I asked a sales man at Chevy dealer about this, he said can trade in, get some value towards new loan, and they would pay off old loan. Sounded wrong and he seemed desparate. Thanks for your information, you a big help.

[MarvBear]

IMO, you should do joint app w/wife. She, if she has better scores, should be first applicant.

 

That will get you the second car loan.

 

Two people = need for 2 vehicles.

[bignrich]

Thanks so much. I just though without income it wouldn't fly, but I'll go that way and let you know what happens. Thanks again! You the man!