Credit App for MarvBear

[MrBean98]

Your Age: 25

How long have your been on file with the CRA’s? 7 years

 

Credit Scores:

Equifax? currently 650, expecting high 600s by year-end

Experian? currently 650, expecting high 600s by year-end

TransUnion? currently 670, expecting high 600s-low 700s by year-end

 

Your Credit:

Rate your OVER ALL credit: 6.5

 

Rate your installment Credit from 1-10: 9. No lates at all, but repayment on my student loans began only recently. All of my installment loans are student loans, with a total balance of about $150,000. The loans were opened at various times between 1998 and 2004. I am thinking of consolidating them, but have not done so yet.

 

Rate your revolving Credit from 1-10: 6 (very good recently, but a few skeletons in my credit closet from the college days, specifically:

Credit Card #1: $1,400, settled for $1,000 in 10/2003, closed by credit grantor.

Credit Card #2: $5,600, settled for $4,700 in 10/2003, closed by credit grantor.

Credit Card #3: paid collection in 9/2001, ~$800, closed by credit grantor.

Assorted lates on all of the above, the most severe being a 120-day in 4/2003. A number of other lates ranging from 30 to 120, but none more recent. The good news is that I haven't had a single late since about 4/2003, and I have a half-decent amount of unutilized revolving credit, specifically:

Credit Card A: balance $1,000, CL $3,000, opened 2/2004, never late

Credit Card B: balance $0, CL $250, opened 9/2004, never late

Credit Card C: balance $0, CL $500, opened 10/2004, never late

Credit Card D: balance $0, CL $500, opened 11/2004, never late

Paypal Line E: balance $0, CL $300, opened 11/2004, never late

Credit Card F: balance $0, CL $1,500, opened 2/2005, never late

Credit Card G: balance $0, CL $1,000, opened 2/2005, never late

Store Card H: balance $0, CL $2,000, opened 2/2005, never late

Total utilization: $1,000 out of $9,050.

The bad news is that I obviously have a ton of new accounts.

 

Public Records? None

If yes, please describe:

 

Auto Loans:

Do you have an open auto loan? No. I am making payments on the auto loan that is in my parents' name for the car that they bought for me. Would it help to refinance the car in my name with a year or so to go before my purchase? The current payoff is fairly low, at about $4,300.

 

How many auto loans are presently open? None

 

Credit Cards: 6

Total number of revolving accounts: 8 (6 CCs above plus a store card and a PayPal line).

Percent utilization overall: 10-15%

 

Your Info:

Total Provable MONTHLY GROSS income: $10,000

Provable via computerized paystubs or what method: computerized paystubs

 

New or Used Vehicle: New

Please describe desired vehicle:

Mercedes-Benz SLK350, with some nice options!

[MarvBear]

are you wanting to purchase a vehicle now or at year end?

[MrBean98]

At year end. (And yes, the post under "High income, so-so credit" is a copy of this one. Sorry for the double post.) By the end of the year, my last derogatory entry will be over two years old, plus my new credit accounts will have aged somewhat. I am contemplating another series of credit card applications around April-June, mainly to increase my total available credit (and thus decrease utilization) rather than for any actual new spending.

[MarvBear]

At year's end with HIGH 600's fairly good chance

 

although that might be a bit much car for you to bite off in a lender's eye.

[MrBean98]

MarvBear--

 

Do you think that getting the total under about $50,000 (after downpayment) would help? And are there any lenders (other than MBZ's own finance arm) that might be more amenable to someone in my situation?

[MrBean98]

And also, do you think that, at this point, refinancing the current auto loan to my name is a good idea?

[MarvBear]

you mention student loans...........

 

it is possible you may qualify under a captive's college grad program.