dmcca212

I'm fine with submitting POI and understand it's part of the loan process. I don't understand why they wouldn't even consider my application. I supplied 2 pay stubs that accurately reflect my gross monthly income, as well as my yearly income. I explained to them why my 2009 total was less that what I should have made for the year, but they still told me my YTD total is insufficient and they need more proof of consistent income. I sent two stubs - how much more proof do they need? Sorry to vent, I'm just frustrated with the whole situation. I think I will try my local credit union. Addison Avenue is in CA and I'm in MN so obviously I can't deal with them in person. lol

So I got a call back today and found out I was DENIED. They said the issue was with my income. I faxed them my paystubs and my year end total was not representative of what I make in a year. I told them I missed 2.5 months with a work-related injury which caused the discrepancy between the year end total and my stated annual income. Anyway, they said that because my year end total doesn't say that I made what I should have made for the year they couldn't proceed with the loan. Is this going to be a problem with everyone? I'm considering applying at a local credit union, but if I have to go through this headache again I'd rather not. I'm not lying about my income. It's easy enough to multiply my weekly wage by 52 weeks and see that my pay checks are consistent with my yearly salary so what's the problem?

I applied for a small auto loan with Addison Avenue Federal Credit Union. Today I received an email asking me to send copies of my 2 most recent paystubs. If they are asking for income verification does this usually mean an approval is pending or am I just getting my hopes up? Thanks guys and gals!

Yep. more concerned about the collection. I guess I don't want the headache of trying to fight them on this as I figure I'll end up on the losing end anyway. Does anyone know about the UCC? Did you get a collection notice? If you did.. send a Debt validation letter right away, CMRR while your filing complaints. If you don't dispute it within 30 days chances are it will show up on your credit report, and depending on who's collecting it(and who it's reporting to), you might have a hell of a time getting it off. I actually never received any kind of notice about the account going into collections, though I figured it would. But I never received a letter or a phone call. I moved shortly after the incident so maybe they couldn't locate me or maybe they didn't want to try. Who knows! The debt is only reporting to EQ and being collected by Millennium Credit Consultants. Anyone have any info or experience with them?

Might look into that. Thanks! Interesting article. Too bad the government was cracking down on this 5 years ago...

Yep. more concerned about the collection. I guess I don't want the headache of trying to fight them on this as I figure I'll end up on the losing end anyway. Does anyone know about the UCC?

I am wondering what the SOL is on bank account collections and if it falls under the UCC. I live in MN. Here's the story if you're interested... Back in 2004, I had some fraudulent charges show up on my checking account. These charges caused me to overdraft my account (had a couple of checks go through that the bank paid). I called TCF and told them about the fraudulent activity. They basically told me to figure it out for myself and give them a call when I do and they would reverse the overdraft charges and such. I managed to get a hold of the company with which the charges were made, told them it was not me that made them, and after a little bit of back and forth with them they credited my account for the fraudulent charges a couple of weeks after the incident. Afterwards, I came to find that TCF closed my account, and while the fraudulent charges were reversed, the bank never took care of the overdraft charges. I argued my butt off, but they said it was my responsibility to pay them, should have been keeping track of my account...blah blah blah. So I basically told TCF where they can stick it, and here I am today with a lovely $150 collection account. Now I know I should have probably just paid it and avoided the whole situation, but TCF was just terrible in the way the handled the situation and I didn't feel I should have had to pay any charges that were caused by fraudulent activity. Anyone that banks or has banked with TCF can surely feel my pain. Soooooooo...anything I can do? Or should I just leave them beast alone and let it fall off in a couple of years?

Hmm...that's what I was wondering. I thought I had heard that somewhere before.

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Looking at my credit report, one of the knocks against me is that I have too many new accounts. I went on an app spree about this time last year and opened 4 new CC accounts. All the accounts will be 1 year old on 9/8. After a year, are these accounts still considered new? Or does the one year mark give you a bump in your score?

Hmm... I am not a member of a credit union, although I have been planning on joining US Federal CU for some time since it's right down the road. Without an established relationship, will a CU be as willing to grant a loan? Thanks for your help Marv!

Credit Application: Your Age? 23 Your Equifax Credit Score? 677 Your Experian Credit Score? No clue Your TransUnion Credit Score? 704 How many years have you been on file with Equifax? 5 How many years have you been on file with Experian? 5 How many years have you been on file with TransUnion? 5 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? No Will this open auto loan be a trade-in? No How many late pays within the last 12 months on the currently open loan? NA How many late pays within the last 13-24 months on the currently open loan? NA Your current open auto loan is financed with? NA Your current open auto loan payment is? NA Estimated amount you may be upside down in this vehicle? NA Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) NA YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 9 Total percentage utilized overall? 13% How many of your revolving accounts are store cards? 4 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 5 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? 4.5 months Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent Your Monthly Rent or Mortgage payment? 500 How long have you held your current job? 7 months Your total provable monthly gross income is? about 1900 Your provable monthly gross income is provable via what method? Pay stub Is there additional monthly income? What amount monthly? No YOUR DOWNPAYMENT Please tell me your exact down payment in cash? 1500, possibly 2000 Does any credit repository contain any Public Record? No If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? Yes If yes, please very briefly describe. Equifax - 5 year old unpaid TCF bank collection Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 9 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--- I'd like to finance a used Ford vehicle. Looking at a Focus specifically, but will take whatever is in my price range. 2000-2006 model, no more than 120,000 miles. I want to keep it under 8000 for sure, ideally around 6500 or so. Besides the unpaid collection (doh!- stupid teenager with no credit knowledge at the time), my credit history is pretty spotless. No late payments ever on any of my accounts. I am wondering, though, if my student loans will affect a credit decision? Currently, student loans are about 28,000. 2 private student loans, federal loans in the process of consolidation, and a Perkins loan. Federal loans are in forbearance right during consolidation process, Perkins loan and 1 private loan still in grace, and Sallie Mae loans in repayment. So monthly student loan payments are (as of now) around 50 bucks. However, will a lender view the amount of these loans as a problem and deny credit? This is my first go at the world of auto financing, so I appreciate the help. Give me some good news Marv! Many thanks, Amy

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I have 6 Stafford loans totaling about 12,000. All of them are through Wells Fargo. My monthly payments are very reasonable due to being on an income sensitive payment plan, and my current interest rate is 6.05. I am wondering if it is still a good idea to go ahead and consolidate anyway, or just leave them as is. Is there a significant benefit in this situation? Hoping for some good advice!