Hi Marv, hoping you can offer some insight. I am planning on purchasing another car in about 6 months. I would like to know if I could get approved as things stand for me financially right now, and if not, the sorts of things that would help my chances since I have some time to work on saving/credit repair.

Your Age? 24

Your Equifax Credit Score? 585
Your Experian Credit Score? 594
Your TransUnion Credit Score? 589

How many years have you been on file with Equifax? 6 years
How many years have you been on file with Experian? 6 years
How many years have you been on file with TransUnion? 6 years

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? No
Will this open auto loan be a trade-in? I never had a loan on this vehichle. Expect to receive about 2500 on it from trade in.
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? 5 total, 1 open, 4 closed
Total percentage utilized overall? 80%
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) 5
How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 1

YOUR PERSONAL INFORMATION

How long at your current residence? 1 year
Do you Rent or have a Mortgage, or Live w/Relative or Other? mortgage
Your Monthly Rent or Mortgage payment? $913
How long have you held your current job? 3.5 years
Your total provable monthly gross income is? 2720
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) paystub
Is there additional monthly income? What amount monthly? Approximately $7k/year for the last two years for a commission based 2nd job. Income is provable via 1099s/tax returns.
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? $1000
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, one recent collection (June) for $80 for a parking ticket from college...I will hopefully get this off by the time I purchase, but if I am unable, would like to know if it will be detrimental if paid off

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 6
Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 5
Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 5

New or Used vehicle you are considering: 2006 Nissan Altima, low miles (20k), 16.5k

A few things... My mortgage payment is not on my credit report. A family member lent me the money and I have been paying him back. It is properly recorded and filed with town hall though. If I am unable to get approved now, would it help if I was able to pay off my credit card to 30% utilization? I figure that would get my FICOs up. I have some bad old payment history both on student loans and on my credit cards but have made on time payments on all accounts for the past year.

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum.

We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.

In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.

In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.

You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.

Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.

We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.

Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.


Come get your new keys!

HAPPY MOTORING

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Sorry Marv, I did the income calculation incorrectly...its actually $2944 gross

You can ask me for a decision based on the application as submitted.

Unfortunately, I cannot project future decisions based on your credit repair efforts.


Credit repair questions are more suitable in the main credit forum, they get more views and the advice is very good.

Marv, could you give me a decision based on the app as submitted? I'd like to know if I could get some sort of financing now if nothing else changes. Thank you!

approvable.