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F&IGuru

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  1. Hello guys I have been around the site for a while, never really giving any input. With the help and comments on this board I was able to jump my score over 100 points in nine months. Now I am in the seven hundred club. Anyways I had been an authorized user on my wife's AMEX card. We BKed in 2007, I believe the amount was 1500 for AMEX, she passed in 2013. Fast forward til now, a month ago I apply for the Costco Amex card and was approved for $1200. I was shocked and surprised but also apprehensive because of the comments from other users having there card closed even after it was issued. A few days ago when I logged in my membership goes from 2015, to 2005 which was the date that my wife had placed me on the AU. Is my card gonna be closed? Thanks
  2. I am pretty sure I known what happened if your deal is going to Mazda Capital Services, they probably delayed your payment for 90 days and to do so you have to be over a 700 score. Mazda wouldnt accept the contract thus needing the rewrite. Look at your days before the first payment. Nothing tricky just a mistake.
  3. darn :/ would too llolIs it the income? I thought it was up to a third of your income for a car loan?Maybe a certain business owner could hire her for a week or so and put on her on payroll to get a little income booster Or how about a lease if she doesn't drive a lot? Is the issue the Well technically she does help a lot with the business, but I havent put her on the payroll just because she does it because she like to. But I COULD put her on for a while. Not sure that would do anything though. I agree with Marv that even I, if I saw a file like that, regardless if income was $10,000 or $100,000...my max exposure would probably be about double what she has there on the file, so about $4000. lol Every one has to start some place! GM wants the customers and if they will approve some one with a couple repos ,450 credit score and no postive credit reporting then I don't see why some one with a 700+ score wouldn't get approved.true.. I know lots of people who have gotten approved for vehicles they SHOULD NOT be in lol Very true... I think most of the time it's not that people don't want to pay they just can't pay because the payments are to high and first off its the customers fault but also the dealer and lender especially dealers who try to get you into a payment you didn't want in the first place. YEUP. Thats why I am glad the "financial crisis" happened, so that there is more accountability on their side. Yeah, it's party the consumers' who took on more than they could handle, but the ones with all the goodies/money should be more responsible with the way they lend. Its the very same reason you dont go handing the keys to a Corvette to a 16 year old kid... I mean, what young kid is gonna say no to that? None. Not one. They are all going to hop in and go crash(default). If they cant handle the Corvette(big fancy house/car) you shouldnt hand them the keys(approve the loan). I actually think that the literal sense should hold true as well. What I mean is if a 17-18 year old walks into a dealership and wants to buy a crazy fast car like a ZR1 or a GT500, I think that there should be some kind of limitation in place as to what you can drive based on points or something. Crash a bunch of chocolate, points go up. New licensees should have some kind of purchase/operational barriers as they progress to "good" drivers. Like how you need a CDL to drive a big flowers truck. But no special license need to go kill yourself in a 2013 664HP GT500. But thats a whole 'nother story haha. Yea, the lenders did get a little loose, but no lender would approve a 18 yr old with a thin file on a 30-40k loan without some dealer influence. Pay raises, promotions, magical down payment, pick payments that are impossible to collect. If all the info was correct upfront those loans would have never gone down. Just my 2 cents.
  4. I used to a long time ago, not any longer. Short time in F&I
  5. Credit Application: Your Age? 23 Your Equifax Credit Score? 601 Your Experian Credit Score? 710 Your TransUnion Credit Score? 626 How many years have you been on file with Equifax? 1 How many years have you been on file with Experian? 1 How many years have you been on file with TransUnion? 1 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? No Will this open auto loan be a trade-in? How many late pays within the last 12 months on the currently open loan? How many late pays within the last 13-24 months on the currently open loan? Your current open auto loan is financed with? Your current open auto loan payment is? Estimated amount you may be upside down in this vehicle? Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 6 Total percentage utilized overall? 50% How many of your revolving accounts are store cards? 2 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 3 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? 4 years Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent Your Monthly Rent or Mortgage payment? 1200 How long have you held your current job? 1 year Your total provable monthly gross income is? 85k annual Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) stub Is there additional monthly income? What amount monthly? 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? (rebates and trade equity are not considered, please input a dollar value only.) 0 Does any credit repository contain any Public Record? If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? If yes, please very briefly describe. None 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) 1 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 9 New or Used vehicle you are considering: Please very briefly describe. New vehicle, under first time buyer program such as VW, obviously $350 payment on lease or purchase. No derog on XPN, TU and EFX shows 30 day late (in dispute due to change in payment due date). XPN is 710 score. Not a college grad went to school for 3 years and left to get into current job.
  6. Hello Marv, I have a 703 XPN score, my TU and EFX are much lower (610) due to a late payment which I am disputing and balances that haven't updated properly. It shows up on the other two, but does not show on XPN. I have only 1 year of history, decent job no derog on my XPN. Is there a first time buyer program that I could go through, I really need to get a car and I have been renting for the last two weeks. I have little to no down-payment to put down. I have five trade lines 10k high (open four months though), job is 6 months, due to me finishing school. But I didn't graduate, I obtained an offer I couldn't refuse and other circumstances. So I don't think I could go college grad program. If you have any suggestions with any first time buyer programs that look at XPN only I am open to any manufacturer. Much appreciated Thanks...
  7. This is incorrect. Currently Navy Federal does not have a graduation program. After applying and being approved for an unsecured card, a member will receive a different account number for the unscured card. That's interesting because when we applied in March for the secured we specifically asked if it would graduate to unsecured and we were told it would within time. This CBer's card became unsecured: http://creditboards....1 Also if you apply through USAA for a secured card. They go through Early Warning Systems. Got TD'ed for it when I applied.
  8. Is it possible that this was a scare tactic to get you to pay and get in touch with the guy? I have a little problem with almost 8 days of no returned calls when he tried contacting you for payment. The guy ships out your product on the 6th he follows up with a few calls on the 7th and 8th, you did not give him a courtesy call to tell him that your having some medical issues and you will take care of the bill? As of the 14th you have not followed up with the owner and I think its safe to assume he believes your trying to screw him on the balance owed. From a third person perspective your not helping the situation by avoiding his telephone calls when he calls for payment or you could of had someone in your business do a courtesy call. Sounds like your both running small businesses (maybe very few employees like 1-3), for someone to do a month work and not receive payment I would be a little concerned myself. I've ran a small business before and cash flow at times can be problematic. You should pay the guy his three hundred bucks worth of work, instead of trying to find legal info and other reasons not to pay the bill. Personally, I have called references before to have the customer who listed them on the application to call me back. Sometimes people put wrong information on applications, or when they are trying to avoid my calls whatever the reason might be, once the reference gets in contact with them I usually get a call back pretty quickly. Maybe this is what the guy is trying to do since 8 days went by since the product was shipped, requested payment and has not heard from you. I'm not excusing his threats nor condone it, when I call references I never say what its for nor am I rude at all. I simply state that you were listed as a reference for so and so, I think I have a wrong number for Joe Smith could you please have him call me at xxxxx. I never had a reference give me their friends cell phone number or anything, at first they think its a telemarketing call, but once I mention the person name and say they were listed as a reference they are extremely helpful. Not to go off topic, but I thought to look at it from his perspective. I think you might be a little concerned if you believe that you might be getting screwed for money that was owed for work that you preformed. Pay him, and don't use him again. Thanks
  9. Is negative balace / upaid balance consider as Identity Check ???? http://www.early-warning.com/factsheet/ Owned by several of them....
  10. There are several sources that will allow you to refi. What part of the country do you reside? Are you using wholesale or retail book? For the best rates I would suggest credit unions, but with out more detail, its hard to provide a firm answer. F&I Guru
  11. You must understand that you and only you tanked your credit. You entered agreements and didn't fulfill them, now you gotta bite the bullet. Not trying to sound rude, but beggers can't be choosers. Look at it from the perspective of 1st the bank, who see's your credit and saw that you couldn't pay on a vehicle two years ago, what has changed since then? If you are making an effort to fix your credit then lenders will give you a loan (a small one at that), but at a high rate to justify the risk. Second, as Marv said, the finance manager is the ONLY person that actually gets your loan approved. From what it sounds like, if your loan is approved at 24% thats a very low tier and probably not very profitable for the dealership let alone the finance manager. The finance manager and dealer is paid on profit nothing else, not on the amount of cars they sell. It would be wise to provide accurate and all the stips upfront and let the F&I guy do his work and be respectful and not demanding. If you don't like the interest that they are giving you, you can always have the chinese finance option, one lump sum.
  12. In your state that might be true. If the package is clean they will fund. Since they bought Onyx, the buying has greatly increased. The Tier program 1-8, will give you 145% in the front NOT INCLUDING T&L, and 40% back end. They have evolved since "the no rehash rule." I do agree though with your position, for the longest time I hated them because they wouldn't fund, or approve a deal because "the first call was the best call." Different parts of the country have different buying styles and locations. My new center is out of Southern Cali, instead of Plano, TX. Regards, BTW, are you the same Marv on F&I forum? "Living the dream, or something?"
  13. First Roadloans is actually Triad Financial. This is the direct consumer application for an auto loan. Triad has gone through several changes in their scoring models. Ford has a huge interest in them. So if there are any FORD chargeoffs forget it. Capital One is not a subprime lender anymore, they have completely revamped their program. They go as low as 5.99%. Their rates are based on LTV. All three bureaus are ran and averaged. I've seen some pretty amazing calls, and calls that make no sense what so ever. Usually the PTI is between 13-18%, and your approval is UPTO 35k based on your monthly provable income.
  14. Its a must, the anaylsts are probably making 3,500 to 4,500 per month. While they see the reps and branch managers making double or triple when they hit goal. They have a incrediably important position and they are on the low end of the totem pole, next to the collectors and funders.
  15. Exactly, Finance guys don't particularly care for the "roach" with a 500 FICO negotiating price and rate. I deal with engineers and Internet buyers daily that know my buy rate, or thinks that our real cost is 5k below invoice less rebates and incentatives. As MarvBear said Finance usually gets back on the back end of the deal, which in a lease is the money factor (basically a rent charge or similar to a interest rate). Ford is buying extremely strong on short term leases (24 mo or 36 mo). With the right amount of drive off I'm sure that you can get approved. Throw your F&I guy a bone such as Wear Care, he's the one doing all the work and there's nothing worse than getting a subprime deal approved to make $0.

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