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App for Marv

The last post in this topic was posted 906 days ago. 

 

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Credit Application:

 

Your Age? 34

 

Your Equifax Credit Score? 699

 

Your Experian Credit Score? 686

 

Your TransUnion Credit Score? 665

 

How many years have you been on file with Equifax? 15

How many years have you been on file with Experian? 15

How many years have you been on file with TransUnion? 15

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? Yes (1-yr old loan and expiring lease)

 

Will this open auto loan be a trade-in? Loan-No, Lease-Yes

 

How many late pays within the last 12 months on the currently open loan? 0

 

How many late pays within the last 13-24 months on the currently open loan? 0

 

Your current open auto loan is financed with? Loan – Huntington, Lease – GM Financial

 

Your current open auto loan payment is? Loan - $335, Lease – $655.

 

Estimated amount you may be upside down in this vehicle? Will owe approximately $3,000 for mileage overage and tires

 

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10

 

 

 

 

YOUR REVOLVING CREDIT HISTORY

 

 

Total number of revolving account(s) you have? 21

 

Total percentage utilized overall? 60%

 

How many of your revolving accounts are store cards? 5

 

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 16

 

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? 30 months

 

Do you Rent or have a Mortgage, or Live w/Relative or Other? Own

 

Your Monthly Rent or Mortgage payment? $1220.00

 

How long have you held your current job? 3.5 years

 

Your total provable monthly gross income is? $10,000

 

Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paystub

 

Is there additional monthly income? What amount monthly? No

 

Describe the source.

 

Is the additional monthly income provable? No

 

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.) $5,000

 

Does any credit repository contain any Public Record? No

 

If yes, please very briefly describe.

 

 

 

Does any credit repository contain any Collection Account(s)? No

 

If yes, please very briefly describe.

 

 

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 8 (only not a 10 due to utilization)

 

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.

 

39-month Lease ending on 2015 Buick Enclave. Would like to replace with a similar lease on 2018 Enclave or would consider purchasing a 2018 Enclave on 72-month loan if easier approval than another lease and payments could be kept similar to current.

 

Thanks...

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Both GM Financial and the dealership pulled EQ, which surprised me.

 

I have a question though:

 

In the last 6 years, I have leased or purchased 5 new vehicles. I leased a Nissan Rogue which I kept for the 3+ year term and returned it when I purchased a Buick Encore in January 2017. I purchased a Chevy Cruze, which I had for two years before trading on a Buick Enclave I kept the Enclave for the entire 3+ year term and turned it in this week to lease a new Buick Enclave. So in the last 6 years, I have nearly 12 years (typically two vehicles at a time) of perfect payment history, with experience both leasing and owning.

 

Due to credit card utilization, my FICO is right around 700. My Auto8 FICO was 639, and if I recall, this is higher scale, so even worse than a 639 would be on an 800 points scale.

 

So my question is, how could my auto score be that much worse than my standard FICO score given that I have so much positivity in my report regarding vehicle purchases and leases?

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They say "auto enhanced" scores pay more attention to installment loan history.

 

For my entire career, I have called bullcrap on that bit of nonsense. Mess with credit cards utilizations, late pays and just watch what happens to the "auto enhanced" version.

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