Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.

Sign in to follow this  

Marv App

Recommended Posts

Credit Application: 

Your Age: 53

Your Equifax Credit Score: 654
Your Experian Credit Score: 646
Your TransUnion Credit Score: 648

How long have you been on file with the CRA?s? 10 yrs

Previous Automotive Credit History: yes
Do you have an open auto loan? yes
Will this loan be a trade-in? yes
Number of late pays within the last 12 months on the currently open loan? 0
Number of late pays within the last 13-24 months on the currently open loan? 0
Current open auto loan is financed with? Wells Fargo Auto / Ally Financial 
Current open auto loan payment is? $647 /$690
Estimated amount you may be upside down in this vehicle? $12,000 Wells Fargo Auto
Rate your payment history on this open auto loan from 1-10 (10=BEST) 10

Revolving Credit History: 5 yrs
Total number of revolving accounts? 6
Total percent utilization overall? 40%

Your Information:
How long at residence? 4 yrs
Rent/Homeowner/Live with relative? rent
How long at current job? 2 yrs
Total Provable MONTHLY GROSS INCOME? $19,608.33
Provable via computerized paystub or what method? Paystub

Your Downpayment in CASH: $3000
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

Does any credit repository contain any Public Record?
Is so, please describe. BK 2013 - Discharged

Does any credit repository contain any Collection Account(s)
If so, please describe. no

New or Used Vehicle you are considering; please describe: 2016 BMW X5 M

Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:
Installment Credit History: 10
Revolving Credit History: 10

Share this post

Link to post
Share on other sites

I'd suppose your 3000.00 down payment would basically cover sales tax dealer fee and other incedentials pertinent to the sale.  Don't know for sure since I do not know your state of residence and how they calculate sales tax.  That still leaves you 12,000.00 upside down.  I'd have to bring out my voodoo doll to handle that.  Ouch!

Share this post

Link to post
Share on other sites

Welcome to Crediboards!

We hope that you find what you're looking for here.

Some helpful tips:

  • Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.
  • If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part. It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  • If you find that someone is discourteous to you, use the REPORT button at the top right of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS.
  • Off -topic posts should go in the General Forum.


Again, welcome to the CreditBoards family!

CB Admin: LKH, Pam, radi8, breeze & MarvBear


Share this post

Link to post
Share on other sites

I am in NJ, the other thing i hear from lenders is that i don't have any auto credit above $35K. So that's been knocking me down, do you know any creditors that would give me a try?

Share this post

Link to post
Share on other sites

I'm sure many lenders would be quite happy to have your business, but your problem will be conforming to their most lenient LTV calculations for your situation.  It's not your credit as much as the amount of negative equity you are trying to place on a new loan.


That is a formidable obstacle to overcome.

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Today's Birthdays

    1. mpdaddy
      Age: 47
  • Member Statistics

    • Total Members
    • Most Online

    Newest Member

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
  • Create New...

Important Information