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Credit Application: Auto Lease

Your Age: 40

Your Equifax Credit Score: 640
Your Experian Credit Score: 640
Your TransUnion Credit Score: 631

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

Previous Automotive Credit History: 6 paid auto loans, 1 iib
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? None
Number of late pays within the last 13-24 months on the currently open loan? 3 30 days
Current open auto loan is financed with?  Ford credit
Current open auto loan payment is? 729
Estimated amount you may be upside down in this vehicle? 3500
Rate your payment history on this open auto loan from 1-10 (10=BEST) 8

Revolving Credit History: excellent since bk last year.  6 cards highest is discover 2500.  No lates 4 dollars showing as balance
Total number of revolving accounts? 6
Total percent utilization overall? .5 %

Your Information:
How long at residence? 3.5 years
Rent/Homeowner/Live with relative? Rent 825 month
How long at current job? 1 month on job back to work after disability 4 years of ssdi 
Total Provable MONTHLY GROSS INCOME? 4320
Provable via computerized paystub or what method? Tax Returns/Bank Statements and pay stub

Your Downpayment in CASH: 4000
Rebates not considered; Trade Equity not considered: 

Does any credit repository contain any Public Record? Yes....BK7...discharge 12/09

yes bk7 discharge 8/18

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

New or Used Vehicle you are considering; please describe: 2019 Ford Edge st cost 46882 39 month lease at lease end with truck I currently have

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

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Update: applied and ford credit wouldn’t do the lease without my wife co-signing again.  She was a co-signer on my truck.  She doesn’t want to co-sign again.  (Long story).  So I had to walk  away.

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Finance mgr  needs to lean a little heavy on FMCC.  Didn't try hard enough.  Don't go to another Ford store and apply though.  Results will be the same.  

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Posted (edited)

How much longer do you have on the lease?  Maybe wait until the end and a few more months of on-time payments will help your cause.

 

Also, you should try to get that old BK7 that is on your reports removed.  From personal and anecdotal experience EQ and TU tend to remove early if you dispute.  See if there is anything in the reporting that you can dispute and do so.  Worth trying on EX as well, although they tend to be more of a PITA.

Edited by CTSoxFan

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Hey Marv, do you think I would have better luck with a Durango lease?  I have a perfect history with Chrysler capital on a charger that I traded for my truck.  

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