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Thanks Marv!

 

Your Age: 42

 

Your Equifax Credit Score: Was 620, should go up a little as I paid down cards. EQ FICO Auto Score 8 was only 603 (maybe a little higher now) and EQ FICO Auto Score 5 was 621.

Your Experian Credit Score: Was 605, should go to 610-620? due to paying down cards.

Your TransUnion Credit Score: Was 648, should go up because of a derog deletion and paid down cards.

 

How long have you been on file with the CRA?s? 14 yrs is showing up on my credit report, but a lot of my pre-marriage history isn’t on there. (I could print an old TU .pdf credit report that shows 7 closed credit cards with nothing due. The oldest of the 7 is 21 yrs old and was open for 10 years. Some accounts were open under 6 months. That old CR would show more lates on the mortgage though.)

 

Previous Automotive Credit History:

Do you have an open auto loan? No.

Will this loan be a trade-in? No.

Number of late pays within the last 12 months on the currently open loan? N/A

Number of late pays within the last 13-24 months on the currently open loan? N/A

Current open auto loan is financed with? N/A

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 (10=BEST) N/A

 

Also, you didn’t ask, but I see applications asking about previous auto repossession. I guess I answer "yes". I was previously a cosigner on one that was repossessed over 4.5 years ago. They never tried to contact me or collect though, even though they had all of my current contact info. I don’t know if my FICO Auto scores consider this or not.

 

I have read and understand the original pinned "No Credit Check Required" topic. Yes.

 

Revolving Credit History:

Total number of revolving accounts? 3

Total percent utilization overall? 2% if I haven’t missed the upcoming reporting date for one of my cards, otherwise 4%. However I think that a good analyst will figure out that the account with the majority of the credit is not actually available credit even though it reports as open? So if that account isn’t counted, my utilization is 25%-40%? Or possibly even more as I don’t know for sure if I got my second payment in before the report date.

 

Your Information:

How long at residence? See below.

Rent/Homeowner/Live with relative? Confused about what to list on a real application. I don’t want to say anything untrue but feel that any of these options are true? I’ve owned for 9 years, and it was used as my primary residence long ago, but have been living with fiance for years in a rental. So maybe I put live with relative (fiance) and that I don’t pay any rent (I just pay utilities, etc)? Or it looks more stable to say that I have been paying half of the rent for many years (as I have certainly contributed every month)? Or do I say I own? The place I own has low value and has no mtg. But if I use that as my address, I guess I have to say it’s only been my primary residence for a short time since I got my drivers license with the rental address 7 months ago? (To avoid confusion, the repossessed house mentioned below is separate from this one I’ve owned for 9 years.)

How long at current job? Over 3 years for each of the income sources below.

Total Provable MONTHLY GROSS INCOME? Fixed non-garnishable income of $950, which could be grossed up to $1140 or $1188? Plus $220 contract work. Which can be grossed up too? Best case, they total $1463.

Provable via computerized paystub or what method? Social security benefit letter. 1099 for 2018. Not sure if I can get the 1099 for 2019 before I apply. It’s paid via PayPal so I can screenshot the payments received from them for 2019 if that helps or possibly get an email from the place saying how much I earned in 2019.

 

Your Downpayment in CASH: Prefer to do 10% only ($400-750). 15-20% if I need to but car price should be lower ($600-900).

Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

 

Does any credit repository contain any Public Record? No

Is so, please describe.

 

Does any credit repository contain any Collection Account(s)? None on EX or TU. EQ has a closed one.

If so, please describe.

 

New or Used Vehicle you are considering; please describe: 8-12 year old SUV. Prefer to buy from private party (to save about 15%), but seems harder to qualify for a loan where I don’t need to have the car selected in advance. If possible, I want the total sales price to be $6-7.5K, but if it’s much easier to qualify for $4-5.5K, I can probably find a vehicle with high miles, especially if I’m getting private party pricing. Even if I am going to buy from a dealership, ideally I could get a loan preapproved before I see any cars in-person because of my health.

 

Your creditworthiness on a scale of 1-10 with 10 being the best:

OVERALL credit:

Installment Credit History: 1.5? A bunch of on-times. Years of lates and “collateral reclaimed” less than a year ago. Besides the mortgage, TU seems to count my student loans as “closed” and “paid on time” but they are loans that I haven’t started paying on yet (they are not due). But that debt load looks bad to an analyst despite not really hurting my score?

Revolving Credit History: 6 if they figure out about the one account not being available credit, or 7 if they don't? Because one account is only 6 mo old.

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48 minutes ago, PoorGirl said:

New or Used Vehicle you are considering; please describe: 8-12 year old SUV

 

49 minutes ago, PoorGirl said:

Prefer to buy from private party (to save about 15%), but seems harder to qualify for a loan where I don’t need to have the car selected in advance. If possible, I want the total sales price to be $6-7.5K, but if it’s much easier to qualify for $4-5.5K, I can probably find a vehicle with high miles, especially if I’m getting private party pricing. Even if I am going to buy from a dealership, ideally I could get a loan preapproved before I see any cars in-person because of my health

I'm not Marv, but I can see the only lenders who would lend on a deal like this are Buy-Here-Pay-Here with words like "Acceptance" in their business names. I can't see a bank or CU lending on a old vehicle with high miles thru private party sale. There's no doubt a BHPH has vehicles like that on their lot but the lending terms will be U-G-L-Y. Don't be surprised if the lender installs a GPS unit on the car.

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Posted (edited)
52 minutes ago, IndyPoolPlayer said:

 

I'm not Marv, but I can see the only lenders who would lend on a deal like this are Buy-Here-Pay-Here with words like "Acceptance" in their business names. I can't see a bank or CU lending on a old vehicle with high miles thru private party sale. There's no doubt a BHPH has vehicles like that on their lot but the lending terms will be U-G-L-Y. Don't be surprised if the lender installs a GPS unit on the car.

Oh. Thanks.

 

Yeah I don't think I would do BHPH. I would be OK with a high interest loan since I think I can pay it down / pay it off quickly, but the prices are so bad at the BHPH lots.

 

I think some non-BHPH dealerships would lend for almost anything on their lot? I see some of them putting "cash only" for the worst/cheapest cars but that many don't have "cash only"?

Edited by PoorGirl

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Posted (edited)
1 hour ago, IndyPoolPlayer said:

 

I'm not Marv, but I can see the only lenders who would lend on a deal like this are Buy-Here-Pay-Here with words like "Acceptance" in their business names. I can't see a bank or CU lending on a old vehicle with high miles thru private party sale. There's no doubt a BHPH has vehicles like that on their lot but the lending terms will be U-G-L-Y. Don't be surprised if the lender installs a GPS unit on the car.

Friend had a preapproved loan and went to a dealership (an average used seller), got one with 180-190K miles around $7.5K. But they had great credit, so is that the difference?

 

Is 7 years too old? 150K miles is too much? I feel I'd get denied for a bigger loan since they wouldn't think I can afford the payment and I would only have 10% down.

Edited by PoorGirl

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Would you mind using the pinned credit application for me?  It is in the collapsible pinned topic section at the top of this forum.  Just copy n paste and I can take a look.

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9 hours ago, MarvBear said:

Would you mind using the pinned credit application for me?  It is in the collapsible pinned topic section at the top of this forum.  Just copy n paste and I can take a look.

Hi, I'm confused. That's what I used? I was just a little long-winded with a couple answers because of my situation.

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Posted (edited)

It looks possible to find dealership cars under 150K miles for under $6.5-7K and possibly under 100K miles for about $8-8.5K. But still 8-12 years old. Would they finance that?

 

I think that 6 years / 150K miles could be possible under $8K, but not newer or under 100K.

Edited by PoorGirl

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Curious (and trying to help).  Do you need an SUV?

 

We recently sold our 2010 Prius with 75,000 miles for $7,000.  This car will likely go another 10 years and 150,000 miles without major issues.

 

I personally watched an employee at the local nursery load ~20 bags of mulch into the back with the rear seats folded down (I don't recommend this, btw).  

 

Plus 50+ mpg means less money toward gas and more toward the payment.

 

The last five years of its life were in a part of the country that gets its share of snow, and it did okay the few times it was driven before the plows finished their job.

 

:) 

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On 1/4/2020 at 10:38 AM, PoorGirl said:

I think some non-BHPH dealerships would lend for almost anything on their lot? I see some of them putting "cash only" for the worst/cheapest cars but that many don't have "cash only"?

They do lend on almost anything. That's their business model. The "cash only" ones are likely cars with branded titles such as "rebuilt" that few if any lenders in the world will finance.

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14 hours ago, PoorGirl said:

Hi, I'm confused. That's what I used? I was just a little long-winded with a couple answers because of my situation.

Repost the application WITHOUT the long winded explanations. Just the facts as they are currently, no "what ifs" or "might be"

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34 minutes ago, IndyPoolPlayer said:

They do lend on almost anything. That's their business model. The "cash only" ones are likely cars with branded titles such as "rebuilt" that few if any lenders in the world will finance.

So... BHPH is not my only option?

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26 minutes ago, PoorGirl said:

So... BHPH is not my only option?

I didn't say BHPH is your only option. I said banks and CUs likely won't lend on a old vehicle such as what you're looking for.

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31 minutes ago, IndyPoolPlayer said:

Repost the application WITHOUT the long winded explanations. Just the facts as they are currently, no "what ifs" or "might be"

What would I put for own/rent/live with?

 

Leave out the repoed car?

 

Leave out the part about the one tradeline being potentially not considered?

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23 minutes ago, IndyPoolPlayer said:

I didn't say BHPH is your only option. I said banks and CUs likely won't lend on a old vehicle such as what you're looking for.

Oh. I'm still not sure if you mean banks/CUs outside a dealership only? I thought you meant that if I show up at a Ford/Toyota/any dealership and say I want this used car on their lot, they would submit my info to banks/CUs and I'd get lots of denials?

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24 minutes ago, PoorGirl said:

What would I put for own/rent/live with?

 

Leave out the repoed car?

 

Leave out the part about the one tradeline being potentially not considered?

Yes.

 

Explanations only work AGAINST YOU. Never FOR YOU. Why do you think suspects are told "you have the right to remain silent" instead of "you have the right to explain yourself"?

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5 hours ago, cv91915 said:

We recently sold our 2010 Prius with 75,000 miles for $7,000.  This car will likely go another 10 years and 150,000 miles without major issues.

 

I personally watched an employee at the local nursery load ~20 bags of mulch into the back with the rear seats folded down (I don't recommend this, btw). 

Wow that sounds so cheap for only 75K miles. That's amazing mpg too. Didn't know a Prius could carry so much either. But yeah I do need an SUV.

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25 minutes ago, IndyPoolPlayer said:

Yes.

 

Explanations only work AGAINST YOU. Never FOR YOU. Why do you think suspects are told "you have the right to remain silent" instead of "you have the right to explain yourself"?

Oh, well, I thought this was more informal I guess. I thought Marv could tell me like "oh yeah they would definitely see that one tradeline and ignore the credit limit so your utilization looks bad", "they would be more likely to approve if you put own", etc. Also many years back I had a mtg broker and he helped me figure out what was relevant? I was like "hey, would it help if I sent a copy of this old credit report which shows more accounts" and he said definitely send it.

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25 minutes ago, PoorGirl said:

Oh. I'm still not sure if you mean banks/CUs outside a dealership only? I thought you meant that if I show up at a Ford/Toyota/any dealership and say I want this used car on their lot, they would submit my info to banks/CUs and I'd get lots of denials?

It doesn't work like that. For one, a franchise dealership likely won't have an 8-12 year old vehicle on the lot. If they do they might have just taken it in on trade and haven't shipped it to auction or it hasn't made it on the truck to go to a local BHPH. Oh don't get me wrong they would be glad to sell it to you but it would likely be for cash only. A franchise dealership finance person knows before you apply what would get approved and what won't, a bad finance person might shotgun your app on an older vehicle but a knowledgeable one like MarvBear would know who to try and if they say no then issue a denial. Remember there's fees in the background that lenders charge less than perfect credit applicants in order to accept their loan. That's where the high prices of BHPH comes in.

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24 minutes ago, IndyPoolPlayer said:

It doesn't work like that. For one, a franchise dealership likely won't have an 8-12 year old vehicle on the lot. If they do they might have just taken it in on trade and haven't shipped it to auction or it hasn't made it on the truck to go to a local BHPH. Oh don't get me wrong they would be glad to sell it to you but it would likely be for cash only. A franchise dealership finance person knows before you apply what would get approved and what won't, a bad finance person might shotgun your app on an older vehicle but a knowledgeable one like MarvBear would know who to try and if they say no then issue a denial. Remember there's fees in the background that lenders charge less than perfect credit applicants in order to accept their loan. That's where the high prices of BHPH comes in.

I see. Well, I guess I'll cross out the franchise dealerships.

 

I feel like if I repost the app without certain details, the answer won't matter to me. For example, if I just say my total income but don't say that the majority is non-garnishable, I could get "approved" but then in real life, get denied. I'm told that very few lenders take non-garnishable income, especially if it's under $1500/$1350.

 

Also I wasn't sure if grossing up by 25% was okay or just 20%, for example. (I see a pinned topic about calculating your income but the spreadsheet download isn't working for me.)

 

I'll have to think about getting a sedan for now, but it's such a pain. I'd just be selling it off as soon as possible, but I feel like it's hard to afford the SUV when I have money tied up / already have a loan.

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25 minutes ago, PoorGirl said:

I see. Well, I guess I'll cross out the franchise dealerships.

 

I feel like if I repost the app without certain details, the answer won't matter to me. For example, if I just say my total income but don't say that the majority is non-garnishable, I could get "approved" but then in real life, get denied. I'm told that very few lenders take non-garnishable income, especially if it's under $1500/$1350.

 

Also I wasn't sure if grossing up by 25% was okay or just 20%, for example. (I see a pinned topic about calculating your income but the spreadsheet download isn't working for me.)

 

I'll have to think about getting a sedan for now, but it's such a pain. I'd just be selling it off as soon as possible, but I feel like it's hard to afford the SUV when I have money tied up / already have a loan.

You're overthinking this.  :) 

 

Call DCU or your local CU tomorrow.

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On 1/4/2020 at 11:27 AM, PoorGirl said:

Is 7 years too old? 150K miles is too much

Yes for almost any decent lender UNLESS it is a diesel. 

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Posted (edited)
35 minutes ago, PoorGirl said:

I see. Well, I guess I'll cross out the franchise dealerships.

 

I feel like if I repost the app without certain details, the answer won't matter to me. For example, if I just say my total income but don't say that the majority is non-garnishable, I could get "approved" but then in real life, get denied. I'm told that very few lenders take non-garnishable income, especially if it's under $1500/$1350.

In real life, dealerships won't give a ship about details. Income is income, garnishable or not. It appears for the most part you're on SSDI?

Edited by IndyPoolPlayer

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26 minutes ago, cv91915 said:

I feel like if I repost the app without certain details, the answer won't matter to me.

Neither I nor any credit analyst wants any information not specifically requested on the application.   If we want to know extraneous information I/we would ask.

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49 minutes ago, PoorGirl said:

Wow that sounds so cheap for only 75K miles. That's amazing mpg too. Didn't know a Prius could carry so much either. But yeah I do need an SUV.

It sounds cheap - wait until you have to replace the batteries ($6000) or $DEITY-forbid the power converter ($$$$$$$$$)

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