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App for Marv (+ More questions, that will help me)


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Hey Marv, will you look over my app before I go waste my time add a lot of un necessary inquiries. 
 

If I trade in my 2018 Durango I know I’m get screwed. But I’m afraid to sell it because then what if I can’t get approved for another vehicle.

Your Age: 33

Identity IQ My scores 

     

 

 
  TransUnion Experian Equifax
Credit Score: 591 576 575


Hard Inquiries: 

74 Transunion 46 Experian 72 Equifax


How long have you been on file with the CRA?s? 14 years 

Previous Automotive Credit History:
Do you have an open auto loan? Yes 2 loans.


Will this loan be a trade-in? I would prefer to sell my Durango because I owe around 25K and it’s worth more.


Number of late pays within the last 12 months on the currently open loan? Never late


Number of late pays within the last 13-24 months on the currently open loan? Never late 
Current open auto loan is financed with? Chrysler Capital / Second car GM financial 

Current open auto loan payment is? Chrysler payment $554.00 GM Financial $462.00


Estimated amount you may be upside down in this vehicle? I gave lot of money down for Durango am not upside down, that why I want to sell it first? Make sense, I hope.

Rate your payment history on this open auto loan from 1-10 BEST

 

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

Revolving Credit History: 
Total number of revolving accounts? 4

UTILIZATION HIGH

Your Information:
How long at residence? 1 year
Rent/Homeowner/Live with relative? No

How long at current job? 3 years 4 months 
Total Provable MONTHLY GROSSINCOME? 
$4,000.00
Provable via computerized paystub or what method? Paystub

Your Downpayment in CASH: None (maybe 1K if needed.
 

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

Does any credit repository contain any Public Record? Yes Equifax /Equifax 
Is so, please describe. Bankruptcy from 2014

Does any credit repository contain any Collection Account(s) None

New or Used Vehicle you are considering; please describe: Used Tahoe, around 35-40K, maybe consider other large SUV that can approve me.

Your creditworthiness on a scale of 1-10 with 10 being the best:6
OVERALL credit:6 
Installment Credit History: 5
Revolving Credit History: 5

 

Anything else can help me, let me know.

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My comments have nothing to do with your approval odds, they're offered out of genuine concern.

12 hours ago, Killbadcredit said:

Current open auto loan payment is? Chrysler payment $554.00 GM Financial $462.00

Will the result of the transaction you are contemplating significantly reduce your total monthly car payments?  

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8 hours ago, MarvBear said:

Why do you need two financed vehicles?

Thanks for replying, the GM is my father in laws. They now want to get rid of it for something smaller.

 

The Chrysler is ours, I’m just scared if I sell Durango I’ll have hard time getting a new vehicle.

 

Marv, what can I do to try and make everything work out for us.

 

GM financial I likely going to get traded. 
 

However I know I have to sell off our Durango. I already tried to trade it and they wanted to give me 17K. The SUV is worth about 29K last time I checked.

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5 hours ago, IndyPoolPlayer said:

How on earth did you manage to ring up 70+ inquiries on EQ and TU?

Back when I was younger and stupid I filed for chapter 13 in 2014. I haven’t had good credit since and I had to shop around for a dealer who would approve me. I finally got some money and gave a lot of money down to Chrysler , who ended up approving me.

I’ve never been late on either notes.

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2018 Durango GT Backtop

Edition. Blind spot senor, sport performance hood, many extras.

 

RWD 34,500 Miles.

very clean body

 

According to KBB trade in is 26k to 28k.


private sell is 28k to 30k.

 

Here is the problem I’ve tried to trade it in, guess how much DODGE offered me 17k , no joke.

 

As you can see I need to get it paid off, not trade it in.

 

Im just afraid to sell it and not being able to finance another truck.

 

Marv can you explain my best moves to get something done, and not mess up? 

 

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Marv, would maybe leasing a new vehicle work better for my situation? Can you go over pros and cons, I know Google is your friend but anyone can get online and write anything. I don’t really believe what I read on sites anymore. So I rather ask someone who actually knows what they talking about.

 

Also I was able to come up with $2,000.00 for a down payment maybe a little more, if this helps. 

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13 hours ago, Killbadcredit said:

Marv, would maybe leasing a new vehicle work better for my situation? Can you go over pros and cons, I know Google is your friend but anyone can get online and write anything. I don’t really believe what I read on sites anymore. So I rather ask someone who actually knows what they talking about.

 

Also I was able to come up with $2,000.00 for a down payment maybe a little more, if this helps. 

 

Leasing will most not be an option for you with those scores.  Almost every captive requires a 620 or 640 for leasing, and even then it will be at usurious rates.

 

Why are you commingling your FILs car deal in with yours?  And why are you on their note?  Can they not get approved for a car loan on their own?  Why are you so dead set on making a move now, just because they want to downsize?

 

 

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6 hours ago, CTSoxFan said:

 

Leasing will most not be an option for you with those scores.  Almost every captive requires a 620 or 640 for leasing, and even then it will be at usurious rates.

 

Why are you commingling your FILs car deal in with yours?  And why are you on their note?  Can they not get approved for a car loan on their own?  Why are you so dead set on making a move now, just because they want to downsize?

 

 

Thanks Soxfans, I appreciate your reply in assisting me.

 

The reason I got a car for my FIL’s under my credit,  was because they are elderly and needed a car. I believe in doing good things for other people, I think it returns blessings.


To answer your second question, I want to make a move because we actually need a larger vehicle for our family. 
 

So I figured maybe ask Marv, and get my FIL’s a smaller , less payment.

 

So we can also upgrade for us a much needed larger vehicle. 

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20 hours ago, Killbadcredit said:

need

 

Need = you will die, lose your income, or suffer some other serious damage that's difficult or impossible to reverse. 

 

Want = you desire more convenience, comfort, utility, luxury, etc.

 

Which is it?  :) 

 

On 2/23/2021 at 6:26 PM, Killbadcredit said:

Your Age: 33

 

20 hours ago, Killbadcredit said:

was because they are elderly and needed a car.

 

On 2/24/2021 at 4:10 AM, cv91915 said:

GM Financial $462.00

 

I'm older than you are.  My parents are in their 70s and by most people's measures would be considered "wealthy."  The lease payment on their car is less than this.  

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Well sometimes we make stupid mistakes I’ve made many. I still make a lot, after considering the chat here, I will wait a bit to try improve my scores.

 

 

Thanks guys for helping me see the perspective, tough love. LOL

 

Quikck question credit karma says we need at-least 11 accounts, with atleast 5 years of credit age to get it 700?

 

Is this true?

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4 hours ago, Killbadcredit said:

Well sometimes we make stupid mistakes I’ve made many. I still make a lot, after considering the chat here, I will wait a bit to try improve my scores.

 

 

Thanks guys for helping me see the perspective, tough love. LOL

 

 

I hope it's clear that my comments always come with good intentions, and with your best interests at heart.

 

I've made more than my share of stupid mistakes.  Every day I just try to be less stupid than the day before... with mixed results.  :) 

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On 2/26/2021 at 9:16 AM, Killbadcredit said:

Thanks Soxfans, I appreciate your reply in assisting me.

 

The reason I got a car for my FIL’s under my credit,  was because they are elderly and needed a car. I believe in doing good things for other people, I think it returns blessings.


To answer your second question, I want to make a move because we actually need a larger vehicle for our family. 
 

So I figured maybe ask Marv, and get my FIL’s a smaller , less payment.

 

So we can also upgrade for us a much needed larger vehicle. 

 

If I were you, here is what I would be doing.

 

Have your FIL refinance the car in his name.  I know you were trying to do something nice, but if you really NEED (and I agree with CVs post about need...) to move to a bigger vehicle you NEED to get this obligation off your reports.  If you FIL wants a smaller vehicle, have him handle it in a separate transaction.  You need to decouple yourself from this vehicle.  Obviously you can go with him to the dealer, guide, assist...everything short of giving him funds or co-signing. I understand trying to do something nice for your FIL, but not at the expense of taking care of yourself and your wife/children.  If you FILs credit is not good enough to re-finance or get a vehicle on his own, then tell him he needs to suck it up and keep the one he has.  

 

Next, you NEED to improve your scores.  From your profile you say you have high utilization.  That is a score killer.  Use that $2000 you have for a down payment and get your balances down.  Work on paying those down for the next 6-12 months.  Keep paying on your current vehicle.  Obviously don't miss any payments.  Even with a BK in 2014 your scores should be in the 700s absent any more recent negatives and high utilization.  Do that and by this time next year (or maybe for year-end when dealers have spectacular deals and are looking to hit sales goals) you will be in a much better position.

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Posted (edited)

Marv, I’m working on paying off my debts. If I can get to at least 760 Fico, and still have a lot of inquiries (over 50), can I still get approved when I’m ready for another loan?

 

Discuss if having a great score will be over ruled by having a lot of inquiries?


 

Also will the interest be favorable or will I be considered high risk?

 

Edited by Killbadcredit
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