Not sure what to do.

[alexak]

Hey all!

I'm am in the market for a used SUV. I am a bartender so a good chunk of my income is unclaimed(tips). Last year I made about 20,000 gross (claimed tips and hourly income combined) and more in unclaimed tips (I track them). Do I put how much total I made including whats unclaimed on the loan app? I also don't pay rent as I still live with my parents, no student or other loans either, So my DTI is very low.

I am also looking to put at least 10% down. What are my chances of getting approved with all of the above info and a 640 FICO?

[Creditaddict]

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@alexak wrote:
Hey all!

I'm am in the market for a used SUV. I am a bartender so a good chunk of my income is unclaimed(tips). Last year I made about 20,000 gross (claimed tips and hourly income combined) and more in unclaimed tips (I track them). Do I put how much total I made including whats unclaimed on the loan app? I also don't pay rent as I still live with my parents, no student or other loans either, So my DTI is very low.

I am also looking to put at least 10% down. What are my chances of getting approved with all of the above info and a 640 FICO?

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What kind of SUV are you looking at?

Have you found it yet?

What dealer?

Do you have a CarMax?

[alexak]

I am looking at an 07 Tahoe 4x4 with about 70-80k miles. So far I'm seeing that they run anywhere from $20-25k. I'll have about a $10k down payment after I sell my current car and with some money I've been saving for this. Haven't found the exact one yet. I'm still doing my research. Not sure if there is a CarMax near me, I will have to look into it.

If it helps I am a member of a local credit union with a checking and savings account.

[blondy250]

You know your required to report all tips as income? From what you wrote you sound young, don't start out your life as an adult by committing tax evasion, and potentially lying on credit/loan applications.