topic Re: Credit Application - Pending Approval in Auto Loans

Credit Application - Pending Approval

felyasocal — Mon, 23 May 2016 03:40:07 GMT

My wife (who's only lived in US for 4 years) has exellent credit. 760 FICO or even higher. Credit History is about 3 years. Very low balances. I think total utilization is about 7-9%. No other expenses at all (No rent, mortgage, loans of any type, about $200 a month in credit card payments)

Just filled out a credit application for VW Credit. This is going to be on a lease that is $300 a month with taxaes. I have two concerns:

1. High score, but her salary is not too high. She makes around $34K a year (she is still in school)

2. Her credit history is only about 3 years.

Does it sounds like she is going to be approved? Everywhere I've read, her score should get her the best rate, top tier, etc., etc...

Anything that might cause VW to deny her credit?

And last question: If I have to cosign for her, I could. I have two cars under my name right now (one is at the end of the lease). And i have decent credit. FICO 710-720... But I have no job. I quit my job last month and I started my own business. So I am not sure if I would be of any help to her. Unless she doesn't need my help at all

Thoughts?

Re: Credit Application - Pending Approval

Appleman — Mon, 23 May 2016 15:49:26 GMT

Putting you on the application with no income will not help IMO.

At this point not worth pulling a 3B report to get all of her FICO score variations (to include Auto).

With those scores and the low DTI level I would think they would approve her. Her current monthly income is $2,833 and this would only put you at a 17% DTI ratio ($200 + $300 = $500 / 2833 = 17.6%).

Please let us know how it goes and good luck.

Re: Credit Application - Pending Approval

felyasocal — Mon, 23 May 2016 16:13:52 GMT

I will know in a few hours if everything is good to go. Hopefully it will be good news. Thank you for the info!

Re: Credit Application - Pending Approval

felyasocal — Mon, 23 May 2016 19:15:20 GMT

Not to get too excited yet, but she got approved. I'll celebrate when we sign the lease =)

Re: Credit Application - Pending Approval

RonM21 — Tue, 24 May 2016 01:37:30 GMT

Good on the aoproval!