CREDIT HISTORY AND CREDIT SCORE
ELEMENT #1

Most Reputable Lenders Report the History of their Lending/Loan Experience(s) with you to at least One of the Three National Credit Bureaus (i.e. TransUnion, Equifax or Experian).

Your Credit History and Credit Score are One of the Five Most Important Element of any Car Loan Decision. The remaining Four Elements will be discussed later in this Section and the Sections to follow.

The following Thirteen Factors contained in your Credit Bureau/History are Reviewed by Lenders:

      1) The Length of Time you have had a Credit History.

      2) The Largest Amount of money you have Borrowed from One Lender in a Single Loan &/or other High Credit Amounts.

      3) The Total Amount of Payment associated with All Open (Active) credit accounts.

      4) The Current Balance of All Open (Active) accounts.

      5) The Payment History of All Current and Previous credit accounts.

      6) The number of Open (Active) &/or Closed credit accounts.

      7) The amount of Un-Used Available Credit you currently possess in the form of Credit Cards, Home Equity Credit 
          Lines, etc..

      8) Any Fraud Alerts &/or Consumer Statements attached to your Credit Bureau/History.

      9) Any Public Record(s) contained in your Credit Bureau/History (i.e. Judgments, Liens, Bankruptcy(s), etc.).

    10) The number of Credit Inquiries/Checks that are attached to your Credit Bureau/History.

    11) The Current &/or Previous Addresses and Employers listed in your Credit Bureau/History.

    12) The Current &/or Previous Name(s) associated with your Social Security Number reported in your Credit 
          Bureau/History.

    13) Your CREDIT SCORE. (Note: Your Credit Score is Very Important to Good Credit Lenders & Slightly to Un-Important 
          for Less-Than-Perfect to Bad and No Credit Lenders.)

After a Lender has Reviewed the Thirteen Factors listed above, a Decision Is Made regarding the Acceptance/Approval or Denial/Turn Down of your Car Loan Request.

• IF the Lender's Decision is to Accept/Approve the Car Loan Request, the next step taken by the Lender is related to the Remaining Four Elements of a Car Loan Approval. The remaining Four Elements are:

                    Element #2) Vehicle Year and Present Mileage
                    Element #3) Loan-To-Value (LTV)
                    Element #4) Payment-To-Income (PTI)
                    Element #5) Debt-To-Income (DIR)
             
          A detailed review of the Remaining Four Elements of a Car Loan Approval is provided in the following Sections.

• IF the Lender's Decision is to Deny/Turn Down your Car Loan Request, there are Seven Suggestions provided to assist you on the Frequently Asked Questions Page (FAQ). The Seven Suggestions prove to be the Most Effective Ways to Change a Car Loan Denial/Turn Down into a Car Loan Approval. "CLICK" on the following Topic to preview the Seven Suggestions:

          "What Can I Do If I Am Not Approved or Turned Down For My Car Loan?"

It is important to note that Credit Bureaus do NOT fully Disclose the Exact Formula(s) used to Create/Develop an Individual's Credit Score. However, there is absolute certainty that most of the Thirteen Factors listed above have an effect upon your Credit Score. The overall consensus to Improving your Individual Credit Score is to handle and maintain your Debt/Credit Wisely. The following suggestions are provided to Help Increase Your Credit Score:

            a) Pay your Bills On Time (i.e. Before the Payment Due Date).

            b) Monitor All Three of your Credit Bureau Reports for Accuracy.

            c) Close &/or Cancel Un-Needed Lines of Credit that could Become Debt (i.e. Credit Cards, etc.).
                (Note: Not Advisable for Individuals with Limited Credit.)

            d) Do Not continuously Maintain Maximum Balances on your Open Lines of Credit (i.e. Balances at your Credit Limit).

            e) Do Not Apply for More Than Five New Credit Accounts/Loans within a 30-Day Time Frame.

Accuracy of the Information Contained in All Three of Your Credit Bureaus (Trans Union, Equifax and Experian) is of Utmost Importance. If any of the Information is NOT CORRECT, it could &/or will have an effect upon a Lender's Car Loan Decision and Your Credit Score.

To Check the Accuracy of the Information in Any or All Three Credit Bureaus for FREE:
(Federal Law allows you One Free Report from each Credit Bureau Per Year.)

http://www.annualcreditreport.com/
("CLICK" on Above Link)

(Note: Not all services contained in the above web site are Free of Charge. Credit Scores may be obtained for an Additional Charge &/or in conjunction with a Trial Membership to additional product offerings. Trial Memberships must be Canceled within the designated time frame to Avoid Additional Service Fees/Charges.)


                  To Purchase One or All Three of Your Credit Report/Bureau Scores: (CLICK)

To Contact Any or All Three Credit Bureaus to Dispute Information or Report Errors contained in Your Report:

(Federal Law allows you to Dispute Inaccurate Information contained in your Credit Report Free of Charge.)

It is important to note that Credit Bureaus are NOT responsible for checking the accuracy of the information submitted to them by lenders, public records facilities and other related agencies. Therefore, it is every Individual's Personal Responsibility to Monitor the Accuracy of and/or Correct any Inaccurate Information contained in their Credit Report.

The Federal Government has passed Several Laws to Protect Consumers in Credit Related Issues. Collectively, these Laws are referred to as "Consumer Credit Rights".

To Lean More about your Consumer Credit Rights:
(Mandated by Federal Law)

http://www.etc.gov/bcp/menus/consumer/credit.shtm
("CLICK" on Above Link)

The following Chart Illustrates Credit Quality based upon Your Credit Score. It also Indicates the Lending Group in which you will Most Likely Qualify (i.e. The most likelihood of being Approved.).

To Purchase One or All Three of Your Credit Reports or Credit Scores: (CLICK)

Your Car Loan Request is Effected by Your Credit Quality. As a result, Individuals with Better Credit Quality &/or Higher Credit Scores Receive:

        A) Lower Interest Rates

        B) Longer Car Loan Terms (i.e. 5 Years, 6 Years, etc.)

        C) Higher Loan-To-Value Amounts (i.e. Higher Percentages of Book Value Loaned)

        D) Greater Number of Lenders Willing to Loan You Money

If your Credit Quality &/or Credit Score falls into the Lower Categories, Do Not Be Discouraged! The Car Loan Professor is Designed to "Help You Help Yourself". There are Lenders who are Willing to Approve Your Car Loan Request! The Car Loan Professor Recommends the following (also listed above) Helpful Suggestions:

Suggestions to Help Increase Your Credit Score

CONGRATULATIONS !
You Have Completed This Section.

Continue To The Next Section:

(Click) ELEMENT #2. VEHICLE YEAR AND PRESENT MILEAGE