Who does Ford Credit pull?

Discussion in 'Credit Talk' started by CK70, Nov 12, 2003.

  1. CK70

    CK70 Well-Known Member

    I am going to try financing through Ford Credit but I need to have them look at my credit reports first as I have a discharged BK and I want to know what I am up against before having them pull my reports.
     
  2. AtlantaGA

    AtlantaGA Well-Known Member

    They've always pulled EQ on me.
     
  3. supershawn

    supershawn Well-Known Member

    It varies. Not just by geography. They purchase 'subscriptions' and pull different reports at different times. It just depends on who they are using at the moment.

    Depending on the results of the first pull (automated), a second pull on a different CR may be done by the rep handling your app.

    If you give me the state you will be applying in I will see who they will pull first.


    Shawn
     
  4. kickman

    kickman Well-Known Member

    Me too (here in Calif.).
     
  5. faztcobra

    faztcobra Well-Known Member

    Pulled EQ and I'm in Dallas.
     
  6. dinob12

    dinob12 Well-Known Member

    .. EQ
     
  7. sahlegian

    sahlegian Well-Known Member

    pulled both efx and exp in cleveland , not sure why they needed 2 reports but oh well i got my 0.9% apr
     
  8. supershawn

    supershawn Well-Known Member

    Don't know your state, but if you are in MD/DE/VA (Acct's handled out of the Columbia, MD Branch) the computer will pull EQ first (currently). If the rep needs a second report TU will be pulled second.

    If you score an auto-approval (0A, 00A, or 1A), you will prob not get a second report pulled.

    'Average' auto-approval's are around 640 ....but it can vary.

    This is valid as of this afternoon but, again, it can change.


    Hope this helps,
    Shawn
     
  9. supershawn

    supershawn Well-Known Member

    A second pull is done when a Ford rep reviews your app. Usually, this only happens if your app is not an 'auto-approval'.

    Don't fret- auto-approval does not mean awesome credit and non-auto approval does not mean bad credit.... I have seen some pretty bad apps get auto-approved that, if a rep reviewed them, they would prob get denied. It depends on a lot of factors in the app such as job code, time on job, etc....

    And yes, there are ways to insure an app gets auto-approval but if you get caught Ford gets pretty pissed (don't ask me how I know that :p ).

    Shawn
     
  10. dinob12

    dinob12 Well-Known Member

    Good info
     
  11. supershawn

    supershawn Well-Known Member

    Well, I guess I could post some more....although I am not 'recommending' anyone use mis-information to better their app....

    I have seen 'gold' people look bad because of their app and I have seen 'tarnished' people look great because of their app..simple things that might appear to mean nothing at all actually have a big influence on your score. Remember, your 'FICO' score is NOT the only thing that determines your loan.
    What Ford looks as is not really your 'FICO' score at all but a score BASED on your FICO along with several other factors.

    Some things that the Ford Credit automated app looks at....

    Tip number 1- apply on a Saturday afternoon. More apps are 'rolled' on a Sat afternoon than any other day. "Rolled' means an 'iffy' app is approved even though info can't be verified because it is a weekend.
    This is especially effective at the end of the month.

    Tip 2 - Previous car loan experience plays HEAVY on their decision. Mortgage payments would be a close second. Student Loans and an occasional 30 do not mean a lot.

    Tip 3- When you give your monthly housing cost, remember to 'think'. Your rent/mortgage may be 1500.00 a month, BUT, do YOU actually pay all that by yourself???? If your spouse pays part, or a roommate, only give the actual amount you pay. $1500 but have a roommate?? Then you give 750.00 as your mtg/rent. Yes, the mtg will show up on the report, but the value you input is what decides auto approval or not. (factors into debt/income)

    Phone Number: (No phone number is an automatic decline) "No phone, No Loan" is the actual response it gives...pretty funny.... (verified)

    Bank Account info: there is an input code for none, checking, savings, and both. Both is the correct answer (not verified unless very 'iffy' app and not auto approved).

    Job Code: Your job is actually assigned a code...everything from Doctor, Engineer, etc, to Roughneck. Even if you only told one person what to do once, make sure your title includes the work manager or supervisor...you will get a lot more points. Self-Employed loses a good deal of points. (not verified).

    Time on Job: You want this to be at least 5 years....(will be verified only if you are not auto-approved and you score 'iffy'). Job times of 7 years and higher are very good on your score.

    Time in residence: You want this to be at least 5 years (not verified).

    Education: Minimum "at least some college" gives you a good score. (not verified)

    Again, I am not suggesting that you mis-represent yourself at all, I am just letting you know what comes in to play when you apply.

    Ford Motor Credit is a great company to deal with. I am not a FMC employee, and I get nothing out of this other than helping others out.
     

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