SOFT & HARD PULL
What does NSF mean?
NON SUFFICIENT FUNDS
This offer is generally offer 2.5k to 15k and has a lower risk customer to qualify?
UNSECURED LOAN
Loans that have collateral such as a car or item of value pledged to secure the loan, that can be repossessed it the customer doesn`t pay?
SECURED LOAN
Designed specifically for Reprise which you are allowed searching and filtering applications.
CASE CENTER
What are the states we don`t accept salvage title?
AL $ FL
An individual works directly foa a company and pays federal taxes each pay period
W2 or PAYROLL INCOME
These occur when you check your own credit, typically do not affect your credit score.
SOFT INQUIRY
These occur whebn you apply for a loan, which can slightly klower your credt score, typically by a few points.
HARD INQUIRES
Is a credit account that allows you to borrow up to a limit, make purchases, and repay over time?
REVOLVING CREDIT
A ratio that compares the amount of a loan to the value of the asset being finance
LTV
What do we need if the application and CBR (Credit Bureau Report) has two social security number mismatch?
Social Security Card
A unique 17 digt code assigned to each vehicle
VIN
AN INDIVIDUAL WORKS FOR THEMSELVES BY RUNNING THIER OWN BUSINESS
SELF EMPLOYMENT
The practice of risking one`s own money on an uncertain outcomes of a game, context, or an uncertain event whose result may be determined by chance?
GAMBLING
What are the three electronic title states that we accept?
AZ,OK & FL
A three- digit number, typically ranging from 300 to 850.
CREDIT REPORT
A bank statement is a digital summary of your bank account activity, showing your balance and a list of transactions
PLAID
The cost charge by the bank or lender to let you borrow the money?
INTEREST
A process where you negotiate with your creditors to accept less than the full amount you owe as payment to settle a debt.
DEBT SETTLEMENT
Represents the total cost of borrowing money, expressed as a yearly interest rate.
APR
fees that are typically a percentage of the loan are adde to te balance at the start of the loan
ORIGINATION FEE
Provide the 9 credit report red flags?
Missed Paymentss/ Deliquency
High Credit Uilization
Bankruptcies
Foreclosures or Repossession
Defaults Or Charge Off
Multiple Charge offs
Multiple Recent Inquiries
Short Credit History
Limited Credit Mix
A serious financial event that can have long-lasting effects on the customer credit profile. It indicates an individual has filed for legal protection from creditors due to an inability to repay debts.
BANKRUPTCY
Provide the 7 credit report Green flags
On- time payments
low Credit Utilization
Long Credit History
Diverse Credit Mix
Limited Hard Inquiries
Positive Account Status
No recent Bankruptcies or Collections
A column should be referenced when discussing terms with the applicant as these are terms that will be on the contract.
CARLETON CALCS