Credit Reports/CSA
Approximately many points does a hard pull of the credit report affect the score?
5
What is the Minimum job time for a member to qualify for the 1st time buyer program?
6 months
Cash out Refinance
A loan on a vehicle that the member already owns utilizing available equity in the vehicle for the member to finance something else.
The rate for a vehicle loan for a 650 credit score, a 2022 vehicle, a 73 month term, for $30,000.00?
10.49%
Find the LTV. The Vehicle is worth $25,000.00 and the loan will be $30,000.00
120%
What type of loan do we give high risk members?
Low Risk loans?
What is GAP?
An insurance product that will cover the 'gap' left over on a vehicle loan after the primary vehicle insurance pays out on a total loss claim.
'Close' a loan
The last step in the loan process including signing documents and funding the loan.
Maximum LTV for a Member with a 655 credit score for an RV.
80%
Find the DTI. The Monthly payments are $1367.96 and the monthly income is $3,500.00
39%
6
Who is eligible for the Main Perk Loan?
Employees of our preferred partners
'Gross' Income
Gross income is the total income before any deductions are taken out.
Pull up MeridianLink via the intersection.
Show me!
Find the Unsecured to Annual Income.
The member makes $63,000.00 a year. She has an installment loan with $9,500.00 owed, a credit card with $1,275.00 owed, another credit card with $5,787.00 owed, and a vehicle loan with $26,000.00 owed.
26%
Where do you find the credit card utilization on the credit report?
Trade Summary
How much money does a member need to provide for a Credit Builder Loan
Credit Card Utilization
The percentage of all credit card balances compared to all the credit limits.
180 months
Find the DTI, the member makes $65,000.00 annually, has a Vehicle loan for $46,000.00 with a monthly payment of $869.00 a month, a Mortgage for $389,000.00 with a monthly payment of $3,300.00, a credit card with a balance of $5,000.00 and a minimum payment of $110.00, and a credit card with a balance of $2,200.00 and a minimum payment of $50.00.
80%
How many points will a charge off affect the credit score?
150
What is the maximum loan amount for an Electric Vehicle Purchase?
$100,000.00
What is 'Front End' and 'Back End' when it comes to Vehicle Loans?
Front end is the amount required to purchase the vehicle. Back End is when amounts are added to the Loan at the financing stage. (typically ancillary products)
Maximum Zest Score for a personal loan. The borrower has a 710 credit score.
110
Find the Front End LTV and the Back End LTV. The Vehicle price is $20,000.00, the vehicle value is $19,300.00, the total cost of Ancillary products is $2,000.00
Front End= 104%
Back End= 114%