Home and car ownership for pros

[firstyearclay]

I bought an Accord in 2005 and used "Professional Poker Player" as my job and got approved no problem. I had car credit previously to getting this "new" car so I am sure that was a factor.

Having a job with income to substantiate a new car purchase are both very important, and are just factors in the process. You still need to have a good debt to income ratio, no bk's or credit history problems, etc.etc.etc.

When putting down that you are a "Poker Pro" be prepared to print out bank statements (from 3 months to a year) to show that you have been earning steadily every month. This may be the worst case scenario for you.

Overall, I had zero problems applying for or getting loans while I was under the "Poker Professional" job title.

[limitninja]

Car loans are jokes, anyone even with a credit score of 400 and no job can get a car loan, last year I had very bad credit score like around 420, and only made 12k previous year (showed my tax returns prepared by accountant). And still got a loan for a brand new 2006 chevy impala. Sales people don't care what you do, all they want is comission. And with market being as bad as it is today, alot of people will go out of their way to sell house or car to you.

to sasha:
you stupid mama's boy, does she do your bed and your dishes too ????

[TheJokerIsWild]

"And still got a loan for a brand new 2006 chevy impala."

This definitely should be in BBV as a huge beat.

[Fishhead24]

Been a professional for 15 years..........

Your loan will be viewed more on.........

1. CREDIT HISTORY
2. CREDIT SCORE
3. HOW MUCH YOU PUT DOWN

Have bought cars and homes with no problem.

-FH-

[grizy]

[ QUOTE ]
Been a professional for 15 years..........

Your loan will be viewed more on.........

1. CREDIT HISTORY
2. CREDIT SCORE
3. HOW MUCH YOU PUT DOWN

Have bought cars and homes with no problem.

-FH-

[/ QUOTE ]

Disclaimer: I have never been a loan officer. Howeve,r i have worked in the finance industry for a very very long time and I can tell you, the job description box isn't anywhere in our risk valuation models. The industry has long time ago resorted to credit history and scores to determine your loan rates.

[Dangergirl]

I bought an owner occupied condo at 100% financing and with a good credit score went with a no doc loan. This type of financing has a higher rate but I really didn't care.

There are many great programs out there you just have to talk to a broker that knows their stuff.

[LeeLoo]

[ QUOTE ]
[ QUOTE ]
Been a professional for 15 years..........

Your loan will be viewed more on.........

1. CREDIT HISTORY
2. CREDIT SCORE
3. HOW MUCH YOU PUT DOWN

Have bought cars and homes with no problem.

-FH-

[/ QUOTE ]

Disclaimer: I have never been a loan officer. Howeve,r i have worked in the finance industry for a very very long time and I can tell you, the job description box isn't anywhere in our risk valuation models. The industry has long time ago resorted to credit history and scores to determine your loan rates.

[/ QUOTE ]

While it is true that credit score and history play a large role in determining your rate, your income documentation type plays a large role as well. Most lenders will not do a full doc or stated loan for a pro gambler. You will have to go nodoc which runs your rate up. This is assuming your credit depth and scores meet the NODOC requirements.