Forum Members,
I am in the market for a new car, a 2016 Range Rover Sport Supercharged Dynamic. A special order was placed through the dealer about a week ago with anticipated delivery of the vehicle around Christmas. Deposit of $2000 was placed to "put my name on the vehicle." During this almost three month time frame in the interim, I am taking heightened steps to increase my FICO score above 700.
I would like to know feedback and/or advice to optimize the best potential for a positive outcome on the lease through Land Rover Financial Services.
Current FICO scores:
681 TU | 676 EQ | 676 EX
Current Income (before taxes):
$215,000/annum
Current DTI:
13%
Current Auto Lease:
BMWFS - 36 months/12,000 (year) - Payment of $535 (Lease-End option in Dec '15, will turn in vehicle before new lease)
Current Bank Cards/Credit Cards:
Chase Sapphire Preferred ($8500CL), AMEX Premier Rewards Gold & Green Card (NPSL), Capital One Platinum ($2200CL), Discover It ($1500CL), Comenity Bank ($8500CL)
Current Installment Loan:
Lending Club - 36 months | $661/month (as of September 25th, balance of $17,500) Will be making a $10000 payment before December 1, 2015 (reducing the debt to income ratio further)
I recently paid off about $15000 in credit card balances, so my utilization percentage is under 10% (not being reported by all bureaus, yet)
I am reporting a 30 Day Late on all three credit bureaus from 30 months ago, however no late payments since. 3 outstanding collections totaling $754 (currently paid-off and two of the three reported in writing that it would be deleted with the bureau and one is currently in dispute - not reported to the bureaus as of yet.)
2016 Range Rover Sport Supercharged Dynamic
MSRP: $97,500
Projected Lease Schedule - 33 months / $1,534/month
Cap. Cost: $7,684 due at signing (incl. Taxes, Delivery, 1st month payment, and other misc fees.)
I guess I am curious based upon my history that I've identified, if I have a good chance at increasing my FICO scores above the 700 mark for an approval and if you think I can afford this?
Thank you Forum Members.
