My credit scores are not the greatest but I have been trying to rebuild my credit since Jan. 2016. I started with score of 430 which is now EQ: 598 TU: 611 EQ: 613. I know I still have a ways to go but it makes me feel good seeing the numbers go up. I have (4) credit cards:
Cap Platinum credit 1000 credit limit; credit card was 750 and I ask for CLI last wk and was given $250.00. (1,000 credit limit) owe 300.00 I know it's not alot but it's a start.
Cap Journey: 500 credit limit; CLI was given $250.00 now credit limit is ($750.00) (owe 350.00)
Cap Platinum: account restricted 300.00 balance.
Credit Union secured card limit 300.00
I have been on time with paying all my bills, thankfully. I would like to lease a vehicle sometime this year.
What type of score do I need to lease? I have an income of $70,000
Thanks for your help
At least over 680, most over 700. IMO of course
I been having modest sucess with Chase, and my scores are around 660-670. But YMMV and every bank is different.
Chase gave us a car loan around 7% in 2014 when my husband's scores were around 660-670.
You can still get some points by paying down your credit cards to below 30% utilization or better yet <9%. For the $1,000 limit let $90 report.
I think your results will depend greatly on the vehicle you are wanting to lease. Last year when Chevrolet was trying to get rid of the old body style Malibu sedans, I saw GM Financial do leases down the the 560s. Even now, I still see people in 590s lease modest vehicles. Now, if you're wanting a BMW 7 series, then I'd say you won't be too successful.
I'm interested in the Ford Edge (2016) since I figured you might get a better deal since they are trying to make room for the 2017. If I have to, I will wait until my scores improved in order to receive a better APR
At this point in 2017, I'd be surprised if a 2016 would be cheaper to lease. Let's say hypothetically that a 2017 has a 36 month residual of 47%. The same vehicle in a 2016 model at this point would have a residual lower than the 17 (it's a model year older). If the residual is less, your payment is more. Also, I would think Ford Credit would be just about done with leasing 2016 models.
Now on if you want to buy one then sure you can probably get a better deal on a 16. Also if you g to a dealer, please don't mention "low apr" with leasing! The sales person might say something like "oh yes very low,my he rate is .00125"....leases do not have an apr, rather something called a money factor. It's the same affect as an apr, but just wanted to give you that advice.
JGGM: Thanks for the advice
I suggest you will check out for the dealers offer based on your credit score. Surely, they will give you the exact information that you needed such as if your credit score is good for leasing Ford Edge. I advice you should try trusted dealers such as https://dsrleasing.com/. You can personally contact them online and discuss your credit scores, your choice of car and other concerns. I suggest you should canvass for more dealers for you to choose the best option. Hope this idea help you here.