No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi, looking for a little advice. Im interested in getting a lease, and actually I was planning to wait until next year to let some accounts age. But today I saw a special at my local BMW dealer for a 320i at $249 a month with $2,995 down for 36 months.
Here is a little background
Income: 50K
5 Credit cards
AAoA is 2.2 years (opened 4 new credit card accounts 2-3 months ago)
UTL: <10%
No collections
2 late payments 4+ years ago, but none after that.
Fico:
697 Equifax
726 Experian
701 Transunion
Now, what may hurt me is that I co-signed on a loan 1 year and 2 months ago. Always paid on time of course, but dont know how they would see this as its on MY credit. The car isnt mine, just that I co-signed.
If anyone thinks I should wait another 8 months or so to let my socre go higher, I might as well do that. But since I never leased a car, I thought I should ask what my best route is.
I don't see why you would have any issues with scores in the 700's... especially if you already have an auto loan your auto enhanced fico might even be higher than the scores you are pulling!!
@Creditaddict wrote:I don't see why you would have any issues with scores in the 700's... especially if you already have an auto loan your auto enhanced fico might even be higher than the scores you are pulling!!
Wow, didn't know there was an "Auto Enhanced Fico". It would be great if those scores would be higher than my regular Fico scores.
I thought I didnt stand a chance as I currently have an auto loan in my name, even though the car isnt mine, all I did was co-sign. I think I'll think twice before getting a loan for someone else in the future. Now that I want a car, this puts me in a tough situation with lenders, like the magic question "Why do you need a second car loan/ lease?"
Thanks for pointing this information out.
@mikhro wrote:
@Creditaddict wrote:I don't see why you would have any issues with scores in the 700's... especially if you already have an auto loan your auto enhanced fico might even be higher than the scores you are pulling!!
Wow, didn't know there was an "Auto Enhanced Fico". It would be great if those scores would be higher than my regular Fico scores.
I thought I didnt stand a chance as I currently have an auto loan in my name, even though the car isnt mine, all I did was co-sign. I think I'll think twice before getting a loan for someone else in the future. Now that I want a car, this puts me in a tough situation with lenders, like the magic question "Why do you need a second car loan/ lease?"
Thanks for pointing this information out.
car dealers want to sell a car and frankly they could care less if you have 10 cars... the only time they will care or ask is if they get asked by the lenders they are trying to push too.... when my partner bought another car, they just wanted to know about keeping or getting rid of 2nd car and why.... question asked... question answered.
if they have a really hard time because of DTI or something maybe they would ask for proof someone else is paying but doubt it!
When I financed through BMW last year, it was for a second car (original car loan was still on reports), they didn't bat an eye or ask any questions. I don't think you will have a problem with BMW financial with your EX score (they usually pull EX).
This is why I wouldn't apply online. There is just something about the human interaction that gets things done. You won't have a problem when you go to the dealer, and you'll laugh at that denial.
Congratulations