09-17-2011 04:04 PM
Good score, not the best but good, good history and good income
09-17-2011 05:05 PM - edited 09-17-2011 05:16 PM
ok whats good income? You are not exactly giving enough information for any real advice.
And in reality, with that amount of nothing in your credit report (assuming you have no other car loan or mortgage history showing, and the credit limits are "relatively" small) you are not getting a lease, unless your income is $60K plus a year with a fat downpayment and no real monthly expenses.
And even then your lease payment will not be competitive to those advertised cheap lease payments and will not be competitive to a purchase payment.
Leases are harder to get then purchases. Leases to be a better payment option then purchases need a better score, credit history and such to get done.
if you got only a 1 year credit history with two cards you need to lower you expectations, unless you are in the military (and that has limitations) or just graduated school as a CRNA and have a contract already.
1 Yearly income gross, not counting overtime
3 Length of time at employer
5 Other monthly obligations
7 what are you trying to lease and why?
09-18-2011 12:28 PM - edited 09-18-2011 01:25 PM
Thanks, that's what I kind figured. My income is 50k+ but my lack of credit history would hurt me. Your responses were greatly appreciated.
1- We are not all knowing oracles, although I still think a lease is out of the question you can probably get a purchase.
2-A 50K income with no credit will inhibit your chances, but local credit unions that may or may no thave less stringent lending may be a better option.
If you are only interested in pursuing a lease, be VERY CAREFUL of any lease offered through a bank instead of through a manufacturer arm like Ford Credit. Usually a Bank lease in some cases may seem even cheaper then a manufacturer offered LEASE, there are usually Much HIGHER END OF LEASE OBLIGATIONS expected to be paid before its all over.
1-Turn In fees
4-Pick Up charges
5-End Of lease Fees
In addition, there is usually NO way to end the lease early-even if you simply want to trade into another car, where a manufacturer lease may end you early to get you into a new car.
09-18-2011 02:30 PM
What car were you hoping to lease?
I know some score requirements for certain banks but don't want to start listing if those aren't what you are looking for.
08-09-2014 09:33 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.