Credit Cards Center Credit cards from our partners
Reply
Contributor
Posts: 91
Registered: ‎04-24-2012
0

Will I Qualify For A Lease?

[ Edited ]

I currently have a 651 EQ MyFico score with three baddie accounts. My only auto history is a 72 month loan from BoA with a single 30 day baddie in 11/08. Then I have a closed Chase CC with a 2k balance with 9 baddies DOLD 2/11 and a Cap 1 CC with 2 baddies DOLD in 1/06.

 

Do I even have a shot for a lease at this point?


Current Score: EQ Fico 651 (5/22/2012)
Goal Score: 720


Take the FICO Fitness Challenge
My Credit Rebuild Project Log
Regular Contributor
Posts: 148
Registered: ‎05-15-2012
0

Re: Will I Qualify For A Lease?

It is looking iffy, is a cosigner available?

***$25,500******$20,000******$20,000******$20,000******$15,000********NPSL****

Contributor
Posts: 91
Registered: ‎04-24-2012
0

Re: Will I Qualify For A Lease?

No cosigner is available unfortunately. Is there a specific score minimum that lease applications are typically rejected at?


Current Score: EQ Fico 651 (5/22/2012)
Goal Score: 720


Take the FICO Fitness Challenge
My Credit Rebuild Project Log
Regular Contributor
Posts: 148
Registered: ‎05-15-2012
0

Re: Will I Qualify For A Lease?

590-630's

***$25,500******$20,000******$20,000******$20,000******$15,000********NPSL****

Contributor
Posts: 91
Registered: ‎04-24-2012
0

Re: Will I Qualify For A Lease?


dpechal wrote:

590-630's



So with a 651 I should qualify for a decent rate right?


Current Score: EQ Fico 651 (5/22/2012)
Goal Score: 720


Take the FICO Fitness Challenge
My Credit Rebuild Project Log
Valued Contributor
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Will I Qualify For A Lease?

Although I'm no expert, from reading in these forums you should be able to qualify for a purchase with some down payment. But a lease seems to have much more stringent credit requirements. The truth is the auto companies are changing policies all the time and obviously they want to move cars off the lot. So go pick out the car and see what magic the dealer might work. Just be sure you understand the terms of whatever loan product they find for you.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Frequent Contributor
Posts: 305
Registered: ‎04-26-2012
0

Re: Will I Qualify For A Lease?

[ Edited ]

It is my understanding (and I could be incorrect), you have to have a score of 640+, have no collections or charge offs (or at least showing paid for over a year), and a perfect payment history for 12 months.  Even then, a score under 700 (if approved) may require a larger down payment.  

 

Best thing to do (as it varies from dealer to dealer) is call the dealership that you are interested in leasing from and explain your situation.  They should be able to tell you if you will qualify for their leasing program.  

 

The other thing that you have to remember and consider is that the 651 FICO score that you get from here will likely be different (could be + or -) from an auto enhanced FICO score, which is likely what the dealership will pull.

Frequent Contributor
Posts: 474
Registered: ‎04-09-2012
0

Re: Will I Qualify For A Lease?

I think it all depends on the dealership.  I can't remember which one, but one of the dealerships around me wouldn't even look at you unless you have 720.  Call and ask them - they will tell you.

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500
Valued Contributor
Posts: 1,206
Registered: ‎02-19-2012
0

Re: Will I Qualify For A Lease?

Ive been looking for deals on cars as well.  In most of the commercials the fine print reads must have fico scores of 680++  I know this for Hynundai for sure.


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.