cancel
Showing results for 
Search instead for 
Did you mean: 

does leasing affect scores when applying for mortgage loan

tag
Anonymous
Not applicable

does leasing affect scores when applying for mortgage loan

Hello,
I just got married this past summer, We financed the wedding on my credit cards $30,000, plus I already had about $20,000 in debt. I have a very old car it' s still running fine but I'm nervous because it is almost 9yrs old. My husband thinks if i get a new car it will mess up our chances of buying a home in the next 2yrs.  We are working extra to  pay down the debt but I still need a car. my credit score is only 662, I was hoping that if i can get my score up to atleast 680 in the next 6months I might be able to lease.  Would this affect our getting a mortage for another home by 2009?
Thanks
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: does leasing affect scores when applying for mortgage loan

I have always heard that you need at least a 680 or better to lease.
Message 2 of 4
ShanetheMortgageMan
Super Contributor

Re: does leasing affect scores when applying for mortgage loan



debtfree2010 wrote:
Hello,
I just got married this past summer, We financed the wedding on my credit cards $30,000, plus I already had about $20,000 in debt. I have a very old car it' s still running fine but I'm nervous because it is almost 9yrs old. My husband thinks if i get a new car it will mess up our chances of buying a home in the next 2yrs.  We are working extra to  pay down the debt but I still need a car. my credit score is only 662, I was hoping that if i can get my score up to atleast 680 in the next 6months I might be able to lease.  Would this affect our getting a mortage for another home by 2009?
Thanks


It could mess things up if your debt ratio can't absorb the new payment for the amount of home you are looking to buy... after 4-6 months it shouldn't impact your score negatively anymore.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 3 of 4
CreditDrama85
Established Contributor

Re: does leasing affect scores when applying for mortgage loan

you need stable income and not a lot of baddies. i have seen scores as low as 550 lease and i leased with a 625 fico
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.