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debtfree2010
Posts: 1
Registered: ‎11-04-2007
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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
Frequent Contributor
RGordon
Posts: 303
Registered: ‎09-07-2007
0

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.
Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
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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.
Established Contributor
CreditDrama85
Posts: 1,044
Registered: ‎07-03-2007
0

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

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