olivia3636
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olivia3636
Posts: 4
Registered: ‎09-05-2012
Buying vs Leasing Car make any difference to credit score?

‎09-26-2012 01:53 PM

I will be in the market to buy/lease a car in 3 - 6 months and buying a house 12-18 months, and I am wondering if leasing vs buying a car will make any difference in credit score. Does it make any difference?

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Shogun
Posts: 7,604
Registered: ‎04-15-2011
Re: Buying vs Leasing Car make any difference to credit score?

‎09-26-2012 05:37 PM

I really don't think it will make a difference.  It would still show as an installment loan.  You would take the hit for your AAoA and Inquiries.  But that will will be aged plenty by the time you app for mortgage.  Just keep an eye on your DTI.

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olivia3636
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olivia3636
Posts: 4
Registered: ‎09-05-2012
Re: Buying vs Leasing Car make any difference to credit score?

‎09-28-2012 04:17 PM

If I have had an auto loan before that I paid off early will hat hlep or hurt my auto enhanced score?

Starting Score: 650 TU FICO (8/29/12), 642 EQ-FICO (8/29/12) 606 EX (8/29/12)
Current Score: 709 TU FICO (9/22/12), 679 EQ-FICO (9/22/12), 695 EX (9/22/12)
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Shogun
Posts: 7,604
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Re: Buying vs Leasing Car make any difference to credit score?

‎09-28-2012 07:39 PM

If you paid on time and had no lates, it will be a positive factor.

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LS2982
Posts: 15,088
Registered: ‎04-09-2011
Re: Buying vs Leasing Car make any difference to credit score?

‎09-30-2012 07:54 AM

I agree with Shogun it will show up as an installment loan either way so no real difference in score.

@Olivia it should help you that is PIF regardless of early payoff or not.


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