topic Re: What is a car lease considered as on credit reports? in Auto Loans

What is a car lease considered as on credit reports?

Anonymous — Tue, 19 Aug 2008 20:36:27 GMT

I am leasing a car and was wondering what type of account this is on my CR and how it affects my overall score. Thanks.

Re: What is a car lease considered as on credit reports?

Anonymous — Wed, 20 Aug 2008 17:48:46 GMT

It's an installment loan - and no, it does not hurt. I have 2 installments - a lease and mortgage. As the lease is paid down, your score will go up.

If the car lease is your only installment, when the balance reached zero, it will hurt you. When you add another installment, you'll see a bump. Toyota likes to report a lease balance of zero 30-60 days before it actually happens.

Re: What is a car lease considered as on credit reports?

Anonymous — Wed, 20 Aug 2008 18:48:47 GMT

Thanks for the info. I also have two school loans to go with the car lease, so will my score still fall once the lease is up? Either way I feel better about having the lease on my report. Wasn't sure if it was a bad thing or not.