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BMW FS Thin file advice

New Member

BMW FS Thin file advice

Long story short my file was/is thin because I basically haven't used credit for years after college. Finally, I decided to start re-building

my credit about 6 months ago and have a total of 3 open accounts. However, my oldest ever account shows as being decades old when looking at my file through experian.

 

Scores were all in the 650s/660s range and I was denied for not having an auto loan previously. Also income is above 140k annually. Should I try other dealerships? The car I was wanting to lease was a new X5 50i.

6 REPLIES
New Member

Re: BMW FS Thin file advice

Update. It looks like they are still pulling additional credit bureau reports under slightly different business names. My guess is that they really want to make a deal and are trying different avenues. However, is this legal at this point after verbally telling me over the phone that I was denied?

 

At the very least I figured I'd get some kind of written notification or email but I don't think they can inform me that I was denied and then continue to work an angle. Thoughts?

Message 2 of 7
Valued Contributor

Re: BMW FS Thin file advice

15FD148E-4953-4F1C-9872-4AA3D8C06CD5.jpeg

 

I bought one about a year ago, just one word of advice....

 

 

save your money. Although mine is a X5 35i.. AND 

BMW FS does not like thin files, Hell they denied me cause a few years back my file looked “completely different” according to the Analyst UW I spoke to over the phone in the Finance managers office..

Message 3 of 7
New Member

Re: BMW FS Thin file advice

 


@Creditplz wrote:

15FD148E-4953-4F1C-9872-4AA3D8C06CD5.jpeg

 

I bought one about a year ago, just one word of advice....

 

 

save your money. Although mine is a X5 35i.. AND 

BMW FS does not like thin files, Hell they denied me cause a few years back my file looked “completely different” according to the Analyst UW I spoke to over the phone in the Finance managers office..


If you don't mind me asking, did you end up paying cash or just get some other 3rd party financing?

Message 4 of 7
Valued Contributor

Re: BMW FS Thin file advice

I went to the local CU that offered me a 1.99% rate for 48 months. I paid the note for 6 months then paid off the loan, got the title 2-3 weeks after that.


(Altura CU) was the Credit Union, they pull EX Fico8 for Auto and will reuse the same pull for 30 days on cards, personal loans, etc.

BUT I will say BMW FS doesn’t like thin files... and they didn’t like my file... due to it being “completely different” 3 years back or so..
Message 5 of 7
Valued Contributor

Re: BMW FS Thin file advice


@Creditplz wrote:
I went to the local CU that offered me a 1.99% rate for 48 months. I paid the note for 6 months then paid off the loan, got the title 2-3 weeks after that.


(Altura CU) was the Credit Union, they pull EX Fico8 for Auto and will reuse the same pull for 30 days on cards, personal loans, etc.

BUT I will say BMW FS doesn’t like thin files... and they didn’t like my file... due to it being “completely different” 3 years back or so..

Altura was great and rates were great when we refi'd DWs car about 5 years ago.  When we were buying a new one and trading hers in they were a pain in the backside to deal with.  

Ch 7 Discharge 3/12/2018
Credit One $700, Wayfair $5,000, Blaze MC $2,500
Infiniti Financial lease

AU Cards: CSP $37.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
Message 6 of 7
Valued Contributor

Re: BMW FS Thin file advice

My only complaint is, they’re very conservative... MBFS and Chase auto very easily pop out $100k approvals, (not that I wanted more but they stuck my loan maximum at $86,000).
Message 7 of 7