Leasing on Credit Score timing - up and down!

[steele]

HI 

So I'm returning my Volvo Lease next week. Very sad. Ill miss the premium sound and horsepower.

Decided to go Camry for 3 years to save $. 

My score dropped ( Experian Fico 9) 30 pts due to hub forgetting to pay down our joint CC - we were 2$ over the statement and my score dropped from 705 to 673 overnight!

Toyota offered me the full packaged Sport Camry for $299 / $799 Down. I said I had a strong 705 and he'd bump me to Tier 1 based on my word of 705. 

I'm 98% Cards maxed due to hubs surgeries last year - ( I floated us). My paystubs will say a solid 80K income. 

Q: Will they ask for paystubs at 673 Exp Fico 9 _ Or will they NOT if I wait 2 weeks for my score to jump back up to 700-710. Just paid 15% on debt

Q2. and what tier might that be if my score doesn't change ( stays at 673) by my lease end?  Does the 30 points matter in that range. 

Thanks in advance!!!!

[FirstAscent]

In my experience Toyota has been fairly flexible.

First question I'd have though is you mention your EX FICO 9 score, do you know for sure that's what TFS pulls? First thing would be to verify what bureau and scoring model they use then double check what your score is.

I was recently talking to a dealer (not Toyota) and they told me they can usually get people into Teir one at ~675 and up, but I don't have any direct experience with TFS on leases. 

Aside from your point drop I'd imagine they'd also see that you are maxed out on your cards and that usually doesn't look good to lenders. Your late payment is still to fresh for your score to make any noticeable improvement in two weeks but there is a chance it could increase from you paying down debt. 

If you know they pull EX FICO 9 I'd talk to your sales guy and say your score dropped to 673 but you aren't sure why yet and see if he can still get you same payment terms. If he can't then it might be worth waiting the two weeks to see if paying down debt increases your score.

You could also offer maybe $1k down at the same $299/month or something similar. Lenders are weird and I myself have gotten approved in the past with some pretty bad scores, granted it was higher interest but I was still surprised. 

[steele]

Great comment thank you. 

I wasn't actually late, hub just didn't pay it down enough so the interest brought the amount 2$ past my allowed limit on the statement. 

I was shocked that I lost 30 points on that. 

I haven't pulled all the Fico's yet here on this website. I'm waiting. But I also don't want to be in a position where I need that money that's on the cards - the longer I wait...depends on hubs bills and his sales - He makes a lot PER client but the leads are iffy. 

Thanks for the feedback - I do need flexibility. The easiest dealer the better with being at 98% debt max.  Camry is a top safety pick and so is Subaru Legacy.

Thanks again. Ill do Kia of I cant get approved at Camry.

[Kevin5974]

Kia wont give you tier 1, 2 or 3. Additionally, $2 over the limit isnt the reason for the drop. Youre 98% maxed out. I cant imagine $2 on one card is the difference maker...

I dont think youll be stipped for POI if the Toyota lease payment is less than the Volvo. If you showed the capacity to pay the Volvo, why would you not be able to pay the Toyota? Thats a quick phone call.

Figure out how to get the CC debt down. Im surprised the scores are that high with that kind of usage. Best of luck.

[Anonymous]

I get dinged 16 points when I have a card report over limit on a very dirty scorecard. In the 700s with super high utilization sounds like your have a much cleaner profile so I wouldn't be shocked if that $2 cost you 30 points. The good news is you can get those points back, the bad news is I had to wait for that same card to report under the limit.( going from 95 overall to 80 didn't help, not other cards being payed from 90 to the 40s). But that was fico 8, some other scores cared less, some cared more.

Good luck(I'm currently drooling over legacys my self. Safety and the awd are kind of must haves for me at this point)

[steele]

Yes thank you for that reasoning!

Although- I watch my score weekly and have alerts for when it changes. Yes it was 705 with 98% max for awhile. Then the 2$ overage on statement close. BAM 30 points. I'm in disbelief myself. Then why would I be 705 at 98%  who knows? We will see the next statement close.