Leasing requirements

[Anonymous]

Hi Everyone!

I've been reading this board for a few days and everyone is so knowledgeable! I'm wondering what are the requirements for leasing a car? My current TU score is 629, EX 611, and EQ 603. Surprisingly, I got approved for an unsecured BOFA WorldPoints card when my credit score was like 580 when I approved for a secured card (for some reason they sent me both).

I was also thinking about getting a secured personal loan to boost my score some more, pretty much paying it back with the money I borrowed. I also don't have any installment loan history, etc., and I've had several COs on my report from 5+ years ago.

I guess the question is, should I wait to build up some more installment loan history before I try to get the lease? Or, if I can get the lease now, is it worth paying more just for the history (I don't mind the higher payments).

Thanks!!

[Schoolbuskid]

They may look at you previous high credit to determine eligibility...also alot of leasing manufacturers use Auto enhanced scores...so if you had a good auto loan history your Auto score could be higher than you regular ficos!

[Anonymous]

You might want to look into joing a CU - and leasing through them.  NFCU offered me a lease rate that beat any dealer or bank.  NFCU went strictly by FICO score - not an auto enhanced score.