Mercedes Benz lease dragging me down

[Anonymous]

In December 2014 I had an 810+ FiCO score.

Now I'm just 757 or so.

I'm never late with payments.

I leased an ML350 April 2014.  

Monthly payments were $730.00.  

I have paid the entire lease balance off.

Yet the account still shows me having an open balance on my FiCO

report: seems that MB simply takes each monthly payment due and

subtracts it from the money I paid in advance, and reports the leftover

balance to FiCO.  They don't report the account as paid in full!

FiCO says I'm currently using 15% of my available credit; best crediters 

only use 6%.

Is the MB balance chewing up my available credit?  If so, why did I still 

have an 810+ scrore 8 months after taking out the MB lease?

In addition back in February 2015 (its now September 2015) I got another

6 credit cards.  I know the inquiries dragged me down (to 697)but shouldn't

their effect be gone by now?

How can I raise my credit score back into the upper 700's/lower 800's??

HALP!!

[pipeguy]

I doubt the lease is hurting you as car loans (leases) are considered instalment loans which don't carry much weight other than a good "mix" of credit types. The 6 new credit cards are your issue, they'll hurt your AAoA and be considered "new credit accounts" for at least a year. I'd say it's going to be pretty easy to get back abover 760 which is considered excellent, but 800+ that'll take a while due to the new accounts. BTW if you dropped completely your car lease chances are you'd lose a few points to the lack of an installment type loan. 

EDIT/Add = unless you are shopping for a new mortgage, I don't know any mainstreat creditor that'll treat a 757 any different from a 810 true FICO score and even with a mortgage, only the new accounts will be a ding but probably not enough to affect your APR. 

[Anonymous]

Thanks.

What's "AAoA"?

:-)

[pipeguy]

---

@Anonymous wrote:

Thanks.

What's "AAoA"?

:-)

---

Average Age of Account

[Anonymous]

Not sure if this is for ALL leases, this pertains to leases that i am familiar with.  On a one pay lease or with lease payments paid in advance, your money goes into a trust account and each month the money from the trust account pays your monthly payment.  This is why you still pay a money factor (similar to an interest rate, but for a lease) on your financial obligation.

[Anonymous]

Thank you ... but ... what does AoAA stand for??

[EddieK]

---

@Anonymous wrote:

Thank you ... but ... what does AoAA stand for??

---

It was answered above...Average Age of Account.

[Anonymous]

Thanks.

Where was it explained "above"?

I can't see where you previously answered that question 

on my end.

[Anonymous]

Cineke, there is a sticky called frequently requested threads that has a link to all the forum acronyms ue AAoA, etc, this place will make as lot more sense to you if you bookmark it and refer to it! Otherwise it is just confusing.

[Anonymous]

Thanks.

Where is this sticky you're talking about with all the acronyms?