B Credit Tier (660-699) I'm I burnt toast?

Ask the Hackrs
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1

I am B tier 2, I am gonna get raked over the coals on my cash money factor?

Am I even gonna get to be a lessee?

2

This has been discussed before. Search the forum. It depends on which bank you’re talking about. IIRC some don’t have a big MF add to Tier 2. Some banks a high 6xx can be bumped up to Tier 1 or nominally categorized as Tier 2 but with the same MF as Tier 1.

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3

I was thinking things have changed drastically since the pandemic

4

There is no point in discussing hypotheticals - it varies. What brand(s)?

5

Chevy, GMC, Ford, Toyota.

I need a 1/2 tonne truck

6

Short of the occasional Tundra deal, those are usually better purchases than leases anyway

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7

if you have a little time, maybe you’re able to address the issue and fix your credit before you lease your new truck?

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8

See what this guy can do for you.

9

I think if I pay off all the cards I can get my score to 720

10

I really don’t want to keep the truck that long and I’d rather be able to write off the lease than the depreciation on a buy

11

Don’t spend a dollar to save a dime.

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12

but then I’d trade the truck in every 3 years?

13

…

Were I you, I’d start by skimming the June programs to see which truck(s) have the lowest base MF to start (knowing you’re probably Tier 2) then look at the overall lease. The Ford trucks likely have too high a MF and too low a residual. Toyota maybe as @mllcb42 mentioned. No idea what Chevy had been like recently on the work trucks (the show trucks are selling very well).

Sounds like DTI is primarily your issue? No big negatives?

14

depends on why your score is so low. If it’s high utilization of your available credit then yes that would help but it takes time to update on your credit bureaus. So it’s not like the day after you pay it off the score jumps.

If you have a late payment history or some other derogatory entry then paying off your cards isn’t going to do much.

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