BMW credit tiers question

[Jll333]

Hi LHs,

I am thinking about getting into a BMW 3 series lease and curious what credit score would qualify for tier 1? I am a recent college grad making about 65K/yr (not sure if that would have an impact or not).

My FICO credit score is about 750 but my Equifax credit score is only 675. Just curious which one does BMW use? Any input helps. Thanks in advance.

[Cyberdemon]

Others can comment but I suspect you will have a problem without a cosigner based on income. Leasing a car that at minimum would be 50% of your yearly income I think would be a problem.

[Kctham18]

Do you have a previous auto loan or lease? What is your DTI ratio like? Your credit score is just one of the variables at this point in time… BMWFS may also ask for proof of income, job offer letter, etc. Really depends on your whole profile.

[Jll333]

I had a 5 year auto loan and it was paid off a year ago but never had a lease before. DTI-wise I have 20k on student loan but that is it. Never had any late payment on any loans/credit bills or anything like that. Also getting a promotion around October this year which would bump up my salary to about 80K - if that helps should I wait until then? Thanks.

[joeblogs]

Just find a fart car and grind out a smoking deal, fill out the credit app like a boss, don’t show any signs of weakness or say anything, just say that your credit is “great”. If you don’t get a tier 1 approval walk.

[Jll333]

LOVE IT! And yeah currently I am only looking at loaners/demo. Thanks for the input.

[Kctham18]

Having a previous auto loan helps… you have to determine when it makes sense for you then

@joeblogs

Just find a fart car and grind out a smoking deal, fill out the credit app like a boss, don’t show any signs of weakness or say anything, just say that your credit is “great”. If you don’t get a tier 1 approval walk.

But sounds good too

[j_e_f_f]

What do you mean your FICO is 750 but Equifax is 675? Your Equifax is a FICO score. If your 750 is from Credit Karma or something like that and not a true FICO from one of the 3 reporting bureaus then disregard it totally.

[Jll333]

Well, the FICO score was provided by the credit card companies that I am using… I guess they don’t really provide true score.

[jeisensc]

@j_e_f_f

What do you mean your FICO is 750 but Equifax is 675? Your Equifax is a FICO score

Equifax is a bureau and there are different versions of FICO scoring models.

The Credit Thread

Every month there is at least a handful of posts here that include erroneous perceptions, opinions or information about credit. This thread is intended to address questions and facilitate discussion about credit reporting, credit scoring, and any other general credit-related matters. All credit questions, and all informed opinions and answers, are welcome. To get the thread started, here are a couple of items that come up on LH from time to time. How does my income impact my credit score? I…

Were I the OP, I would find and fix the variance between bureaus and scores before I pick out a fart car as @joeblogs recommended

[TheBigTuna]

There is a FICO score and FAKO score… you’re probably looking at the latter…

750 Equifax, making 65K a year with a previous auto loan paid off? You should be fine trying to lease a loaner 3 series.

[Jll333]

Thanks a lot!

Can someone please close this post? Thanks.

[wam22]

720+ is tier 1. BMW FS looks at your highest score between transunion and experian.

[sean_o]

Question, i have a bomb credit score (587) that dropped 100+ points from a 704 due to a loan and hardship. Car lease payment was not late 1 day since 2017. Dti is good, 33500 at a 121k a year job. Will i need the co to assist right off the bat or try and fight arguing the on time car payment history? I have a repair consultant assisting on hopping up 100or so points right away but nothing is guaranteed. I got murdered a year ago with a dire issue.