Hey I have question maybe yall would probably know the answer. I been talking to different dealers about the numbers but I haven’t let them run a credit check yet. If I go to one Jeep dealer and let them run my credit and I don’t like there numbers and leave then go to another Jeep dealer would they have to run another credit check or would it be in there system already from the 1st dealer??
They will re-run a credit check. That’s why you should have an idea of your score and what tier you qualify for beforehand. Then only after you have finalized numbers on a deal should you allow them to run a credit check.
To follow up on what @Jon said, let them run your credit at the very tail end of your deal, after all the negotiations. All credit checks completed within (IIRC) 21 days count as one; another credit check done after 22 days will count as a second and multiple credit checks tend to ding your credit score.
In your experience, if you have a tier 1 credit score, do they ask for proof of income? The last time I bought a car I had a W2. Now I’m self-employed. I don’t have pay stubs and I really don’t want to submit my tax returns (if president Trump doesn’t have to why should I? ;)) What has sufficed in your experience? Thanks.
No, they did not ask me.
For my last 2 leases, I was not required to show any proof of income. My score was 820+ if that mattered.
I bet that mattered a lot lol! Tier 1 is what 760+?
760+ is Tier 1 … they should NOT be asking for proof of income at that level. You are not buying a house
They never do. You state it on your credit application and they know if that would be enough.
Never had to verify income leasing a car.
Someone on the Edmunds forum said that you’ll need to provide up to 3-6 months of bank statements and 2 years of tax returns.
I’m self employed, and I’ve never had to do that for a lease or anything short of buying or refinancing a home loan.
Good to know! I did think that was excessive and I was surprised.
What score number is tier 2??
Depends on the bank on how they determine the cutoffs for the tiers. You really don’t know what your number is until they run it – the “free” ones from creditkarma and credit sesame are not really the numbers (these are called Vantage scores). Also scores move around specially if you don’t have a lot of accounts as they run the score when you are at the dealer but you pay your card at the end of the month. If you have a lot of balance on your cards, your score could swing +/- 50 points
Your goal is to get to Tier 1 as it gets weird once you get into a lower tier as the MF also is more “random”.