Credit score temporary dip - should I wait?

My credit score is generally about 725-740. However it is currently sitting at 695 due to some snafus (card limit lowered accidentally, some recent hard pulls, closed oldest card) - I expect it to be above 700 within one month and back up to 730+ within 3 or 4.

How much of a hit am I going to take in lease price with 69x vs 70x and does it matter at all the average of last 6 months credit score? I’m in need of a car now, but if it’s going to be a big lease hit, I might as well get a used car with good resale for 4-5 months or so and then see about leasing. I already take enough of a hit in MN with needing to pay takes on the netire price of the car

Depends on the rest of your credit profile. You might still qualify for the highest tier in the 690s, but it depends on your history and what other accounts you have/have had.

I’m not an expert in this but I believe 720 is generally the marker for tier 1 or tier 2 credit; history and other factors play a role as well. If you’re graded at tier 2, your MF/rent charge is going to be higher (don’t know by how much). Hearing banks are tightening up quite a bit, so your income and other factors will be more relevant.

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Just didn’t know if it takes some sort of average or only the instant score into account - just dinged for temporary high use of credit and lower average age of accounts - but never a late payment, all installment loans paid on time, and reasonably high income level for the cars I am looking at — might as well seee

The score that is pulled and the credit file associated with you on the date of the pull is all that matters. The banks don’t do an average 6 month score or anything like that.

It’s entirely dependent on the bank/terms/make/model as to how they have their credit tiers structured and to how much more (if any) a 695 will cost versus a 720 or 740.

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According to the calculator, you pay the taxes on the total lease upfront, no on the “entire price of the car.”

You are correct after reviewing the state tax websites - i’m not sure if that has changed, it has always been that way, or if there was a ton of misinfo out there? even had dealers quote me the higher tax and you would think that’s just automated based on address you pop in - but yes it is paid up front ut it is one the total price of lease

you should be fine. I have 25 inquiries on my credit. I got approved with BMW for $160K and MB for 124K lol. As long your income is high and DTI is low

BMW absolutely LOVES the high income. I think they almost stop looking after that these days! :grinning:

Yup. You can put a BS number down too and they wont even ask if your credit is strong. I up my income by 50-75K

My credit score pulled about 50 pts higher than it shows on credit karma so ???

That’s because the scores that Kredit Kangaroo gives away for free are basically for entertainment purposes only.

Let’s say I look at your credit report and give you an 822. What are going to do with that?