Just wondering because mine is high 600s and my wife is ~720…thanks!
Fairly confident almost all these offers are top tier credit as that offers the lowest MF.
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Yes all marketplace posts assume that your credit qualifies for the lowest rates availble.
Usually the Tier 1 cutoff is around a 700-730 credit score but it will vary depending on the bank you are using for the lease/loan
Some banks are much easier with Tier 1 approval such as Nissan or Honda so if you let us know which deals you are looking at we can give you a better idea on what to expect
Most people don’t have ready access to Auto-Enhanced FICO scores, which are among the more common score models used in decisioning/pricing an auto finance transaction.
Along with scoring different characteristics of your credit file differently than other types of credit scores, the scale on modern Auto scores goes up to 900 (vs. 850 for the more common scores that consumers encounter).
Just wanted to be sure you’re using a valid reference point.
Right now using a different example, I’m noting a ~100-point difference between my FICO 8 and the FICO models used for mortgage underwriting.
You cannot safely assume that you fall within a given range in one score model simply because that’s where you land on a different one.
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I would likely be able to get you tier one with Toyota deals. Depends how much history you have also.
You’re right on the cutoff for most banks so even if not tier one you shouldn’t have to pay much more then advertised here
- Dang you must have a large pull history to just randomly grab that
- Of course you have a 100 point diff, your Auto loan history is probably thicker than a dictionary.
- OP put new to leasing , if that means new to car loans, then FICO 8 isn’t going to like him very much.
DCU provides a free mortgage FICO score every month (even though it’s not labeled as such), and you can’t swing a dead cat and not hit a free FICO 8 (several credit card companies provide these for free).
The explanation for the ~100-point gap between my FICO 8 and my mortgage score is primarily:
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The number of credit cards reporting balances** (I’m actively using ~20 different cards which I pay in full monthly, but the statement balances report);
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The number of new accounts** (I’ve opened 3 or 4 credit cards in the past ~120 days.)
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The mortgage FICO score for Equifax credit files (the score that DCU provides) only goes up to 818.
**Mortgage FICO score models absolutely hate both of these things.
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Sorry I meant AUTO 8 which is based on your auto loan history.
For anyone wanting to check on their Auto scores to plan, myFICO.com allows you to do so.
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Every credit score model I’ve encountered weighs installment loan history, and an auto finance transaction is just one type of installment account. So they’re all going to look at any auto history that’s present to see how the obligation was handled.
Industry-specific risk scores just weigh different credit report attributes differently, so they are more predictive of default risk for a given consumer on a specific transaction type (auto, mortgage).
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