# The Credit Thread **URL:** \ **Category:** Wiki\ **Created:** [October 13, 2019, 2:00pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605 "2019-10-13T14:00:09Z")\ **Posts on this page:** 20\ **Page:** 7
**Author:** ![jeisensc](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/jeisensc/32/224821_2.png) [@jeisensc](https://forum.leasehackr.com/u/jeisensc)\ **Post date:** [March 26, 2020, 4:05pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/123 "2020-03-26T16:05:07Z")
> [@trism](#): > > Credit scores do not drop _because of_ pandemics. They drop for people who stop paying their bills on time. I get your point. Pipes fail because they were structurally unsound, not because somebody turned on the water. > [@trism](#): > > I don’t think risk is meaningfully more difficult to price, but I do believe that underwriting will become more rigorous. In the days of using Beacon, there was more human interpretation of the data (and by many accounts more exceptions). With 98% of decisions being score driven (both yes/no and credit tier) it’s become harder to get exceptions (though not impossible). Now you’re going to have more people with blemishes, and unless the captives adjust their allocation of scores to tiers, or kick more bureaus to analysts for underwriting/review, we’ll see more declines or more bumps. More underwriting costs more too. I see a lot of contraction. ---
**Author:** ![Fazil\_Ali1](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/fazil_ali1/32/44170_2.png) [@Fazil\_Ali1](https://forum.leasehackr.com/u/Fazil_Ali1)\ **Post date:** [March 26, 2020, 4:34pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/124 "2020-03-26T16:34:26Z")
I have been looking for a great deal on the 330i and I have. But the only problem is I don’t have great credit. I’ve had 3 previous car loans, all paid in full and I current have another car loan. This is my first lease and my credit score is 580. I have an excellent payment history. What are the chances of me getting approved? I am located in Chicago Link to the leasehackr calc \>\>\>\>\> > **[Leasehackr Calculator — LEASEHACKR](https://leasehackr.com/calculator?make=BMW&miles=10000&msd=0&msrp=52445&sales_price=41977&months=36&mf=.00142&dp=3000&dealer_fee=85&acq_fee=925&taxed_inc=0&untaxed_inc=750&rebate=0&resP=61®_fee=400&sales_tax=9&demo_mileage=1350&memo=&monthlyTax_radio=true)** > > Leasehackr Calculator lets you estimate and share your lease numbers. It integrates available Multiple Security Deposit (MSD) and money factor discount programs. Its benchmark Leasehackr Score enables you to evaluate your deal. ---
**Author:** ![anon27376261](https://leasehackr.b-cdn.net/letter_avatar/anon27376261/32/5_5575768a8748004e209b776fc1b2916d.png) [@anon27376261](https://forum.leasehackr.com/u/anon27376261)\ **Post date:** [March 26, 2020, 4:48pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/125 "2020-03-26T16:48:17Z")
Slim to none, do you have a friend that has great credit history that would be willing to add you to there longest standing CC? ---
**Author:** ![Fazil\_Ali1](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/fazil_ali1/32/44170_2.png) [@Fazil\_Ali1](https://forum.leasehackr.com/u/Fazil_Ali1)\ **Post date:** [March 26, 2020, 5:10pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/126 "2020-03-26T17:10:55Z")
I don’t. So, it’s almost zero chance I’ll even get approved. ---
**Author:** ![mp11477](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/mp11477/32/9283_2.png) [@mp11477](https://forum.leasehackr.com/u/mp11477)\ **Post date:** [March 26, 2020, 5:25pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/127 "2020-03-26T17:25:58Z")
IIRC, BMW doesn’t look at score alone, although I could be incorrect. There is more to your story outside of the credit score. Only a Finance manager and underwriting is going to be able to answer your question after looking at your report. Anyone here answering you would only be speculating. IF by chance you DO get approved, you will not get Tier 1 rates, which might change your opinion on your deal. The link below is from 2017, and may no longer be relevant, but here’s how much your MF may bump, provided these score tiers at BMWFS are still relevant. [https://www.bimmerfest.com/forums/showpost.php?s=4de89a7027a4d394e9c3f5af7a803f9d&p=10161235&postcount=3](https://www.bimmerfest.com/forums/showpost.php?s=4de89a7027a4d394e9c3f5af7a803f9d&p=10161235&postcount=3) Something doesn’t compute though regarding your score. If you have 3 previous paid in full loans, and a current open loan with excellent payment history, you would not have a 580 reporting. Either you have errors on your report, you are maxed out on your credit cards, you have some sort of late payment history on something, or you have charge offs showing…or a combination of some. ---
**Author:** ![trism](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/trism/32/26973_2.png) [@trism](https://forum.leasehackr.com/u/trism)\ **Post date:** [March 26, 2020, 5:42pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/128 "2020-03-26T17:42:21Z")
> [@jeisensc](#): > > I see a lot of contraction. I see a lot of ads that start with, “Coronavirus ruined your credit? We have finance managers onsite who only say YES to good people like you!” ---
**Author:** ![mjp](https://leasehackr.b-cdn.net/letter_avatar/mjp/32/5_5575768a8748004e209b776fc1b2916d.png) [@mjp](https://forum.leasehackr.com/u/mjp)\ **Post date:** [March 26, 2020, 8:59pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/129 "2020-03-26T20:59:09Z")
@mp11477 I see from your post that 640-674 is standard plus but a google search says that the minimum score is usually around 700. Will dealership still lease to someone in that range now? Do they also look at household income? In December Mercedes declined my girlfriend and I but Jeep gave us tier one. ---
**Author:** ![mp11477](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/mp11477/32/9283_2.png) [@mp11477](https://forum.leasehackr.com/u/mp11477)\ **Post date:** [March 26, 2020, 9:12pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/130 "2020-03-26T21:12:12Z")
What do you mean “minimum score” is 700? Are you taking about BMW or in general? Regarding whether or not BMW would lease in that range, I can’t answer. You’d have to talk to finance at a dealership. There’s more to it than just score though. Maybe something on your report spooked them…IDK. This virus situation may have also tightened up their risk. Those tiers were from a couple years ago, and IDK if they are still valid. It was meant to show how your MF will increase based on tier, since OP posted a calc link with tier 1 and a 5 something score. He is not getting tier 1 in the event he would be approved ---
**Author:** ![mjp](https://leasehackr.b-cdn.net/letter_avatar/mjp/32/5_5575768a8748004e209b776fc1b2916d.png) [@mjp](https://forum.leasehackr.com/u/mjp)\ **Post date:** [March 26, 2020, 9:33pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/131 "2020-03-26T21:33:03Z")
I guess it was referring to minimum to “guarantee” approval. I’d assume once you go into the 600s that the other factors will determine if you get approved or not. Does going into the dealership increase your chance of getting approve? I’m think if you’re there they may try to work the numbers and if it’s through email they just say yes or no. ---
**Author:** ![jeisensc](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/jeisensc/32/224821_2.png) [@jeisensc](https://forum.leasehackr.com/u/jeisensc)\ **Post date:** [March 26, 2020, 10:36pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/132 "2020-03-26T22:36:00Z")
> [@mjp](#): > > I see from your post that 640-674 is standard plus but a google search says that the minimum score is usually around 700. It depends on what bureau/scoring model the dealership uses and what you are comparing to. I’m assuming you are getting your credit score from FICO or your bank (4 of mine give it free but different scores from different versions/bureaus), that you’ve cleaned up all of your bureaus (no good if Equifax is clean but Transunion is a mass grave), and you’re just asking thresholds? It depends on brand/region/sometimes dealer. For a lease probably 620-650 for any kind of approval, 720+ for Guaranteed A Tier. Some banks and captives don’t exclusively look at credit score. For instance, I don’t know if this is true today but as recently as a couple years ago if you had a bankruptcy on your credit report no matter how high your credit score was you were an auto-decline in Bank of America. You could have an 800 credit score and $1 million in cash and they would not give you a checking account and a debit card. Some banks just look exclusively at score although they all should take into account debt/income ratio. Some decline for exclusionary events like my Bk example at BofA. I don’t remember if it’s MB or BMW, but for one of them if you had one of their cars repo’ed, you’re black-listed forever by the captive (fool us once, shame on you). Some lenders are less concerned about late pays and issues with the credit score because of store cards or credit cards or potentially even your mortgage, but if you have an open repossession or a recent repossession on your credit for any bank/brand they won’t give you a loan / lease. I can totally understand why MB said no and FCA said yes, the latter buys deep. MB would rather make less interest income on markup and employ fewer tow trucks. And none of this is hard and fast, it depends on the management, the financial environment, etc. ---
**Author:** ![Fazil\_Ali1](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/fazil_ali1/32/44170_2.png) [@Fazil\_Ali1](https://forum.leasehackr.com/u/Fazil_Ali1)\ **Post date:** [March 26, 2020, 11:16pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/133 "2020-03-26T23:16:59Z")
My credit utilization is high and I missed a payment 9 months ago. I working hard to get back up there or at least at a 640-680 credit score. Once I hit that then maybe I’ll look to lease a bimmer. ---
**Author:** ![anon27376261](https://leasehackr.b-cdn.net/letter_avatar/anon27376261/32/5_5575768a8748004e209b776fc1b2916d.png) [@anon27376261](https://forum.leasehackr.com/u/anon27376261)\ **Post date:** [March 26, 2020, 11:25pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/134 "2020-03-26T23:25:08Z")
If your credit utilization is high it’s best to overcome that with a cheaper reliable car purchase for the time being. Last thing you need is a higher car payment while your im quite a bit of debt. ---
**Author:** ![anon92897398](https://leasehackr.b-cdn.net/letter_avatar/anon92897398/32/5_5575768a8748004e209b776fc1b2916d.png) [@anon92897398](https://forum.leasehackr.com/u/anon92897398)\ **Post date:** [March 26, 2020, 11:27pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/135 "2020-03-26T23:27:47Z")
> [@Fazil\_Ali1](#): > > I working hard to get back up there or at least at a 640-680 credit score. Once I hit that then maybe I’ll look to lease a bimmer. I don’t know if running out and getting a luxury car should be priority number one to do when credit gets to tier 1. But I digress. 🦇 ---
**Author:** ![anon27376261](https://leasehackr.b-cdn.net/letter_avatar/anon27376261/32/5_5575768a8748004e209b776fc1b2916d.png) [@anon27376261](https://forum.leasehackr.com/u/anon27376261)\ **Post date:** [March 26, 2020, 11:49pm UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/136 "2020-03-26T23:49:23Z")
Yes and no right? Medical student or starting a business and maxing credit cards to get the essentials until graduation or the business takes off. If it’s just high utilization then with paying down your score will rise much quicker then true credit repair. If you can find someone with a decent balance on their card and great payment history you can easily bump yourself 25-45pts. ---
**Author:** ![Fazil\_Ali1](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/fazil_ali1/32/44170_2.png) [@Fazil\_Ali1](https://forum.leasehackr.com/u/Fazil_Ali1)\ **Post date:** [March 27, 2020, 12:20am UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/137 "2020-03-27T00:20:31Z")
The bimmer is for my son. He’s always wanted one. He has job and he wants to pay for it but I have bad credit. He makes around $1500 a month and spends on expensive stuff but has saved up $6K. I drive a 2018 Nissan Sentra SV on a 72 month financed at 15% APR. ---
**Author:** ![jananth1](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/jananth1/32/10553_2.png) [@jananth1](https://forum.leasehackr.com/u/jananth1)\ **Post date:** [March 27, 2020, 12:22am UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/138 "2020-03-27T00:22:40Z")
My friend, I don’t want to tell you what to do with your money. But, especially at a time like this, you or your son leasing a BMW would be a very poor financial decision. ---
**Author:** ![jeisensc](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/jeisensc/32/224821_2.png) [@jeisensc](https://forum.leasehackr.com/u/jeisensc)\ **Post date:** [March 27, 2020, 12:29am UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/139 "2020-03-27T00:29:43Z")
> [@Fazil\_Ali1](#): > > My credit utilization is high and I missed a payment 9 months ago. I working hard to get back up there or at least at a 640-680 credit score. Once I hit that then maybe I’ll look to lease a bimmer. You need more/larger trade lines with lower balances before worrying about a bimmer. Lease whatever is cheap (Taco?) until it’s 720+ or it’s going to take forever to recover. ---
**Author:** ![anon27376261](https://leasehackr.b-cdn.net/letter_avatar/anon27376261/32/5_5575768a8748004e209b776fc1b2916d.png) [@anon27376261](https://forum.leasehackr.com/u/anon27376261)\ **Post date:** [March 27, 2020, 12:31am UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/140 "2020-03-27T00:31:20Z")
Could not agree more the best thing you can do for your son is to teach him the value of money…and how important credit is. We all love what’s out of reach but that’s more reason to wait until you can afford it. Putting him in a position where a third or half of what he makes in a month on a car payment is not financially sound. ---
**Author:** ![Fazil\_Ali1](https://leasehackr.b-cdn.net/user_avatar/forum.leasehackr.com/fazil_ali1/32/44170_2.png) [@Fazil\_Ali1](https://forum.leasehackr.com/u/Fazil_Ali1)\ **Post date:** [March 27, 2020, 12:36am UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/141 "2020-03-27T00:36:28Z")
Thanks for all the feedback. ---
**Author:** ![anon27376261](https://leasehackr.b-cdn.net/letter_avatar/anon27376261/32/5_5575768a8748004e209b776fc1b2916d.png) [@anon27376261](https://forum.leasehackr.com/u/anon27376261)\ **Post date:** [March 27, 2020, 12:42am UTC](https://forum.leasehackr.com/t/the-credit-thread/185605/142 "2020-03-27T00:42:06Z")
A lot of us have been there and I can personally tell you the road back feels damn good when you get it all cleaned up. [Previous page](https://forum.leasehackr.com/t/the-credit-thread/185605.md?page=6) [Next page](https://forum.leasehackr.com/t/the-credit-thread/185605.md?page=8)