The Credit Thread

You need to get the FCRA statement on your decline with detailed reasons (which should just arrive by mail), ranked, but I suspect the message BMW is sending (besides what @ethanrs said about transfers being harder than new) is not “you are on the wrong car” but “you’re on the wrong brand - for now”.

But without that detailed explanation, only BMW can say for sure.

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If by that you mean applying at a dealership, then it is quite different. It’s in the finance managers interest to get you approved.

With a transfer there is no one advocating on your behalf


I have been researching for a while now and finally registered to this forum!

i am not sure if this is the right section .
I am located in san diego Ca
The Dodge dealership i went to said i didnt qualify for leasing of course my credit isnt the best [640]
I was offered 8 percent loan and I even had them remove their “warranty” ridiculous payment still was 7-8 s and 2k down (totaling like 38k)
on a grand cherokee laredo.:roll_eyes:
need a help on where to see what dealership takes a score that low maybe chevrolet ?

Also i am only interested in trading in because
my 2017 dodge charger because the value will finally break even and I will no longer be negative equity {young dumb and rolled over a huge negative equity !) with a 3.99 rate 432 mo. kinda high because of the negative want a larger vehicle
anyways the dealership tried giving me 3k below which isnt too bad but still makes the deal difficult

was trying to get a grand cherokee laredo or ram 1500 nothing too crazy

I have never leased before and was looking for help

I am not here looking for a hand out but just wanted to know if i should just try other spots or just wait it out until my credit is higher! Thanks again!!!

With a 640 FICO you can get approved with many brands/lenders, but not Tier-1 (the lowest rate available), an approval will be at a higher Tier/buy-rate, and the finance manager will probably try and bump you (mark-up the financing). So the worse your credit score, the more you pay and the more you can be taken advantage of.

FCA owns Fiat, Chrysler, Jeep, Dodge, etc. they tend to approve lower scores, but you will pay for it. Spending some time on Edmunds leasing forums, looking at the various makes and models, to see what their Tier-1 buy-rates are, will give you some idea. Sometimes in the same month, in the same brand, Model A has a money factor that effectively converts to 2% and Model Z might be 6% — both for Tier-1 (you at Tier-2/3 will pay more, and it will then be marked up). If you do lease, ideally pick something where Tier-1 is low (the effective rent on my lease is 0.74%).

You will be in a much stronger position if your FICO score on all three bureaus is 720+.

Good luck!


I appreciate the honest response!!! thanks :pray:


I – a stranger on the Internet – recommend keeping all three credit bureaus frozen, and only thawing when opening a new trade-line. The dumbos at CNBC seem to agree:

There are pay services to do that, but what self-respecting LH wants to pay? We’re the product, not the customer.

You do NOT have to subscribe to any kind of monthly service in order to freeze your credit bureaus. Thanks to @neverhaveleased for finding the FTC link confirming:

If I recall correctly, one of them (TU?) may ask to charge a credit card a nominal fee ($1) to verify you the first time, but it is not a subscription and you will not be charged to lock and unlock.

If you are applying for a new trade-line, I usually ask the search engine which bureau to unlock. For instance:

For credit monitoring, I have two services, neither of which I pay for:

In the very worst case, if you unlock the wrong bureau, you will immediately receive an alert from your credit monitoring of which bureau they attempted to pull, you can unlock and ask them to try again.


To put a slightly finer point on it (and not to detract from any of your points), there is actually a legal difference between freezing and locking.


Hi LHs, just curious which credit bureau does BMWFS use? Do they only look at Experian or do they look at all three major bureaus (Experian, Equifax, and TransUnion) and use the highest one? Thanks.

Just got approved for a lease takeover through BMWFS and they pulled Experian.


I’m at a Chevy store in SD County and have a great relationship with GMF. I can definitely get you done if you’re still in the market.


Thanks for the input. Was your Experian score the highest among the three?

I will down the road
do not need it anymore…
but thank you for informing me
I keep this in mind forsure!


Nope. Trans union was but they were all pretty similar as far as credit score goes. Maybe a 3-5 differential between credit bureaus.

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For anyone with excellent credit who gets twisted about credit scores and utilization, this is worth a read (especially since it involves leasing and putting down payments on credit cards)


I’ve found my AMEX charge card to be a happy medium here - I get my MR points and the balance can’t affect my utilization (though they are of course visible to any creditor doing an inquiry).

I’ve never used Pay Over Time, though that gets a bit funky in my head conceptually now for whether that should be reportable to the CBs… :crazy_face:

Here’s another good article by TPG on charge cards and their effects on credit scores, for anyone possibly interested in exploring that further - Link

How negatively does the multiple Hard Pulls affect your credit? Not sure how Serial Swappers Credit are not affected by it. Or all these ppl selling to Carvana/Vroom and getting another lease

With otherwise good credit, a single hard pull will generally cause a temporary drop in your score of 3-5 points for just a few months.

A “serial” car swapper who has a hard pull say every 5-6 months will experience virtually zero negative credit effects, other than a temporary drop of a few points for a few months, as mentioned above.

The biggest negative effects of hard pulls come with (no surprise) people who have no idea about their credit or how things affect it. For example, if you’re on the fence for a certain cerdit tier and are getting ready to apply for a mortgage or car loan next week, then it’s obviously not a good idea to go out today and apply for for 3 credit cards or anything else that would generate a hard pull.

Didn’t we just have a serial swapper with a 700s credit score get declined for (we suspect) too many inquiries and new trade lines?

The impact of the hard pull is as you described, but the other half of that is the outcome of the pull

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PSA: Any score you get from Chase Credit Journey is worth what you paid for it.

Those are Vantage Scores, which are used almost exclusively to entertain consumers.

Those scores are virtually unused by any company on the planet for credit decisioning or account servicing.

Chase doesn’t even use them, but yet they think you should be pleased that they’re giving you one.


Common FICO models also ignore balances for utilization purposes once the limit on the card is above a threshold somewhere in the mid-$40,000s (I don’t recall the exact number).

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