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.
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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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Certainly could have, wouldn’t surprise me.
I guess the point I was trying to make to the OP was that lease swapping alone every 5 or 6 months should not have much if any real negative credit effects, which is what they were implying.
But sure, if you’re swapping much more frequently than that, or out there applying for this and that and opening up various accounts then of course all bets are off.
Not to debate a hypothetical to deeply, but how often is not the same as how many. Your score may not be too adversely impacted but a swap, but if you swap 3 times a year for three years, you’re churning too many big trade lines faster than normal, which can also get you declined irrespective of score (subject to human override). An auto analog to Chase’s 5/24 rule, that wealthy people who still lease or finance multiple cars run into (and one reason Chase has an internal score that beats all for them - falling out of the standard models doesn’t make you an unworthy risk, but who makes that call and how changes).
The score is not the only determining factor in a credit decision. As you deviate from the norms, score can become less influential in the outcome; subjectivity is not always your friend.
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It’s generally believed that common FICO scores like FICO 8 don’t even look at inquiries older than 12 months. Within that timeframe, inquiries #7 and beyond are also ignored.
Further, the net FICO score impact of 1 or 2 or 3 or 4 or 5 or 6 inquiries ranges between almost nothing and actually nothing, and multiple inquiries for the same purpose within a short timeframe (commonly 30 days, but the duration varies by FICO model) count as one anyway.
There are very few things less important on a credit report than how many inquiries you have.
An incorrect employer name is one example, but even that isn’t very much less meaningful.
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There always dead on to scores I pull from credit bureaus.
Two of the bureaus have convinced people to PAY for the same type of garbage scores that Kredit Carmahaha and the others give away for free. If it doesn’t say “FICO” next to it, it’s basically worthless.
200-posts-later update… 100% right: I paid off my credit card (that story about funeral, etc.) that dat, I applied for my wife’s lease this week: 807 from TransUnion, while Turbotax showed me 650 LOL
Thanks again for the encouraging words, they helped getting the mind at ease!
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If one has credit score of under 600, and a co signer with credit over 700. Will a BMW lease get approved ? Will it be base MF? Is financing the better option?
One’s credit score is not the only deciding factor. Lending institutions also look at any past history of a car loan/lease with on-time payments. How is your Debt to Income ratio (DTI)? It also plays a role in a credit decision.
Is the co-signer’s highest credit score 700? When was the last time they did a pull for all 3 bureaus? It is going to be tight to get approved based on your co-signer’s score. From my own research, I believe 720 is the minimum credit score for approval. I could be wrong, though.
Probably not.
Not really, unless you can get a low rate through a credit union.
Can someone tell me what top tier is for fico auto 8 on land rover? Mine, due to a mistake at a credit card company, dropped to 774 this month.
It’s not guaranteed that every Lr dealer will use FICO auto v8 (more likely v2) with Chase, but you should be fine for T1.
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I’m going to apply for a lease takeover on a 3 series in the near future. I bought the MyFico as mentioned above. My Fico auto score 8 on EQ is 674, TU is 682 & EX is 677. How will this do for BMWFS ?
I’m not as qualified, but my guts say you won’t make the cut. Transfers are more strict than new leases, and you’re still below what bmw considers T1.
What if a do a new lease ?
Then you have someone (the finance manager) with a vested interest in getting you approved. Possibly at T1, maybe at T2 with minor MF raise.
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Going to be a MF raise for sure.
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T2/tT3 with hikes, or T1 If they pull strings with underwritter.