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.
3 Likes
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!
3 Likes
Nope. Trans union was but they were all pretty similar as far as credit score goes. Maybe a 3-5 differential between credit bureaus.
1 Like
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)
4 Likes
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… 
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
1 Like
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.
2 Likes
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).
1 Like
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.
2 Likes
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.
3 Likes
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!
7 Likes
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.