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.
Itās 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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Iām 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 ?
Iām not as qualified, but my guts say you wonāt make the cut. Transfers are more strict than new leases, and youāre 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.
I have some things falling off my credit, about $5000 in student loans first week of January, I also had 2 reported 30 day lates from over 3 years ago on 2 of my credit cards. Iām going to try writing a good will letter to have them removed. that should be enough to bring my auto Fico Above 700.
For BMWFS on a FICO Auto v8, you want to shoot for 720+ to get Tier 1, especially if this is your first lease with them.
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- Super Elite/Elite 700+: No rate adder
- Standard 675-699: 0.00010 MF adder; 1% on retail APR
- Standard Plus 640-674: 0.00030 MF adder; 3% on retail APR
- Progressive 601-639: 0.00050 MF adder; 5% on retail APR
- Progressive Plus 575-600: 0.00070 MF adder; 7% on retail APR
Donāt know if this is dated, but I found this. I can verify the dealer told a friend of mine that 700+ is tier 1 not too long ago. Whether or not that has changed in a Covid world, I have no idea.
Additionally, I know income is a huge factor for BMW to consider lower scores.
v8 just became available in the past year, and isnāt widely used by creditors yet. I suspect this is FICO v2
Yea thatās datedā¦720ās is safe Zone now.
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Doesnāt shock me at all. Iām sure thereās someone here who has all the updated tiers!
A few variables here:
On the leases, you could easily be a co-signer and likely wouldāve have any issues with approval. You could always have the dealer try with just him first. I donāt know what your income is between you two, but that will play a factor.
In regards to the house, credit score is important, but assuming youāve checked that box the DTI is really all that matters. If you have 4 or less hard pulls on your credit before home searching I wouldnāt be concerned. The number of inquiries only counts for about 10% of the score. When youāre mortgage shopping, all hard pulls within I believe a 20 day period count as 1 hard pull from a calculation standpoint even though your report will reflect more than that.
As your husband (living in your home) I do not think this is an issue. Of course, I an not an insurance agent but I can tell you from personal experience (at least in California) this would be no issue. My leases are all in my name and my wife drives and is insured on them no problem. Even had an accident an insurance paid. Again, no problem.
Registration is taken care of by the dealer (will be in your name only if you are the only person on the lease) and when you get insurance make sure you add your husband to the policy.
Not really, now that you have a proven track record of good payments on a comparable loan (or lease) then you should have no issue getting payments within their guidelines. Not sure if it has changed but typically, lenders are comfortable with you having payments on cars (in combination) upto I believe it is like 15% of your gross income. With your credit you may not have an issue getting more but I think that is the standard. I have like three leases in my name only. Payment for all three is less that 15% of my gross income so I have never gotten even a question or request for justification from lenders. If you go over that percentage then they may ask why you need two cars. Just say one is for the weekend. Haha.
Just total monthly payments.
If your credit is as strong as you say it is and the payments are within the guideline then you can get them back to back. If you get from different makes (and thus different lenders) they may not even know you got two leases - especially if you get them at the same time (like within a few weeks). If you try and get them from the same lender then you will have some explaining to do. Again, if the payments are within the guideline then it should be okay. But you should not say that one is for your husband if you do not plan to add him to the loan because that might be considered a straw purchase which lenders do not like (you are circumventing their risk analysis). But if you add him as a co-signer then it probably will not matter.
I have minimal knowledge about mortgage but not the way I understand it. Mortgage lenders will look at your payment to income, that is your payment should not be over 28% of your gross income and your total DTI should not be above like 50% or something like that. The number of times you apply for credit should not affect your chances but the total payments might if they put you over their max DTI. However, if your payments were under the 15% guideline for the cars and you have no other major payments, then theoretically you should not be over the 50% or whatever.
Yes, for the most part. If you have a high 700 or 800 score you can pretty much do anything so long as you have the means to pay. But good questions none the less.
Hey guys, I followed the tips and signed up on Experian. Iāve moved to the US about 3 years ago and my fico8 experian says 734 but transunion is 750 and equifax is 759. From what Iāve noticed itās because it shows that I have 4 inquiryās on the experian but only 1 on the other two bureaus. I guess my question is, do dealers usually pull a certain one in particular or all 3 and compare ?
One dealer may just pull EX, another might pull EQ & TU, and another dealer might pull all 3. This completely varies by the dealer and also the captive/bank. The finance manager should know.
Also, the 3 different reporting bureaus use different algorithms to compute your score, so even if your inquires were exactly the same across all 3 your scores would probably still be slightly different.
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Thatās not correct.
If itās a 3 bureau FICO v8, the model is the same, the variable is the transactions in the three bureaus. For instance
Because not all inquiries/trade lines are reported to all bureaus.
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Technically it is correct. The data architecture in each bureauās system is different, so you couldnāt actually run the identical algorithm against each bureauās data because the inputs arenāt identical.
In some of the older models this was more obvious to concludeā¦ like the FICO 2/4/5 trifecta used in the mortgage industry.
Those scales donāt even score a credit file along the same score range on every bureau, yet the mortgage will still be decisioned and priced using your middle scoreā¦ which should always be Experian, right? (Hint: not right 
).
- Experian: FICO 2 (EX 98) 320-844
- Trans Union: FICO 4 (TU 04) 309-839
- Equifax: FICO 5 (EQ 04) 334-818