The sex offender maps are pretty useless. Basically they are everywhere. I would not lose any sleep over it.
1 Like
Thatâs exactly the type of thing I would lose sleep over lol
2 Likes
Looked at my old neighborhood sex offender map. Thousands of 1M+ homes there.
Not to be that buzzkill, but sex offender maps are often woefully out of date.
Anyone know how hard it is to get approved for a lease with Chrysler Capital? Do they just look at Fico Auto 8 and income?
I have a 744 (Fico Auto 8 via Experian) , 790 general score, average account age 111 months (around 10 years per account) , DTI less than 1%, 10 open accounts, 0 missed/late payments, 100k/year income (self employed) but this would be my first installment/lease type loan - would that be an automatic denial or since I have 10+ years of history with the bureau will that be enough?
Assuming youâre talking about a Jeep, I canât imagine youâll have any trouble getting approved for a lease through CCAP with those numbers.
Chrysler Capital will finance you if you have a 520 score, 17 bankruptcies, DTI 99%, and 100 missed payments 
I canât imagine youâd have any trouble getting approved for Tier 1/A/whatever they call it.
Just curious - how have you never had an installment loan? Do you have a mortgage?
3 Likes
hey friends 
thanks for the fast response! I was worried Iâd have to ask my parents to cosign (at 37) haha!
Blockquote Just curious - how have you never had an installment loan? Do you have a mortgage?
Late bloomer, lived at home into my mid 30sâ, met an amazing girl (a lot younger than me so willing to overlook my inexperience), moved her across the country and we started a work-from-home business together , parents helped out and âboughtâ my first home (Iâll be âbuyingâ the house from them this year), so Iâve technically been paying a mortgage for 2 years but not officially as its all in my Dadâs name.
TL/DR - Didnât start âbuilding my lifeâ until I met the girl of my dreams 
6 Likes
Thatâs awesome! Congrats!! Maybe sure that you post in âask the hackrsâ about your deal before you sign
4 Likes
And post the Dream Girl in Trophy Garage
5 Likes
Credit scores are extremely confusing. I just checked my fico score today and it went down by 37 points because two leases were completed. Now I only have 3 accounts open instead of 5, according to experian that makes me more of a risk. I guess I should get another credit card to make up for this?
My credit usage is at 2%, I donât actually need another credit card.
Itâs a little bit of a catch 22, since at least one more car will be leased again. But my credit score has lowered until I lease another car.
One of the main purposes of a FICO score is to measure how you manage existing credit, which is a strong predictor of future default risk. If you have very few accounts open, there isnât much current credit behavior to score.
If those were your only two installment accounts open, the drop would be expected.
For revolving accounts, 3 open credit cards is generally regarded as the minimum to optimize common FICO models, with 5 being ideal. More than 5 neither hurts nor helps.
Itâs a little odd that more debt would raise a score, history doesnât seem to be factored in enough.
My biggest ding seems to be that I donât have a mortgage. My account shows a closed mortgage and 7 closed leases with exceptional payment history. But because I donât have that debt anymore my score drops.
Donât get me wrong, I am not worried about anything, the system just confuses me.
A mortgage is an installment loan, just like a lease but with a longer term.
You donât need an open mortgage AND another open installment loan for optimum FICO scores, just one in total (how would they score your current performance on installment loans if you donât have any installment loans?).
The amount of the debt doesnât matter; in fact the lower the balance on an open installment account relative to the original loan amount, the better⌠that is until the balance reaches $0 and itâs your last open installment account(!). The lower balance coupled with your payment history show how youâve handled the account over a longer period of time.
But donât lose sight of the forest for the trees. A FICO score of 847 isnât any better than a 811 in the real world.
People fixate on the three-digit number and how it goes up and down, but in reality whatever score you end up with just puts you into a larger bucket of consumers with scores in the same broader tier.
Your cost of financing is going to vary based on what tier you land in, not the three-digit score itself.
5 Likes
Much of what makes you a credible borrower is having:
- a larger revolving credit line ($ you can borrow)
- a greater number of total lines of credit (total borrowing accounts)
- a longer average age of accounts
Closing accounts negatively impacts all 3 of those factors. If youâve ever heard people say âIâm financing to build creditâ, itâs because they have very little credit history and want to demonstrate that theyâre a reliable borrower. It sounds like you donât have a very expansive credit history (3 open lines of credit), which is why your score took such a sizable hit. But as you continue building your credit (maintaining your existing lines and adding to it), these sorts of triggers will have a diminished affect on your credit score.
It also sounds like youâve been a reliable borrower, so Iâm sure your credit score is plenty high and the 37 points wonât make much of a difference anyway. If you continue keeping utilization low and paying debts on time, itâll recover a decent amount over the next few months.
One clarification, if I may:
The Average Age of Accounts (âAAoAâ) metric includes closed accounts.
As such, a closed account does not impact AAoA until it falls off the report (generally ~10 years from last activity).
AAoA is a significant factor in FICO scoring.
Some models like Vantage Score use Average Age of OPEN Accounts (âAAoOAâ), but even the credit card companies that give away Vantage Scores for free wonât use the scores to make credit decisions or to service your account.
1 Like
Used stimi check to pay off measly $1400 balance on car loan. Expectation: Improvement in FICO score due to reduced debt burden. Result: 37 point DROP in FICO score-reason, âno loan activityâ. FML.
Temp drop. Itâll pop back up (higher than before) in a month or so.
Hope so! Wife says she monitors it every few weeks, and is unable to make out a reliable pattern, other than they seem to dink with the numbers every 2 weeks, but larger payoff activity takes ~2 months to register. That meshes with the carâs payoff date.