The Credit Thread

The poor bloke is an Engineer, omitted on purpose. :stuck_out_tongue_winking_eye:

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Hey fellow hackers. Is there any chance for people like me, with absolutely no credit history get a lease or take over a lease? I just started building my credit history this month and it might appear in the credit bureaus with some score next month, but I am sure it will be low.

Come with heavy down or security deposit, Stable job and bank statements

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It generally takes six months with at least one trade line (account) reporting in order for FICO to generate a score.

There are apps you can use to self report utilities, phone, etc to help show accounts and effectively boost your score too. I believe they need to be accounts paid using your checking and routing number and not payments made with a card. Equifax boost is one example

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It will cost you…

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What if I’ll have a co-signer from another state? I have a friend in Florida. Is that allowed? Does he have to be present at signing?

Ask the dealer

I know most dealers would find that shady

It is shady…

“I have this friend who will co sign for me. But, they’re in a different state. Oh yes, and they’re not present…”

Screams identity theft

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Maybe maybe maybe with FaceTime verification if the dealer is really willing to go tot he trouble? :man_shrugging:

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It’s basically a straw deal. I’ve seen them stretch for immediate family who either do or can convincingly appear to live in the same household. Unless @MaxRips friend wants to get hitched, doubtful.

Yeah, I can see your point. I can fly him out to me for one day. Do you think it’s possible to prepare everything and check if we will get approved before he comes and then just come to the dealer to sign?

Oh of course

Whenever doing an out of state deal, you definitely need to have credit approved ahead of time

I think I found the solution then. Thanks for the info!

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Not totally true.

Some manufacturers have programs specifically for expats. There are caveats/requirements and you may not necessarily meet them but it’s worth a look. Take a look at VWs program below. VW also used to have a program for canadian national awhile ago, too. They would pull Canadian bureau and base your approval off of that but not sure if that is still running Sorry if I was too late to help!

https://mydigimag.rrd.com/publication/?i=489950#{"issue_id":489950,"page":0}

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You weren’t too late, thanks for the info! Not interested in VWs but I’ll look around for a similar program.

Just called MBFS to start a lease transfer process and they told me that co-signer doesn’t have to be present. Documents will be mailed to him for signing. Go figure.

Lease transfer?

Or, signing a new lease?

If transfer that makes complete sense.

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lots of good info in this thread, thanks.

I currently have my credit frozen with all three bureaus (I did that a while back with the whole Equifax data breach).

when shopping around for a lease, if you settle on a particular car make do you guys try to find out what bureau that dealer pulls from and just unfreeze that particular bureau? or is there some other process i should be doing. thanks

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Exactly. If you know you’re score is A-Tier, first make your best deal. When it’s locked in, I’ll say something like “I’m glad to submit a credit app online before I come in and sign - can you ask finance which credit bureau I need to unfreeze to run that?” If the sales person guesses, make them ask.

Make sure to leave it unfrozen from the time you run the online credit app until you sign. It only counts as one inquiry (wouldn’t count against you anyway it it counter as 2) but if it’s been some duration of time between the online app and signing, sometimes it will recheck and get blocked if frozen the second time. As soon as you sign you can lock it up like Paul Manafort.

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“For example, you may have a 620 credit score but a lot of cash in the bank,” he says. “You can imagine that person might be more creditworthy than a person with the same score with not much in the bank.”

LOL. This is one of the dumbest things I’ve read in a while. Having a lot of cash in the bank means you enjoy getting 0.05% interest on your cash.