What score is needed for Tier 1 credit at Volvo?

Ask the Hackrs
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1

I’m at 760, wife is only 709. We are looking at 1 each would we both qualify?
Thanks

2

It’s not solely based on score. It’s score, income, and auto history

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3

Go as a co-signer on her lease, if needed.

4

Using which scoring model/version?

5

She’s 709 with Transunion. 711 at Equifax. I was shocked she literally had a perfect 850 6 months ago. The only thing that happened was she went over here credit limit at citibank.

6

These are FICO scores? V2?

Volvo’s captive, VCFS, is Bank of America, so most of their rules apply. I’d have to check my paperwork, but I’m almost certain they pulled an Equifax with FICO V8 last year (which can also vary by region). At 711 she probably isn’t going to make Tier 1 without you co-signing as @Ursus said.

The score report will detail the negatives. Is her DTI still high?

7

He won’t know until they apply, anyway. As @aronchi said - who knows what they have there.

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8

Sure the best thing you can do it be sure there isn’t a huge error on a particular bureau (so they all generate roughly the same score), and the score you think you have isn’t Vantage (which I think @trism once described as “only for entertainment).

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9

Educated guess since you didn’t mention Experian… did you get these from Credit Karma?

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10

They pull experian

11

Yup I stand corrected: Experian with FICO v2 and FICO Auto v8, Transunion and Equifax not run.

12

Honestly, I didn’t think I’d get approved for my first Volvo lease (first car lease also) and I was certainly worried about it, but my sales guy was like “u good bro”

23yr old fresh out of college, no past auto history, 780 credit score, 26% DTI, 5-6 years established credit, 6 figure income.

The funny thing is the sales guy told me that above 700 credit (idk which bureaus) mostly get approved.

Really won’t know until your info is ran and VCFS comes back to you.

13

Mid-high 600s can get approved, but won’t get Tier 1.

14

Thanks, you guys a great she’s 783 on Experian, ironically I am only 742 there :wink:

15

Credit has been swinging a lot lately not sure why. Friend had something last year when he went to refinance, they said was low 700 (never been late or anything). Turns out had disputed a couple of things (could happen to you if were disputing travel cancellation related to Corona), was on higher utilization on a 0% card. Paid some of it off, the disputes were closed and viola, was suddenly much higher which saved him .25% on the loan