[G82Anxious]

What credit score system do BMW uses when it comes to loan approval? Back in Sept 21' When I originally was pre-approved for 0.9% my score was higher than it is now. You guys think I am screwed?

[MMM.PWR]

TransUnion. If you're pre-approved, I'd say you're good. But they did run it in Feb / March. I picked it up in March, was pre-approved in Dec.

[Mark Kez]

Originally Posted by G82Anxious

What credit score system do BMW uses when it comes to loan approval? Back in Sept 21' When I originally was pre-approved for 0.9% my score was higher than it is now. You guys think I am screwed?

Not unless your income/employment has changed. Auto financing is unique

[wtwo3]

Depends on how much lower it is now. Usually it doesn't matter unless your credit score was already borderline to begin with.

You can also purchase a comprehensive credit report that includes auto score (which is primarily what lenders use when evaluating creditworthiness for a car).

[vj123]

Originally Posted by Pilla

What are the advantages to using BMW finance? What are the current rates? What is their maximum loan term?

One can find better rates from local CU.

Current BMW base rate is 3.49 for 60 months and 3.99 for 72 months.

[vj123]

Originally Posted by G82Anxious

Back in Sept 21' When I originally was pre-approved for 0.9% my score was higher than it is now. You guys think I am screwed?

How much lower.

If your score falls within Tier 1 category, it shouldnt really matter.

[G82Anxious]

Originally Posted by vj123

How much lower.

If your score falls within Tier 1 category, it shouldnt really matter.

What's considered Tier 1?

My wife wanted stuff at XXX and of course they gave me a credit card with 11k limit and the stuff we bought was 9k, which I took a pretty big hit on. Had I known it would be a credit card I would have paid cash. I guess you live and learn. Still easily over 700.

[vj123]

Originally Posted by G82Anxious

What's considered Tier 1?

I believe its 740+

[G82Anxious]

Originally Posted by vj123

I believe its 740+

So I am good then. Would you say Credit Karma is fairly accurate?

[vj123]

Originally Posted by G82Anxious

So I am good then. Would you say Credit Karma is fairly accurate?

Most likely, yes.

I believe Credit Karma scores must be close enough to the actual ones.

[G82Anxious]

Originally Posted by vj123

Most likely, yes.

I believe Credit Karma scores must be close enough to the actual ones.

And do you think Finance Managers have the ability to give me the original rates that were pre-approved? Of course I paid off that account but it's not going to reflect until I get my car. Given that my credit score from 1+ year Have been over 770+ until the screw-up from XXX.

[vj123]

Originally Posted by G82Anxious

And do you think Finance Managers have the ability to give me the original rates that were pre-approved?

If the dealership isnt greedy, then yes.

Two BMW dealers whom i dealt within the last year gave me the base rate couple of hours after my application was submitted. No questions asked.

[G82Anxious]

Originally Posted by vj123

If the dealership isnt greedy, then yes.

Two BMW dealers whom i dealt within the last year gave me the base rate couple of hours after my application was submitted. No questions asked.

Well that's good news. Appreciate the help.

[shawndean22]

Depends on Score. I got best rate when my fico was 802, and got 1.99 and 2.99. Since these expired and car was sitting at the port for 2 months. I locked again today best rate is 2.99 and I received 3.24. This is because now my FICO is now 782, nothing else changed with income or credit profile other than the two previous hits. They advised I needed 800 fico to get the rate. I locked today and they informed me rates are going up 1% tomorrow next month July. So lock in today if you can.

Shrugs

[Molon Labe]

Originally Posted by G82Anxious

What's considered Tier 1?

My wife wanted stuff at XXX and of course they gave me a credit card with 11k limit and the stuff we bought was 9k, which I took a pretty big hit on. Had I known it would be a credit card I would have paid cash. I guess you live and learn. Still easily over 700.

If you have the cash to pay it off—pay it off and your score will go up when that company reports to the credit bureau, immediately…or, call the CC and have your limit raised—your score took a hit not so much because of the new card or hard credit pull, it's more to the fact that you are close to maxing out that card. Credit score companies are shady, IMHO!

[G-Mann]

Originally Posted by shawndean22

they informed me rates are going up 1% tomorrow next month July. So lock in today if you can.

Shrugs

Talked to my CA Today and he mentioned the current rate expires Today. Locking in Today myself. I am currently stuck at the port but Genius said any day now I should be getting on a ship. Hope that is true.

[G82Anxious]

Originally Posted by Cheegn

If you have the cash to pay it off—pay it off and your score will go up when that company reports to the credit bureau, immediately…or, call the CC and have your limit raised—your score took a hit not so much because of the new card or hard credit pull, it's more to the fact that you are close to maxing out that card. Credit score companies are shady, IMHO!

Paid it off after my score jumped off a cliff when I saw it.

[Elektro]

Originally Posted by Cheegn

If you have the cash to pay it off—pay it off and your score will go up when that company reports to the credit bureau, immediately…or, call the CC and have your limit raised—your score took a hit not so much because of the new card or hard credit pull, it's more to the fact that you are close to maxing out that card. Credit score companies are shady, IMHO!

Some banks will report a zero balance mid cycle if you pay in full, too – Chase does this, but Goldman Sachs (Apple Card) doesn’t.

[figuec56]

Originally Posted by vj123

Most likely, yes.

I believe Credit Karma scores must be close enough to the actual ones.

Credit Karma is usually a little high because they use a vantage score instead of Fico. I would download the experien app. It's the one credit bureau credit CarMax doesn't check and uses FICO, it's free, and all 3 will get you pretty close.

I believe 700+. Also if you pay off the credit card, your score will bounce back after the next statement. If you have the time.

[Gfit]

Originally Posted by Elektro

Some banks will report a zero balance mid cycle if you pay in full, too – Chase does this, but Goldman Sachs (Apple Card) doesn’t.

Agreed. I charged a lot every month and pay my balance before the statement cycles. Once it cycles, the issuer reports the balance to the credit agencies. A $5,000+ balance easily drops my score 20-30 points but when I pay before it cycles (different from due date) it doesn't get reported.

[Psychos1s]

I was told by my BMW salesman that as long as your credit score is 740 or higher you get the best rates that are available.

[G-Mann]

I locked in yesterday at the current base rate with BMWFS, which will be my worst case. I do see some CU's in the area with slightly better rates so I will cross that bridge when I am closer to taking delivery.