12-23-2023, 12:20 AM | #1 |
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Lease Helping Credit Score?
Hi All,
I have approx a 740 credit score, but I'm trying to get it above 800 for when I take out a mortgage (hopefully) in the near future... Does anyone know if the lease I just signed will help my credit score, assuming that I make on time payments over the next 12-24 months consistently? Anyone experience a good boost from their timely lease payments? |
12-23-2023, 01:59 AM | #3 | |
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Pay for 6 months, then buy the car out of the lease. These lease payments are kinda ridiculous with how high the money factors are now. |
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12-23-2023, 02:24 AM | #5 |
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Thanks man. By the way, are you Greek? My name is also Niko, haha.
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Niko1Devynios123.50 |
12-23-2023, 07:28 AM | #6 | |
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They gave me the most common American baby name at the time, Nick, so I could blend in. I wound up being called Niko everywhere, just to have something different than all the other Nicks walking around lol It's a solid name, though. Cheers to you, mate |
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m2for2227.00 |
12-23-2023, 01:54 PM | #7 | |
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Are the people in Lithuania primarily Orthodox Christians? If so, that could explain some of the naming similarities. |
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Niko1Devynios123.50 |
12-24-2023, 08:36 AM | #8 | |
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Lithuanians are primarily Catholics, but Lithuanian is an ancient language. Both Greek and Lithuanian are pretty ancient, much closer to the proto-Indo European language than most and I'd have to guess that's probably one of the bigger factors in their surface similarities. |
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m2for2227.00 |
12-24-2023, 03:23 PM | #9 | |
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It could help marginally. Length of credit, on time payments, low credit utilization and mix of credit is what does it. 740 is close & might be good enough for a lot of lenders certainly 760 will be. No need to get to 800 will not make a difference. You would be better off getting a couple more credit cards and not using them try to keep utilization at 10% max. In about a year or sooner the small hit from hard inquiries will drop off. |
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12-24-2023, 08:47 PM | #10 | |
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Niko1Devynios123.50 |
12-24-2023, 08:50 PM | #11 | |
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My question is that I have no much the balance outstanding on the account will be... My payment is about 1400 per month, but I'm sure only like $900 of that is principal reduction, with the remaining $500 being pissed away as interest. |
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12-24-2023, 08:51 PM | #12 | |
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Thanks for any info u can provide! Cheers. |
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12-24-2023, 09:21 PM | #13 |
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What is the rationale behind leasing for six months and then buy it out? Why not pay cash up front?
It doesn’t look good on the credit score to also be opening and closing a line of credit so quickly. That brings down your average age of accounts.
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m2for2227.00 |
12-24-2023, 11:32 PM | #14 |
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You're not saving any money by doing this. Just keep it on the lease for 36 months, use the money for a down payment instead.
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