xoreanna

2 Contributions 116 People Helped

Member Since: December 2013

Most Helpful Contribution

want to lease a car, is 640 score enough?

Aug 21, 2014
Helpful to 116 out of 120 people

I work in auto finance underwriting and funding. You'd be considered a sub-prime customer so you'd get a poor interest rate, but as long as you were to make your payments on time, etc. then getting the car would benefit your credit score. A 640 credit score should definitely be qualified enough to lease a $15k car. When you need to worry about getting a car is when someone's credit score reaches 599 or less - that's when they are what's called "super sub-prime". When you get your credit score 700 or above, you'll be prime and there won't be much attention paid to your debt ratio because you'll have the qualified credit. 

Activity (2 Total Contributions)

want to lease a car, is 640 score enough?

Aug 21, 2014
Helpful to 116 out of 120 people

I work in auto finance underwriting and funding. You'd be considered a sub-prime customer so you'd get a poor interest rate, but as long as you were to make your payments on time, etc. then getting the car would benefit your credit score. A 640 credit score should definitely be qualified enough to lease a $15k car. When you need to worry about getting a car is when someone's credit score reaches 599 or less - that's when they are what's called "super sub-prime". When you get your credit score 700 or above, you'll be prime and there won't be much attention paid to your debt ratio because you'll have the qualified credit. 

How can I bump my credit up by 100 points?

Aug 21, 2014

I am in underwriting and funding with auto finance. Yes, the medical collections go into your total credit score, and so they are looked at and taken into consideration when your debt to income ratio is determined.