Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
Danny117

0 Contributions
0 People Helped
Am i able to lease a $50,000 car?
I got approved for my first secured card of $200 from capital one in December of 2015. I've been using it responsibily (not letting the statement close with more than 60$) and i have been paying on time. I have around 5 inquiries that are on my report. My credit score is currently 646 with Transunion and 635 with equifax. I recently got approved for the Amex everyday card with a credit limit of $1000. I have been told that that is a great step forward and will open good opportunities in the future ( But is it?). I was looking at leasing a car that is priced at MSRP $50,000 but the the lease loan will be for about (roughly) $27,000 for 36 Months. I wanted to apply in August. I will have used my Amex card for about two months and from using the credit card simulator i SHOULD be around 700-730. I plan on putting around $2000. Now here is the catch, i only have those two lines of credit and in August i will have a total credit history of around 8 months. Is it even worth trying?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
784 Contributions
298 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

I have to question your credit and thought process. I think you really need to concentrate on building your credit score to a minimum of 760 at least. With your credit score you would be paying a lot of extra interest. Paying interest is always wasted money, unless it's deductible as in the case of mortgage loans.  

Building credit takes time. Please read the articles here and other sites to educate yourself further on leasing and credit in general.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.