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zwmack

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I'm looking to lease a BMW X5 $65k with a score of 620 but my income is $220k. Can I get approved?

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620 is a bit low... if you're pulling in that much dosh each year, you should be able to put a healthy percentage down, though. If you're willing to put 20-40% down, I'm pretty sure a bank or credit union *might* work with you with a 620 score... just be prepared to put up with a way higher interest rate than normal.

Top Contributor
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If your income is that high

Why is your score so low? Its usually Poor management skills,

With a score of 620, its doughtful that you will qualify for a lease. They generally look for a score in the 670+ range.  In general, since you are not purchasing, the requirements are higher.  If you were purchasing you might get a loan with a  15%  interest rate range. considered High Risk.

I would suggest that you read up on the articles and blog posts so that you understand what good credit management is. With your income there should be absolutely no reason why your score should be so low. In general it usually means that you are overextended on credit and that makes you a higher risk.  Once you understand whats actually effecting your score, you will probably be able to correct it fairly easily and then you'd be in a much better position for that lease.

Good luck

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