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Posted in Auto Loans
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mikoduc777

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will a 631 credit score be enough to lease a new vehicle?

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Where did you come up with a single credit score of 631? Is this the Fico score and correct version of Fico from the appropriate bureau that the potential lease company uses?

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You have three different credit bureaus that could be used, Transunion, Experian and Equifax. The lender or leasing company will surely use Fico scores, but there are many different versions of Fico used by lenders, so it is hard to say what credit bureaus they pull from and what version of Fico they use.

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In addition, each lender has their own criteria to qualify for their loans or products. What is on your credit report weighs just as heavy as your scores when you are being considered for a loan. Your income and debt to income ratio are also very important factors in qualifying for credit.

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There is no "one size fits all" approach in the discussion of credit. I could only give you a guess to your question, if you have a 631 Fico for the version that they pull, it would be doubtful, but it would be worth a try, just don't get your hopes up.

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