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needcreditplz

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Will my co-signer greatly improve my ability to be approved for an auto lease ?
Hello! I'm in my early 20's and have poor credit. I made some careless decisions a few years ago and now I have 4 accounts that are now charged off and say they are at a 0 balance. I now work at a bank and know how much i need to improve my credit for my future, and have been trying really hard to get on the right track. (I recently got a secured credit card at the bank I work for and also disputed the few things hanging around on my credit report) . Now I'm in the process of getting a new vehicle. The first dealership I went to my uncle is a salesman at. He ran my credit and told me they show a credit score of 560, and he really suggested getting a cosigner so that i can have a better vehicle at a better rate while also repairing my credit. My mother who has outstanding credit has agreed to cosign on a lease for me, so that 1. she won't be responsible for me as long as an auto loan, and 2. my payments would be cheaper than buying a vehicle. So after all this my question is, will my poor credit score impact the lease i can get if she cosigns for me? Or will it go pretty much off her? Also will this be a good way to also reestablish my credit?

She currently has a credit score of 860 and a $0.00 debt to income ratio.
The vehicle I am looking at leasing is about $21,000.00 and I'm trying to keep payments at around 200-250 a month.

Thank you!

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Do Not Ask your mom to Co-Sign because you have been careless in the past and your Credit SUCKS. 

I would Tell her NO NEVER CO-SIGN on any Loan for ANYONE !

Suck it up and take responsibility of the mess you created and dig yourself out.  ( None of the  Oh Mom Please sign here you will save me lots of $$$ )

Look for a much lower priced car,  MUCH MUCH Lower,  something you can PAY Cash for. If you don't have Cash to pay for one then save it up looks like you can save 250 a month, after 10 months you will be able to buy a 2500 dollar car.  Repeat the process. 

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needcreditplz

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Thank you for your input. It's obviously not what I like to hear, but its the helpful truth. i currently have $3000.00 ftorwards a vehicle, so I figure if I run what is left of my current vehicle and save some more i can have that help me out. We visted the dealership today and from what the salesman and finance departmant told us was that it would be one of the better ways to build my credit, but obviously they will say whatever to get you to buy a vehicle so we didn't take it too seriously. Anyways if i could ask you another question that would be great. Like i said before i have a secured credit card that I will be using to help bring up the score, but in addition to that, should I get a loan that i have the cash for? and use that to finance a cheaper vehicle? Rather than just buy one with cash? obviously my concern is getting a reliable vehicle that i can get a chunk of time out of, but my REAL concern is raising my credit. All my bad credit came from when I turned 18, I got 3 store credit cards that I did not have a job to pay for them. 

more advice would be much appreciated if you ever have the time ! 

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If your credit is pretty bad, your name may not even be able to go on the lease, even with a cosigner. Having your mom cosign this will count against her "debt to income ratio" what will happen if she really needs a loan for something in the near future for something really important and cannot get it because this lease tipped the scale on her "debt to income"? Even if this all would go through, I am not sure how much it will help your credit. I really think that you should work on improving your credit first, before trying to get an expensive vehicle. Full coverage auto insurance can be very expensive too and they will check your credit for that. Bad credit means higher rate on insurance.

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