newkidontheblock
Member
- Joined
- Aug 5, 2024
- Messages
- 37
- Cars
- Tesla Model Y, Acura MDX
We may be leasing a Lucid Air soon. I have heard mixed things about Bank of America leasing requirement.
Do they look at Credit Scores or Fico Scores or both?
Your answers will help me determine who will be on the lease.
We have no debt. We do have credit cards that we pay in full.
When we got married a long time ago I added my spouse as an additional credit card holder.
So she has not had a credit card in her own name for 18 years.
I checked her credit scores with three agencies and they were 822, 822, 822
She signed up for myfico and her score was only 739, This was because she has no debt and is not utilizing any credit cards where she is the primary card holder.
I looked at my 3 agency credit scores and they were not great(725, 720, 725). I have no debt, I have credit cards we use as a family. We spend a lot of money each month and pay our bills in full each month.
Five years ago I had a rental property where we were paying mortgage via automatic payments. the loan got sold and automatic payment stopped. We missed 2 payments and 30-60 days.
With 30 years of credit history, 2 late payments more than 5 years ago and no debt my Fico score is only 753.
In general Leasees should not pay any down payments. I have no interest in buying an EV. I paid cash for my Model Y and I learned my lesson.
Based on this information should I or my wife apply for the lease? we can make the entire lease payments upfront. This is called one payment lease. This is not an option with Lucid and BoA.
Do they look at Credit Scores or Fico Scores or both?
Your answers will help me determine who will be on the lease.
We have no debt. We do have credit cards that we pay in full.
When we got married a long time ago I added my spouse as an additional credit card holder.
So she has not had a credit card in her own name for 18 years.
I checked her credit scores with three agencies and they were 822, 822, 822
She signed up for myfico and her score was only 739, This was because she has no debt and is not utilizing any credit cards where she is the primary card holder.
I looked at my 3 agency credit scores and they were not great(725, 720, 725). I have no debt, I have credit cards we use as a family. We spend a lot of money each month and pay our bills in full each month.
Five years ago I had a rental property where we were paying mortgage via automatic payments. the loan got sold and automatic payment stopped. We missed 2 payments and 30-60 days.
With 30 years of credit history, 2 late payments more than 5 years ago and no debt my Fico score is only 753.
In general Leasees should not pay any down payments. I have no interest in buying an EV. I paid cash for my Model Y and I learned my lesson.
Based on this information should I or my wife apply for the lease? we can make the entire lease payments upfront. This is called one payment lease. This is not an option with Lucid and BoA.