Bank of America Credit Requirement

[rome138]

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.

credit score is also a lot about USING credit, how you manage it etc... if you have 0 debt [using credit], pay in FULL every month [again not USING credit], you'll never obtain a high or perfect score. It's "good" to have debt if you're interested into having loans for home/auto/business w/e etc... You just manage the debt with a small % utilization rate... basically your total reported credit limit, keep you debt at 6% and below for excellent credit scores. Every individual account also keep 6% debt/utilization rate.

tldr; you have to use credit/have debt in order to have excellent, near perfect or perfect credit scores, just FYI / PSA

 

[Pragmatic]

Not this is true anymore. Only loan I ever took was a 15 year mortgage in 2008. Never a car loan, and credit cards paid in full each month. Since the mortgage went away in 2019, nothing in loans. Credit score remains in the 830s as it was when I took the mortgage in 08.

 

[BillHartman67]

My score is 845 wife is 849. We pay our CC in full every month.

I Do agree that you have to use your credit to gain credit, but paying in full doesn't eliminate that.

 

[newkidontheblock]

It is not enough to pay in full to get a good credit score. In our case I had added my wife to my credit cards. We moved into a home last year and have many expenses. We always pay our credit cards in full every month. However we were utilizing nearly 30% of my credit. As a result if this my credit score went below 800. Now I am making payments 3 times a month. So even before the billing statement is issued I have already paid off the credit card. I am getting notifications that my credit utilization has gone down and the score is creeping up. Credit score are based on snapshot at a point of time. If credit agencies are told we have a high balance they ding us for high credit utilization even if always pay off the entire balance each month.

 

[Pragmatic]

The whole thing is stupid. When I paid off the mortgage the score went down. Adding another card raised it (I was using less of my available credit).

 

[hydbob]

The whole thing is stupid. When I paid off the mortgage the score went down. Adding another card raised it (I was using less of my available credit).

It's a score of your credit worthiness, can't be worthy if you aren't using any!