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Can You Get Car Leasing With Bad Credit?
Credit score is a measure of your credit worthiness used by leasing agents to determine whether you are eligible for a lease. What is Credit Score? You credit score is based on your past and present credit history, and can range anywhere from 350 to 850. A measure above 720 is considered a “prime score” and will land you the best rates. If you are below 640, then you are “sub-prime” and will be considered bad rating by the bulk of leasing agents. This is where all the trouble in getting that lease comes from. FICO Credit Score: Ask for your FICO Credit Score from the Fair Isaac Corporation (FICO) which details your credit score held by all three leading credit score agencies in the country. Compare the three credit scores and determine if any agency is holding erroneous credit data about you. Contact the reporting agency and getting corrected. Steps to maximize your credit score: If there are no mistakes in your credit report, then you can take some steps to maximize your score to go above the threshold of 640. Pay your bills on time and pay down any credit card debts you have. Do not take any new accounts as this might increase the likelihood of you getting into bad credit thus worsening your credit score. The leasing contract stipulates that you make regular, monthly payments over your lease term. The credit score you lease company requests identifies how likely you are to make such payments. It is simply a number calculated according to a model that takes into account your payment history, any amounts you owe and credit currently in use. Your payment history is the single most important factor in determining your credit score, so get in the habit of paying everything you owe on time and keep the balances low in your credit cards. Article Directory: http://www.articledashboard.com Get more autos and car leasing tips with latest leased car insurance policies from international insurance web world. Visit for leasing car tips |
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