[bmwfan2016]

Hey guys, Ive leased with BMW before but had a question about credit scores.I am planning on pulling the trigger possibly this week. I currently have a 740 but if i wait a week or two my score should be at around 760 or higher, after my payments and credit to debt ratio get reduced in half. Is there any difference with having a 37 percent to 15 percent utilization? Would you recommend me waiting, or should I just pull the trigger. Just wanted to know if there is any type of algorithm BMWFS goes off of.

Thanks!

[skinrock]

I'm pretty sure it would take 30-45 days to be reflected. It's not like your score instantly updates when you make a payment. Your bank has to report back to the credit reporting agencies, and it's usually once a month.

[bmwfan2016]

Payments have already been made just under 2 weeks ago, just waiting on the update.

[phoenixbmwlife]

You can always call your bank or the creditor that you made your payment to, and ask them to report it to all three credit bureaus. Just tell them you're buying a house and need the latest payment reported. Just make sure you ask them to report to all three. They are not legally bound to report to all three, they just have to report to one, but it will help cause you don't know which one BMWFS will pull.

If you have a good relationship with them they will do it. I've have it done in the past with all my creditors.

[phoenixbmwlife]

And by the way I do not think there is any difference in a score of 740 or a score of 800. I don't think BMWFS will care as you should get the best rate right now.

[Ghetto2315]

Credit score minimum for Tier 1 at BMW FS is 675.

Unless you have major credit/debt ratio issues, you will not see a difference from your 740 to 760 score

[bmwfan2016]

Thanks guys!

[exclusivedetails]

Super Elite 740+
Elite 739-700
Standard 699-675
Standard Plus 674-640
Progressive 639-601
Progressive Plus 600-575

Anything above 740 is super elite according to BMW FS. There shouldn't be any difference

You should be able to qualify for base rate for a lease even with a standard.

[Mr.SugarSkulls]

Originally Posted by exclusivedetails

Super Elite 740+
Elite 739-700
Standard 699-675
Standard Plus 674-640
Progressive 639-601
Progressive Plus 600-575

Anything above 740 is super elite according to BMW FS. There shouldn't be any difference

You should be able to qualify for base rate for a lease even with a standard.

Dont scare The man or others reading-

As @ghetto ^ said, 675 or above gets you tier 1. When I pulled my i8 I had a 695 due to pulling out a bunch of CCs recently to open up more credit lines, and still got my money factor at .00138 (top at that time)