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How would an auto lease be classified in your credit profile will it show up as some sort of loan?
Wiki User
∙ 10y ago
It hits your fico the same way since its credit just less since the term is shorter
Wiki User
∙ 10y ago
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Can you break a lease on a car?
It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.
Why would applying for a loan lessen your credit rating?
It adds an inquiry to your credit profile.
From where can one purchase cars with bad credit?
Buying cars that are for sale by owner is a good option for those with bad credit. Some other options are lease assumptions and getting a co-signer on a car loan. A lease assumption is where the seller of a car is no longer able to make their payments and you basically take over the lease for them. The companies that do this still check credit, but it is generally not as strict. A co-signer would be someone with better credit who is willing to be responsible if payments are not made. They act as a backup to the lease.
Does a car lease show up on your credit report as debt you owe?
yes it does because when u get approved for a car lease, they use the same verification as if you were buying a car. They check the three main credit bureaus which are transunion ,experian,and equifax.
Can you lease a car with already having a current car loan?
That would depend on the credit worthness of the person wanting to lease. It is a separate transaction just as if you wanted to buy a second car.
Where would you look to find your available credit?
On my Cardholder Account Profile, using the Authorization Limits link
Does breaking a rental lease agreement affect your credit rating?
Not in and of itself. Lease agreements are not typically reported on your credit report and are not normally part of your "rating". However, there are other credit bureaus used by apartment complexes. These agencies, called tenant screening bureaus, have different information than your credit report. They focus on rental payment history, evictions, lease agreements and utilities. It is possible that breaking your lease would be reported on one of these lesser known bureaus. This might impact your ability to rent in the future. Another possibility is that the lease holder can always sue you for the balance due on the contract. If a judgment were granted against you, all the provisions allowed under your state's laws would come into play. These include garnishment of wages, freezing of bank accounts, and reporting the judgment on the public records portion of your standard credit report. That would most certainly affect your credit.
Where would you look to your available credit on the usbank.com website?
On my Cardholder Account Profile, using the Authorization Limits link
How good a credit score do you have to have before you can get a VA loan?
Credit score has very little effect on actually getting a loan, loans are based on your credit profile (open loans, faulted loans, paid loans, etc.) there fore my recommendation would be to check your credit profile for free at an online location. (can only be done 1 time per year)
Us bank Where would you look to find your available credit?
On my Cardholder Account Profile, using the Authorization Limits link
Will there be an effect on your credit history or FICO scroes or mortgage interest rates in the future if you cosign for a car lease which is fully paid upfront for the entire lease period?
No. It should show on your credit report as a loan with 0 balance. However it could help if you paid 1/4 each month for 4 months if you have time as it would add to your good credit.
If you stop paying on a collection account that no longer shows on your credit report can the collection company report the unpaid balance to the credit bureaus?
Yes they can and they probably will. if you are concerned about your credit profile, it would not be a good idea to stop paying.
