Hello everyone! Just joined the forums after reading so many to expand my credit knowledge. I am fairly new to the credit world, opened my first credit card in 12/2009 and my second in 05/2011. So if anyone can assist or provide advice, it would be greatly appreciated!
Around December of 2010 I went to the dealer to ask about a lease. To start off, my current scores are 752 TU FICO, 704 EQ FICO (724 EQ SW) and 754 EX (EQ SW).
I figured those were some banging scores to qualify for a lease. No baddies, all bills paid on time, low credit usage below 10%. My income was fine to them ($2,000 gross per month with only a phone bill expense of $120.) However when they did a soft pull to see where I am, I was thrown off by my credit limits. My score the dealer pulled, it was 732 EQ. Apparently my credit limits were too low to qualify for a lease.I have only two revolving accounts (soon to be a 3rd as an AU.), so far totalling $2,300. Yes that is extremely low but I never
needed to increase in the first place.
Soon after I decided to increase my revolving accounts which now totaling $4,500. I realize I hate asking for a CLI because a hard pull is done every time. I'm aiming for next year (around March 2013) to try again for the lease. My question is, what can I do to prepare my credit to qualify for a lease? I was thinking of mixing my credit by taking out a secured personal loan with my CU of about $6,000-$8,000 using my savings as collateral and sit in my checking account to pay off at the end of the year. If that will not help, or if I were to not take the loan, to what limit will I need it to increase? It's a $28,000 car but with a high residual value I'll be paying $10-12,000 for the term @ 36 months for $300-$400 per month tax included given the down payment due at signing. I've search the forums for auto leasing but nowhere did I see credit limits involved to getting approved. Please help! I'm sure it can help people who are new to leasing as well!