[RichardInCA]

Originally Posted by Trevor G

I would suggest closing out some of those credit card accounts also. Lowers your score having too many accounts open and access to a lot of credit will lead to second guessing by the underwriters about you ability to pay back if all the cards have a balance.

I’m thinking the same thing - that’s a pretty large number of cards doing nothing, the probability of one of them getting hacked would give me a headache.

[KingSlayerNYC]

Originally Posted by RichardInCA

I’m thinking the same thing - that’s a pretty large number of cards doing nothing, the probability of one of them getting hacked would give me a headache.

It is large, that I agree. It became large during my "build credit" phase. As each card helped me increase overall credit and decrease overall utilization


What I do with them now is use all of them around 10% a month and pay off each month. This way they stay active and I monitor them monthly.

Maybe one day when I hit 800+ I'll get rid of some weaker cards.

[Windshieldfarmer]

Your credit score is likely sufficient, though towards the low end for prime credit. Your charged off loan could impact however, just depends on the underwriting standards applied. One thing you don’t want to do is apply for credit for anything anywhere else. Credit inquiries will decrease your score.

[Scrapula]

Originally Posted by LVBMW

I thought 850 was the highest possible FICO? You are over the top. That is how good you are.

I think technically, it can go higher, but no one really looks beyond 850. My husband is over 850 as well.

[COBodom]

You're asking for input. The input is as follows...

If you wanna hear whether or not they'll approve you then just based on the snippet of your DTI ratio you will obviously get approved.

Now, where you gonna land with your monthly payment will depend on gazillion factors including, again obviously, the structure of your lease.

[BimmerFix]

Originally Posted by Scrapula

I have an 879 FICO.

Originally Posted by LVBMW

I thought 850 was the highest possible FICO? You are over the top. That is how good you are.

No such thing. 850 is the highest under FICO , perhaps under a different model like Vantage but not official FICO. Or maybe you checked on some random App

In the olden days scores up to 900 I believe were possible, no longer

The big 3 . Experian, Transunion, Equifax : 850 max

[KingSlayerNYC]

I think only the FICO auto scores go past 850. Or used to anyways.

[LVBMW]

Originally Posted by BimmerFix

No such thing. 850 is the highest under FICO , perhaps under a different model like Vantage but not official FICO. Or maybe you checked on some random App

In the olden days scores up to 900 I believe were possible, no longer

The big 3 . Experian, Transunion, Equifax : 850 max

I thought so. I just checked on myFICO, and 850 is the max for the standard FICO score.

[Windshieldfarmer]

Anything above 775 is golden for borrowing purposes. Anything higher does nothing for you. In fact a higher score may be indicative of more debt rather than less debt….not bad but a function of the score. OP’s question however points out factors other than score may come into play.

[Scrapula]

Originally Posted by BimmerFix

No such thing. 850 is the highest under FICO , perhaps under a different model like Vantage but not official FICO. Or maybe you checked on some random App

In the olden days scores up to 900 I believe were possible, no longer

The big 3 . Experian, Transunion, Equifax : 850 max

It was pulled up by my SA in his office when I was ordering the vehicle. So it’s whatever BMW Finance uses. So, not a random app, but specifically what BMW uses for determining rates.

[mjr24]

Your income, other credit cards, etc isn’t going to matter.

They are going to highly question the charge off…..as they should, it was less than a year ago and I’m sure all your stats were the same then with income, debt to income ratio, etc. How do they know you aren’t going to “forget” about your loan payment with them?

[KingSlayerNYC]

Originally Posted by mjr24

Your income, other credit cards, etc isn’t going to matter.

They are going to highly question the charge off…..as they should, it was less than a year ago and I’m sure all your stats were the same then with income, debt to income ratio, etc. How do they know you aren’t going to “forget” about your loan payment with them?

Valid point, but I didn't forget to pay. Auto pay was turned off somehow (I think due to getting a new debit card) so auto payments ceased.


My previous car loan was 7 years loan, paid off in 5 years, 0 late payment.

But yes, the charge off will definitely make them raise their eyebrows. I'd appreciate if they actually talk to me and let me explain rather than approve/disapprove with no words exchanged. Not sure how BMWFS is as this is my first time.

[BimmerFix]

Originally Posted by Scrapula

It was pulled up by my SA in his office when I was ordering the vehicle. So it’s whatever BMW Finance uses. So, not a random app, but specifically what BMW uses for determining rates.

Maybe your Auto score pehaps ?

Nothing higher than 850 for official FICO. Most everyone knows this …

So post pic or it didn’t happen . I’m in finance also among other things

[Mikey64647]

What's the difference between base FICO® Scores and industry-specific FICO® Scores?
Base FICO® Scores, such as FICO Score 8, are designed to predict the likelihood of not paying as agreed in the future on any credit obligation, whether it's a mortgage, credit card, student loan or other credit product.

Industry-specific FICO® Scores incorporate the predictive power of base FICO Scores while also providing lenders a further-refined credit risk assessment tailored to the type of credit the consumer is seeking. For example, auto lenders and credit card issuers may use a FICO Auto Score or a FICO Bankcard Score, respectively, instead of base FICO Scores.

FICO® Auto Scores and FICO Bankcard Scores have these aspects in common:

Many lenders may use these scores instead of the base FICO® Score.
It is up to each lender to determine which credit score they will use and what other financial information they will consider in their credit review process.
The versions range from 250-900 (compared to 300-850 for base FICO® Scores) and higher scores continue to equate to lower risk.

https://www.myfico.com/credit-educat...score-versions

[mjr24]

Originally Posted by KingSlayerNYC

Valid point, but I didn't forget to pay. Auto pay was turned off somehow (I think due to getting a new debit card) so auto payments ceased.


My previous car loan was 7 years loan, paid off in 5 years, 0 late payment.

But yes, the charge off will definitely make them raise their eyebrows. I'd appreciate if they actually talk to me and let me explain rather than approve/disapprove with no words exchanged. Not sure how BMWFS is as this is my first time.

I don’t think it’s going to stop you from getting a lease….I’d make sure you clarify it with the dealer or BMWFS up front so they know already the reasons as to why that happened.

[Scrapula]

Originally Posted by BimmerFix

Maybe your Auto score pehaps ?

Nothing higher than 850 for official FICO. Most everyone knows this …

So post pic or it didn’t happen . I’m in finance also among other things

Yes, it was an Auto FICO score which goes to 900. I was buying a car, not getting a mortgage.

[PsychDoc]

Yes I had this debate with a friend a year ago. "Normal" credit scores only go to 850 but for some odd reason, auto financing credit scores can go to 900. Really makes very little sense, but then again, so many things these days fall into that category. LOL

[BimmerFix]

Originally Posted by Scrapula

Yes, it was an Auto FICO score which goes to 900. I was buying a car, not getting a mortgage.

Good for you , it only took a page of posts and Mikey linking the myfico site explaining the difference. For you to come to that realization

Numerous times I asked if it was different model, score, and/or Auto

And fyi , even purchasing/leasing a vehicle. 95% of the time they pull your FICO 8 score . So the mortgage jab was a moot point

Apologies if I came off rude, was just trying to clarify for others is all ..

[Scrapula]

Originally Posted by BimmerFix

Good for you , it only took a page of posts and Mikey linking the myfico site explaining the difference. For you to come to that realization

Numerous times I asked if it was different model, score, and/or Auto

And fyi , even purchasing/leasing a vehicle. 95% of the time they pull your FICO 8 score . So the mortgage jab was a moot point

Apologies if I came off rude, was just trying to clarify for others is all ..

Not rude, just pedantic

[AiredaleDad]

Originally Posted by KingSlayerNYC

Hmm, well thank God I have no bankruptcy either. Just the charge off.

Have like 15 credit cards with 0 balance.
Utilization is very low (due to balance on one card).
Other 2 loans are 100% paid on time history.

No BMW loyalty though although I think the broker is tacking it on somehow.

Hey, Just chiming in. I have an 870 credit score. over $200k income, and about the same $2300 house payment. I have 0 outstanding debt except my mortgage and I have about 6 credit cards, but only use one (My travel card) I pay all my monthly expenses for literally everything with that card and just pay it off every month. I asked if I should close my unused cards down and was told not to. The fact I have the cards increases my overall credit worthiness as it shows how much I have at my disposal even though I don't use it. I was told if I close the accounts it would lower my credit worthiness even if it doesn't affect my score.

Also challenging the charge-off can temporarily boost your score while they are investigating it. Technically it's the same as if you challenge a charge on your credit card. It comes off until it can be verified. So my advice, go to Trans-union, Equifax and challenge the charge-off, then wait about 30 days for it to reflect on your credit, and apply for the credit.