[KingSlayerNYC]

To get approved by BMWFS

$200k income
Following Auto scores on FiCO

Eqx 708
Trans 718
Exp 724


Have like 10% total credit utilization. One charge off (personal loan) last year due to auto pay turning off and finding out when it was too late.


Leasing a $75k MSRP 540


I know no one can say for certain, just asking for input from people who have had experience with this before I pull the trigger.

[AddyDaddy]

You should be fine
Reduce your house payment when entering info that will help

[KingSlayerNYC]

Originally Posted by AddyDaddy

You should be fine
Reduce your house payment when entering info that will help

I have no house payment (brother pays the house payment, I pay utilities). So house payment is literally $0.

DTI is very favorable at this time.

Thanks.

[Trevor G]

The charge off is going to weigh heavy on any credit request. Try calling the company that posted it to have it removed.

[KingSlayerNYC]

Originally Posted by Trevor G

The charge off is going to weigh heavy on any credit request. Try calling the company that posted it to have it removed.

They won't remove it. I had 3 years of $800 month payments made perfectly on time. And they charged me off the final 2 years because I missed 3 in a row.


They sold it to another creditor. And that creditor only does pay to settle. No pay to delete.

[Trevor G]

Well that sucks. Get it removed by the credit reporting agencies also if you can. File a dispute with them and they can remove them more than likely but it will take time. As for the lease only way to know is to give it a shot. Watching the grass grow is no way to go about it

[drhollowar]

Similar situation both income and scores, sans the charge off. The app only asked for bankruptcy which was a no. I believe the criteria is a min 700. I traded in a 2015 Subaru and walked out with my new girl. Helped as I was coming from a BMW 650, so I got the loyalty bonus but sales guy said it would help with BMWFS.

[Scrapula]

I have an 879 FICO. Length of credit is a big factor, plus having a lot of credit cards without balances. It moves that ratio down. I pay everything off every month, too.

BMW did not verify my income at all. No W-2, no check stubs, no phoning my employer. It was purely based on credit score.

When I bought, I had the $1,800 month Lightning payment, my $1,000 month Jaguar payment and a $2,300 mortgage payment. They didn’t seem to care about that either.

Just try to bring up the credit score.

[Nighthawks]

I think you’ll be fine. What everyone has said is spot on. Stay on track with your payments from here on out and you’ll be good.

[LVBMW]

Originally Posted by Scrapula

I have an 879 FICO. Length of credit is a big factor, plus having a lot of credit cards without balances. It moves that ratio down. I pay everything off every month, too.

BMW did not verify my income at all. No W-2, no check stubs, no phoning my employer. It was purely based on credit score.

When I bought, I had the $1,800 month Lightning payment, my $1,000 month Jaguar payment and a $2,300 mortgage payment. They didn’t seem to care about that either.

Just try to bring up the credit score.

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

[alewifebp]

There are many variations of the scores from each bureau out there. I can say that prior leasing history with BMW or other manufacturers seems to help. I think at worst is that that you might not qualify for super elite and might raise the money factor a bit.

I know I'm pretty gold with BMW since I'm on my sixth BMW. And they have multiple security deposits that they are earning interest with that would cover lost equity.

[KingSlayerNYC]

Originally Posted by Trevor G

Well that sucks. Get it removed by the credit reporting agencies also if you can. File a dispute with them and they can remove them more than likely but it will take time. As for the lease only way to know is to give it a shot. Watching the grass grow is no way to go about it

Yeah the grass thing is true. Unfortunately I've already waited 3 months already so donr want to wait to fix the charge off before trying. I'm gonna go for it. Let's see

[KingSlayerNYC]

Originally Posted by drhollowar

Similar situation both income and scores, sans the charge off. The app only asked for bankruptcy which was a no. I believe the criteria is a min 700. I traded in a 2015 Subaru and walked out with my new girl. Helped as I was coming from a BMW 650, so I got the loyalty bonus but sales guy said it would help with BMWFS.

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.

[KingSlayerNYC]

Originally Posted by Scrapula

I have an 879 FICO. Length of credit is a big factor, plus having a lot of credit cards without balances. It moves that ratio down. I pay everything off every month, too.

BMW did not verify my income at all. No W-2, no check stubs, no phoning my employer. It was purely based on credit score.

When I bought, I had the $1,800 month Lightning payment, my $1,000 month Jaguar payment and a $2,300 mortgage payment. They didn’t seem to care about that either.

Just try to bring up the credit score.

I have like 15 credit cards, 14 with 0 balance. 1 with balance is making 10% utilization overall, but I paid it off yesterday but it won't be reported on time.

W-2 for the past 9 years consecutive. $200k annual made last year. Government job.
Extremely extremely low DTI.
$0 housing payment
First time lease
Previous car loan paid off 100% never missed a payment

Just the charge off which happened 9 months ago

[Trevor G]

Here's to the best of outcomes. I know there are a few 540i's currently available at Haberstad BMW out on Long Island. They even have a very nice Carbon Black i5 M60 available.

[KingSlayerNYC]

Originally Posted by Nighthawks

I think you’ll be fine. What everyone has said is spot on. Stay on track with your payments from here on out and you’ll be good.

Thanks. Yeah payments have been on time for the past 9 months (since the charge off, other wise would've been on time for years on years).

Will put in the app on Wednesday

[KingSlayerNYC]

Originally Posted by Trevor G

Here's to the best of outcomes. I know there are a few 540i's currently available at Haberstad BMW out on Long Island. They even have a very nice Carbon Black i5 M60 available.

Appreciate the well wish. I'm working with a broker. He found me a 540xi matching my specs coming in next month.

[LVBMW]

Originally Posted by KingSlayerNYC

Appreciate the well wish. I'm working with a broker. He found me a 540xi matching my specs coming in next month.

Broker is definitely the way to go. Easiest experience I've ever had. Best of luck with the process.

[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.

[LVBMW]

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.

Be careful with this approach. This will also lower your total available credit and could impact your utilization percentage. It can also impact your score if you close older and longstanding accounts as overall age of credit is a factor too.

[Trevor G]

Originally Posted by LVBMW

Be careful with this approach. This will also lower your total available credit and could impact your utilization percentage. It can also impact your score if you close older and longstanding accounts as overall age of credit is a factor too.

Agreed, careful not to close any long standing accounts. My score is 835 right now and I have long standing accounts still open but closed all the useless ones like store cards. I have only 2 credit cards.

[KingSlayerNYC]

Originally Posted by LVBMW

Be careful with this approach. This will also lower your total available credit and could impact your utilization percentage. It can also impact your score if you close older and longstanding accounts as overall age of credit is a factor too.

Yeah I've always been against closing cards especially older ones.

I think I'm at max number 15 cards personally. It puts my "credit mix portfolio" at Exceptional (cards, personal loans, precious car loan)