How does new car lease impact my credit?

[milechazzer]

Hi - I'm looking into a new car lease, and I can't decide whether to apply under my name or my wife's name. Can anyone clarify what kind of impact a lease would have on either of our credit?

thank you

[Super Speed]

Hi - I'm looking into a new car lease, and I can't decide whether to apply under my name or my wife's name. Can anyone clarify what kind of impact a lease would have on either of our credit?

thank you

From my understanding its like a loan, pay on time and its great for your credit. Also depending on who has better credit, when you apply for the lease you can get better rates.

[milechazzer]

From my understanding its like a loan, pay on time and its great for your credit. Also depending on who has better credit, when you apply for the lease you can get better rates.

Thanks. I pretty sure both of our credit scores are above the threshold for the best rates. I guess my concern was more about the credit utilization type of impact that it could have.

[aryeh1]

Probably during car lease makes credit score drop but after it raises it

[metziah]

Hi - I'm looking into a new car lease, and I can't decide whether to apply under my name or my wife's name. Can anyone clarify what kind of impact a lease would have on either of our credit?

thank you

Unless your planning on applying for a mortgage soon, it won't make a difference.

[tzeekee123]

I just co signed a lease for a friend does  that mean that I wouldn't be able to get any cc until the lease is up (which is in 3 years..)? Wondering if the favor I did was worth it
Also is there anything I should be aware of?

[hocker]

I just co signed a lease for a friend does  that mean that I wouldn't be able to get any cc until the lease is up (which is in 3 years..)? Wondering if the favor I did was worth it
Also is there anything I should be aware of?

Not at all, it helps your credit score.

[tzeekee123]

Not at all, it helps your credit score.

Probably during car lease makes credit score drop but after it raises it

Maybe he means the score goes down like a credit pull for three months or so?

[yuneeq]

I just co signed a lease for a friend does  that mean that I wouldn't be able to get any cc until the lease is up (which is in 3 years..)? Wondering if the favor I did was worth it
Also is there anything I should be aware of?

If he doesn't pay on time, your credit is screwed

[Super Speed]

Maybe he means the score goes down like a credit pull for three months or so?

Seems like he was worried about 3 Years.

[aryeh1]

Maybe he means the score goes down like a credit pull for three months or so?

Long run it will help as it will show good credit history, hopefully . In the short run you will have a mortgage kinda or debt to pay off so this will drop score as there will be a higher utilization vs total credit. But overall paying it iff and on time will bring your score higher