By: Zhafran

Your credit score is part of the leasing decision. When you apply for a lease, your lease company will typically look at your credit score to decide whether you to approve the application.

Credit score is a measure of your credit worthiness used by leasing agents to determine whether you are eligible for a lease. You credit score is based on your past and present credit history, and can range anywhere from 350 to 850. A measure above 720 is considered a “prime score” and will land you the best rates. If you are below 640, then you are “sub-prime” and will be considered bad rating by the bulk of leasing agents. This is where all the trouble in getting that lease comes from.

It is very important to keep a good credit-score, usually above 700, to qualify for a lease or any other lending decision. Start by ordering your credit report from Fair Isaac Corp, the company that creates your credit score. If erroneous data is held about you, then contact the creditor responsible and get such information corrected.

Your payment history is the single most important factor in determining your credit score, so get in the habit of paying everything you owe on time and keep the balances low in your credit cards.

The leasing contract stipulates that you make regular, monthly payments over your lease term. The credit score you lease company requests identifies how likely you are to make such payments. It is simply a number calculated according to a model that takes into account your payment history, any amounts you owe and credit currently in use.

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