What does Leasing do to your credit?

From what I hear is has no impact. Because the leasing companies don't report to credit companies. They just charge a lot of money to lease a truck or they have the Walk Away lease deals. They don't even check credit. That why you just sign you name and you get a truck. They just charge a lot for the truck and if you fail. They can lease it to another person who think they can make the payments.

 

i have leased my last 2 cars now, yes i know, apples/oranges comparisons, but the leasing company did check my credit report/scores.

late for a payment...BAM..it gets reported

miss a payment..BAM, they report that

on time payments, BAM they report that....

usually anytime an inquiry is made on your credit, it gets a little ding.

whether or not it affects your score, depends on how many inquiries there have been.

but again, that's for 4 wheelers......

 

If you've recently paid something off, your score will take a hit but rebound in a couple months. Sometimes, depending on your personal auto insurance, when it's time to renew the policy they check your credit causing a small dip in your score.

Many, many things can cause a 5 - 30 point dip. Give it a month or two, if it was a routine check it'll pop right back up.

 

The outfit I lease purchased my truck from did report to credit companies from the beginning of lease til I took possession of truck. It did seem to give my credit score a boost.

 

There's a reason your score took a dip.

If it's a blip. It'll rebound back up. Otherwise. There's a reason.

I refid my car. 6 points. New loan. Same. Once the old loan closed out. 35 points.
I don't know what the credit cards did as there's too many variable. But I lost from inquiries and closures also.
Experian is having a hard time rebounding but the other 2 are only down slightly.

If you have balances. Your score will vary each month depending on amount of available credit left to use. So if your balances went up. Your score goes down.