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    Thread: Is 668 a good credit score?

    1. 11-10-2003 12:59 PM #1
      Hello car purchasing gurus,
      I want to share this and maybe get some answers.
      Yesterday I test drove a 350 Z Touring... awesome!
      Just for kicks I decided to get inside the dealership and "work some numbers". My credit score was 668 and the salesman said it wasn't very good... is this true?

      Also, he quoted me $441 and $439 monthly payments for a 36 and 39 month leases. When I asked him about the residual value and money factor he said that was confidential information

      And so I mentioned that I was leasing a VW with more than a year left of payments. The numbers that he gave me supposedly include that but he never asked anything about the VW... gosh not even the year model How could he give me monthly payments without knowing the payoff amount???

      Crazy


    2. Member VeeDubDriver's Avatar
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      11-10-2003 01:31 PM #2
      720+ is generally considered prime, 668 is not bad but it is also not great. Luckily, Nissan offers the same money factor to tiers 1-3 if you have a credit score of at least 620. Though the dealer will probably claim your credit score is not high enough to get the best rate, it in fact is.

      The rate on the Touring model is .00240. The residuals are as follows:

      36 - 57% 39 - 56% 42 - 54% 48 - 50%

      This is for 15K miles/year. For 12K add 1% for 36-42 mos and 2% for 48 mos.

      The acquisition fee is $550.

      Now, these numbers are if you finance it through Nissan. Other finance companies (like Chase) may have different rates, residuals and credit score requirements.


    3. 11-10-2003 02:01 PM #3
      Quote, originally posted by VeeDubDriver »
      720+ is generally considered prime, 668 is not bad but it is also not great. Luckily, Nissan offers the same money factor to tiers 1-3 if you have a credit score of at least 620. Though the dealer will probably claim your credit score is not high enough to get the best rate, it in fact is.

      The rate on the Touring model is .00240. The residuals are as follows:

      36 - 57% 39 - 56% 42 - 54% 48 - 50%

      This is for 15K miles/year. For 12K add 1% for 36-42 mos and 2% for 48 mos.

      The acquisition fee is $550.

      Now, these numbers are if you finance it through Nissan. Other finance companies (like Chase) may have different rates, residuals and credit score requirements.

      Thank you VeeDubDriver!
      I'm actually interested in the "enthusiast" model because is more affordable. What's killing me is that I'm upside down in my current lease. Ding it! I wish there could be a way to get out. I thought about getting a loan thru my credit union and buy the car from VW credit. And then trade it for the 350 Z but I'm sure it will leave me wallen in limp mode.
      Thanks again.
      Cheers!


    4. Member VeeDubDriver's Avatar
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      11-10-2003 02:16 PM #4
      These are the residuals for the Enthusiast model: 36 - 58% 39 - 57% 42 - 54% 48 - 50%

      Quote, originally posted by 1.8Transporter »

      What's killing me is that I'm upside down in my current lease. Ding it! I wish there could be a way to get out. I thought about getting a loan thru my credit union and buy the car from VW credit. And then trade it for the 350 Z but I'm sure it will leave me wallen in limp mode.

      You would be better off just trading in the car to the Nissan dealer. The reason is that if you buy it first, you will have to pay the 6% FL sales tax on the buyout amount. If you trade it in, you won't.

      However, either way, you will have to roll many thousands of dollars into the new lease. On a 36 month lease, for every $1000 you roll in, you are looking at about $25/mo more on your monthly payment.

      Even if you had financed your car instead of leasing it, you would still be way upside-down at this point. The sad fact is that you can't trade out of a new car after only a couple of years and not expect to take a huge bath on the deal.


    5. 11-17-2003 09:10 PM #5
      FYI, if you have your credit checked many times in a short amount of time (i.e. - having 10 dealerships check your credit in a week while car shopping), can actually cause your credit score to go down.

    6. 11-17-2003 10:09 PM #6
      That sounds like a really good lease payment on the 350Z, what was the sticker price on it? More than likely the salesguy was probably just throwing low-ball numbers at you to see if you were really interested or just a tire kicker. If you expressed interest, I am sure they would have you in the F&I guys office giving you the ol' "You are upside down on your VW, so the lease is gonna be $600 mo" song and dance. If you do go back and decide to get it, you may want to make him aware that Nissan offers the same rate to tier 1-3 credit scores, that way he will know you are educated on leases and they may not give you the jerk-around as bad.


    7. Senior Member ChrisMD's Avatar
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      11-18-2003 02:23 PM #7
      Quote, originally posted by davar »
      FYI, if you have your credit checked many times in a short amount of time (i.e. - having 10 dealerships check your credit in a week while car shopping), can actually cause your credit score to go down.

      I believe there's a "grace period" of two weeks in which all inquiries from one type of business (like car dealers) are not penalized as separate inquiries.

      Otherwise, yes, it can hurt since each is shown as an inquiry with no credit extended as a result of that inquiry.

      Chris
      "All hail Dr. Chris, doctor of money medicine!" --Tornado2dr
      "annuity = financial abortion." --jnm2.0t

    8. 01-14-2014 11:03 AM #8
      There's a good credit app on the iphone. See what it says about your score.

    9. Member DasCC's Avatar
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      01-14-2014 11:59 AM #9
      Quote Originally Posted by caitlee View Post
      The Consumer Financial Protection Bureau has released a new study on credit reports that determine a consumers' capability to get credit. According to the report, how a consumer utilizes his or her charge card is the most telling aspect in getting a score.
      Holy Crap why did you bump 11 year old thread?
      Last edited by DasCC; 01-14-2014 at 12:01 PM. Reason: uhhhh

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      01-14-2014 01:24 PM #10
      because spam


    11. Member 1bad19d's Avatar
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      02-18-2014 12:42 AM #12
      your credit app has your loan amount balance on it within the past 30 days anyhow... 680 is base for good credit, but its more than a number, its debt to credit advance, payment history, high credit loan amount, all kinds of variables.

    12. Member DasCC's Avatar
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      02-18-2014 12:48 AM #13
      Quote Originally Posted by 1bad19d View Post
      your credit app has your loan amount balance on it within the past 30 days anyhow... 680 is base for good credit, but its more than a number, its debt to credit advance, payment history, high credit loan amount, all kinds of variables.
      Not sure if you noticed the date of the OP.....


      Sent from my iPhone using Tapatalk

    13. 02-19-2014 12:02 PM #14
      You had me at 350z



      Yes, who bumped this sleeping monster?

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