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

 

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

 

It is essential to keep a good credit score, usually above 700, to qualify for a lease or any other lending decision. You can start by checking your credit report from companies like Credit Karma, Borrowell, TransUnion, Equifax, etc. or any other companies that let you check your credit score. If there is erroneous data that is held on your credit history, then contact the creditor responsible and get such information corrected.

 

Also, your payment history is the most critical factor in determining your credit score, therefore get into a habit of paying everything you owe on time and always keep the balances low in your credit cards.