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Why did my credit score drop after leasing a car?
I recently took out a lease for a new car and I noticed that it made my credit score drop. Why is that? I don’t think I’ve missed any payments or anything so I’m a little confused.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Try not to worry too much! It’s actually very normal for your credit score to drop after
leasing a new car
. This is partially because you have opened a new account on your credit, but it might also be the result of a credit inquiry by the company you’re leasing from.Luckily, this effect should go away pretty quickly—usually within a few months. If you continue to make payments on time, you’ll probably even see an increase in your score over the course of your lease!
Did you know that your credit score is a big factor in your car insurance rates? No matter what your score is, the
Jerry
app can help you find the best available rates on the coverage you need. Just download the app and answer some quick questions to learn more.View full answer
- Gregory R.
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