What is meant by "No Credit Needed"

“No Credit Needed” means that you don’t necessarily need to have credit history or a strong credit score to be approved for lease-to-own. We do check credit bureau reports; however, we look at many other data points to make a final decision, and we regularly approve customers with less than perfect credit or very little credit history.

Progressive Leasing obtains information from credit bureaus. Not all applicants are approved.

Does it matter that I have bad or no credit?

Our decision process allows us to consider more than just credit reports and credit scores. We regularly approve people with less than perfect credit or very little credit history. However, not all applicants are approved.

Does Progressive Pull Credit Reports?

Yes. Credit bureau reports are requested for all applicants, but Progressive Leasing looks at many data points in these reports besides credit scores. By doing so we can approve many customers with less than perfect credit or with a thin credit file or no credit file.

What's the difference between a hard and soft credit inquiry?

Progressive Leasing will only make soft inquiries to the big three Credit Bureaus (Transunion, Experian & Equifax). Other secondary bureaus, however, do not offer a soft inquiry option. An inquiry occurs any time an individual or business requests a copy of a person’s consumer bureau report – also known as a credit report. The bureaus keep a record of all inquiries made. Creditors and scoring models could consider inquiries a negative factor in a consumer’s report. On a soft inquiry, the inquiry is only visible to the consumer if requesting a copy of their own consumer report, whereas a hard inquiry can be seen by other credit reporting agencies and may impact FICO or other credit scores.

Will a lease-to-own application impact my credit score?

Progressive Leasing will only make soft inquiries to the big three Credit Bureaus (Transunion, Experian & Equifax). Soft inquiries do not affect your credit score, but payment history can. Make sure you pay on time and do not miss any of your lease payments.

Does Progressive report to credit bureaus? Can I build up my credit by doing a successful Lease?

No. We do not currently report to credit bureaus. Progressive Leasing provides a lease-to-own purchase program, not credit.