Auto Enhanced FICO?

[Anonymous]

Hi all,

I'm about to lease my second car. First car least is up in 2 months. Trying to get an understanding if I should have any problems or not with Top Tier credit for a BMW. 

I used to have credit problems. I have not had any issues in more then 7 years now. No bad credit card debt remains on my credit reports. I had a Tax Lien that was withdrawn and removed from my reports two years ago. 

I had car loans from as far back as 1993. in 2000 I had a car loan for 5 years and in late 2004 or early 2005 I had a few late 30+ days payments on my car loan. I borrowed the money from someone and paid the car off completly.  I then leased a new car for the past 3 years with zero lates. My current lease was not approved for top tier 3 years ago, but instead was approved for second tier (so they say) and the payments were only 10 dollars more a month then top tier. 

My current credit cards total about 20k in credit limits but between them all I have less then 500 dollars balanace on them. I never carry a balance I pay them off monthly so only using the 500 dollars as an estimated of what could be on the reports at the time of a pull. 

Trying to determine if I should have any issues with top tier on this current lease or not. How long would a late payment remain on your auto enhanced fico? 

[Barris]

Your AE FICO is actually no different from your BEACON FICO (general) score. Only difference is that in case of AE FICO the calculations are more slanted towards installment loans (mortgage, car loan, etc). Given that your general score/report is top condition, things should not be an issue. Given that the lates on your record are older than 7 years, they should not be appearing at all so in other words, they should not form a part of your AE FICO.

[boomhower]

You shouldn't have any issues at all.  The month before you are going to buy your new car make sure all of your credit cards report a zero balance except for one.  On that one card let it report a small balance of less than 10% of it's credit limit.  That will help you get your maximum FICO score.  Given that your report is clean of derogs with both positive revolving and installment history I can't imagine it would be an issue.  You may want to pull your EQ FICO to see what range you are in.  The given infor should be an easy 750 depending on your AAoA but you never know until you pull.  You can get an account at creditsesame.com for a somewhat accurate EX score.

[Student_Loans_Kill]

What happens if there is no mortgage or auto loan, only student loans and credit cards

[Barris]

Then your AE FICO score is the same as your BEACON FICO score. If there are no TLs present in your credit history which can slant the score, everything remains the same.

[Majorr]

I just leased a new BMW 650i convertible over the weekend. My FICO score was 665 as of last week, but I had a previous spotless Range Rover lease so I expected that my auto enhanced score would be higher. The dealer stated that my scores were well into the 700's and I qualified for the advertised deal with no problems. I also have had credit problems from credit cards in the past, all settled, and was therefore expecting some sort of upward adjustment to the payment, but was pleasantly surprised. BMW financial proved to be pretty easy to work with. I had tried an auction dealer (Miami, FL) and naturally they were giving me a raw deal and trying to milk me for $$$$ based on prior non-auto related credit dings. Never again. Just stick with the dealership. Interestingly enough, the BMW dealer mentioned they were financing folks with credit as low as 575 through BMW financial as of June 2013.

Hope this helps someone. The posts on this forum certainly helped me and gave me confidence to go to the dealership and get a good deal. 

[summerhunny11]

Majorr, what was your auto enhanced score and what are your lease payments on that 650?