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Auto Enhanced Score

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CostantinoA
Established Contributor

Auto Enhanced Score

I have had 7 auto loans, all paid in full, never late over the last 10 years.  I currently have two open auto loans about 5 months in the loan each.  My question is, how heavy is the Auto scored weighed?  You would think with 10 years perfect auto history and 7 loans, that my Auto score would be amazing and it is pretty much the same as the FICO 8.  What is bringing my down on my scores is my high cc balances and my inquires.  I am 6 months inquiry free so just waiting for them all to drop off.

 

Does anyone know how the Auto Score is figured?  I have no problem getting auto loans as my two more recent ones are Cadillac Escalade Platium and Cadillac ATS.  I just am getting 10% interest rate and I would like to get lower.

 

Thank you,

Experian - 695 (4Y1M AA, 33 INQ)
Transunion - 686 (1Y5M AA, 30 INQ)
Equifax - 726 (3Y1M AA, 4 INQ)
Total Credit Lines: $99,387
5 REPLIES 5
Anonymous
Not applicable

Re: Auto Enhanced Score

The young age of your two current loans, which apparently were taken out at about the same time 5 months ago, is what is keeping your auto score down near your regular FICO score.  As you are already aware, the balances and other things in your "regular" file are keeping that score where it is.

 

Auto enhanced is sometimes much better than regular, if the person has older/almost-paid loans and/or paid-off ones.   A mortgage with established payment history helps too.  Your current car loans are younger, much closer to their original balances, and so still in a higher-risk stage of life than a much older loan.   While it is generally true that revolving credit accounts are weighed a little less heavily in an auto score, they are still going to affect the auto score in the same ways they affect the regular score - high utilization, high inquiries, late payments, etc are still going to have a negative effect.

 

In auto lending, typically the 0-3% loans are only available to buyers with credit ratings above 680.

Tier 2, with scores above about 640, will typically see 4-8%, while scores in 580-640 will see 9-14% (kind of where you are now).

Below about 560 a buyer is firmly in subprime territory and should expect to see rates of more than 12-15%, sometimes over 20%.

 

 

Message 2 of 6
wife2froggy
Contributor

Re: Auto Enhanced Score

Piggy backing due to similar question.

 

I'm watching my mortgage scores so I can have the lender pull the trigger on an application.

 

I noticed, however, that my Auto Scores for TU and EX keep dropping while my EQ keeps going up.

 

My auto loan is about 8 months old (on a 36 month loan) I have about $5600 from $7200 left on it, I'm a month ahead on payments... What gives?

 

All CCs are Paid as Agreed (UTI does fluctuate between 19-40%)

 

Student Loans finally rehabbed and FedLoan Servicing has started replacing the 120 Past Due with Paid As Agreed (not on all accounts yet)

 

Still waiting on DOE to remove collections but that hasn't changed since I began monitoring.

 

In other GREAT news, my mortgage score has gone up about 40 - 50 points across the board in 3 months Smiley Happy

On the road!
FICO 8 6/15/17 EQ 591 // TU 570 // EX 606

FICO 8 03/15/2021 EQ 702 // TU 700 // EX 699
Message 3 of 6
Anonymous
Not applicable

Re: Auto Enhanced Score

Bumping this old thread with a question please....

 

I bought a car and paid the 4 year loan on time over 10 years ago. It has since fallen off my reports. Question is... Will any auto lender still 'see' this old activity? Thanks

Message 4 of 6
Anonymous
Not applicable

Re: Auto Enhanced Score

No they will not, they will only see what is currently being reported to your CB's.

Message 5 of 6
Anonymous
Not applicable

Re: Auto Enhanced Score

Gotcha thanks

Message 6 of 6
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