Reply
New Contributor
Posts: 57
Registered: ‎03-31-2012
0

Auto enhanced score - only through dealer financing?

I strongly believe we will have an excellent auto enhanced credit score since we have one auto loan that was paid off in August - clean, no lates, and a current auto loan that has been reporting 100% clean for a couple of years now.  Just one 30 day on a different auto loan from 4 years ago. 

 

My score is currently 665 (high util on cards is holding me back)

Hubby's score is currently 641 (baddies on mortgage this year; now reporting current since October) 

We had a BK filed in Nov 2002 which I assume will fall off our reports as of December (yay).  However I've heard that when it's that old it doesn't make much difference in scores anyhow.  I think it's already off Experian but still on Equifax.  Not sure about transunion.

 

I'm wondering, do banks use an auto enhanced score, or is that only with the actual dealership?  Also, will the high util and mortgage bads override the enhanced score?  We're pulling the trigger soon on a new vehicle (before the end of the year) and trying to be as informed and prepared as possible.  Thanks for any help!

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Auto enhanced score - only through dealer financing?

The Auto score looks at installment loans more, so your Husbands score might actually be lower.

 

It is up to the bank which score they look at, some banks might use auto enhanced others might use regular Fico.

New Contributor
Posts: 57
Registered: ‎03-31-2012
0

Re: Auto enhanced score - only through dealer financing?

That's interesting.  I thought the score was related to auto loans only.  Thank you for the insight.  I'm thinking I should be the primary applicant - would that make a difference?  Don't they weigh primary applicant's score first?  He has income of about 80K from his employer - 15 yrs job history and we also have self employment income which is about 75K.

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Auto enhanced score - only through dealer financing?

I think they go with the lowest score actually. But if the dealership has a good relationship with the bank sometimes they can make things happen.

 

For example, last year I needed to lease a new minivan and my score was good enough but my Wifes was in the 500s. They had to get the bank on the phone and talk them into it. They ended up giving me the best rate, but the dealership down the street couldn't do the deal.

Moderator
Posts: 13,869
Registered: ‎04-15-2011
0

Re: Auto enhanced score - only through dealer financing?

Local banks and CUs are better in these circumstances.  If you have a good history with them, they will sometimes overlook some things.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Contributor
Posts: 57
Registered: ‎03-31-2012
0

Re: Auto enhanced score - only through dealer financing?

Both of my auto loans (the one that is paid off) and the one that is still active are credit union accounts.  I've never been over 30 days with them.  Close calls, but never 30 days.  They were paid every dime we owed them on the loan that is paid off.  Less than a year ago the CU merged with another one, so technically they became a whole new bank.  I've found that the smaller local ones tend to do that frequently!

 

The last time I talked to them and gave an application a shot they denied, primarily because of the mortgage situation.  However they said if I had a letter from the mortgage company showing that our loan became current that they could possibly approve an auto loan.  This was also before one of the remaining two auto loans were paid off.  Since then the mortgage was modified and is back to good status.  And I can present that letter.

 

Regarding the hard pulls with trying to app again, what is the time frame where the series of pulls counts as "one"?  Is it two weeks or 30 days?  I'd like to time this right! :smileyhappy:

Regular Contributor
Posts: 154
Registered: ‎09-21-2012
0

Re: Auto enhanced score - only through dealer financing?


tooleman694 wrote:

I think they go with the lowest score actually. But if the dealership has a good relationship with the bank sometimes they can make things happen.

 

For example, last year I needed to lease a new minivan and my score was good enough but my Wifes was in the 500s. They had to get the bank on the phone and talk them into it. They ended up giving me the best rate, but the dealership down the street couldn't do the deal.


 It depends on the dealer, they can take whichever score they choose. Last time I went car shopping, the first couple dealers would not take the higher score, but I eventually found one that would. Just keep looking if they try to play that game with you!

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656
New Contributor
Posts: 57
Registered: ‎03-31-2012
0

Re: Auto enhanced score - only through dealer financing?

In regard to the timing on the apps, once we start pulling the trigger, is it over 30 days where all pulls count as one, or is it only for a couple of weeks?  Thanks to anyone who knows!

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.