Reply
Valued Member
onmyway80
Posts: 40
Registered: ‎05-28-2008
0

Calculated Scores

Does anyone know how scores are calculated for joint auto loans? Do they average the two scores together. I guess what I'm asking is how do they come up with an APR when two people are applying for a loan?
Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008
0

Re: Calculated Scores



onmyway80 wrote:
Does anyone know how scores are calculated for joint auto loans? Do they average the two scores together. I guess what I'm asking is how do they come up with an APR when two people are applying for a loan?





Interesting question, I dunno because my name has been the only name on the paperwork for every car that I have bought. Same with credit cards and suchlike, my wife and I have those as individuals. We are both on the paperwork for our home purchase and mortgage, of course. With mortgages, I do know, they pull all three scores for each co-borrower, then take the middle of the three for whichever person has the lower scores. But I believe some auto lenders will only pull from a single reporting agency, and I dunno whether they follow the same rule of going by whoever has the lower scores.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Valued Member
onmyway80
Posts: 40
Registered: ‎05-28-2008
0

Re: Calculated Scores

Does anyone else know?
Senior Contributor
mickie08
Posts: 3,299
Registered: ‎04-22-2008
0

Re: Calculated Scores

credit is usually based upon the primary applicants credit.  At least that was the case when we needed a cosignera few years ago.  by having our co-signer sign first, we got 6.9 % interest instead of 11% with my wife 1st.  I assume the same with CC as well.  With mortgages, they use the lowest of the people's midscores.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+