08-19-2012 02:12 PM
Been reading these boards getting lots of good info. In the market for a new truck - not a cheap one nec. either. Had high payments on current truck ($700) never late ever. Previous 4 car loans never late (just rechecked reports to be sure still reported correctly). FAKO which I just learned about on this forum are all around 650. Myfico 540ish on both. Been paying off everything that was delinquent or previously charged off over last few months (not settling full payoff). FAKO went up a ton as that was all I knew about at the time - up 100 points in the past few months but MyFICO just went down 20 points on eq to 533 (no new problems - the opposite in fact). Just scheduled payments to pay off two open cards tomorrow so avail is 100% and just paid off a charge off recently. Going to pay off remaining few that were charged off. Just how positively could the enhanced auto score improve those numbers and why is Truecredit showing as transunion selling me a score that is over 100 points different than myfico? I don't understand how that is possible if I am buying from transunion directly. Maybe not the other two through them but I am amazed at the differences.
Recent payoff on truck through Santander. Planning to put about 5k down on truck which could end up retail for 40k range. Current truck has very high miles. Have income to cover it and low actual debt - just cleaning up. Waiting another month or two but want to be vigilant in getting this as good as possible beforehand.
Any details on some of my questions or advice on getting the real FICO updated would be greatly appreciated.
08-19-2012 03:30 PM
The auto-enhanced FICO will move in roughly the same direction as the FICO on here, provided that any changes won't involve an auto loan. TrueCredit's and TransUnion.com's scores are FAKOs (VantageScore) and their range is 501-990, vs. FICO's 300-850. It's normally higher for most.
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