Auto Loans

[yaya2486]

So my husband and I went car shopping and surprisingly got approved for a 1.9% rate on a new Prius. When they showed my husband's transunion fico they showed a 698. But when we pulled his Transunion fico on here a month ago- it was 637! His Equifax is 660... Why is this so?!!?

[cassembler]

It's an auto-adjusted value. The big difference is they give previous auto loans more weight.

EDIT: Congrats on the good rate!

[pizzadude]

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cassembler wrote:

It's an auto-adjusted value. The big difference is they give previous auto loans more weight.

EDIT: Congrats on the good rate!

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+1.  Very likely they pulled an auto~enhanced FICO score.   Also they might have used a newer version of TU FICO than the TU98 that is sold here at MyFICO.

[guydiver]

Yep, auto industry option score most likely.  They can either help or hurt you depending upon your auto installment loan history.  In your case, it was obviously beneficial.  I've never seen my AIO score though, my credit union uses the standard EQ score, same exact score from this site, and I always walk in preapproved.   But I have five auto accounts on my reports, three are paid and closed, two with less than one year remaining, and all showing good payment history.  Don't plan on needing a new vehicle any time soon.....but you never know.  Congrats on the new ride.

[yaya2486]

Thanks everyone for your feedback! Its such a relief for me and my husband as we've been working really hard on fixing our credit!  So do you think this new auto loan will help his credit score too? Or will it not make a difference at all?

[pizzadude]

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yaya2486 wrote:

Thanks everyone for your feedback! Its such a relief for me and my husband as we've been working really hard on fixing our credit!  So do you think this new auto loan will help his credit score too? Or will it not make a difference at all?

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Adding a new installment account generally won't boost your score.    The only case I can think of where it would help is if this was your first installment loan, in which case it would improve your mix of credit.

[Revelate]

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pizzadude wrote:

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yaya2486 wrote:

Thanks everyone for your feedback! Its such a relief for me and my husband as we've been working really hard on fixing our credit!  So do you think this new auto loan will help his credit score too? Or will it not make a difference at all?

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Adding a new installment account generally won't boost your score.    The only case I can think of where it would help is if this was your first installment loan, in which case it would improve your mix of credit.

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A positive tradeline is a positive tradeline.  While pizza is correct that it won't immediately help except in a few specific situations, it'll absolutely help as time goes on if it's paid on time.

[webhopper]

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Revelate wrote:

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pizzadude wrote:

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yaya2486 wrote:

Thanks everyone for your feedback! Its such a relief for me and my husband as we've been working really hard on fixing our credit!  So do you think this new auto loan will help his credit score too? Or will it not make a difference at all?

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Adding a new installment account generally won't boost your score.    The only case I can think of where it would help is if this was your first installment loan, in which case it would improve your mix of credit.

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A positive tradeline is a positive tradeline.  While pizza is correct that it won't immediately help except in a few specific situations, it'll absolutely help as time goes on if it's paid on time.

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Agree +1