HELP!!!!!!. Have excellent auto loan history but ..........

[summerhunny11]

Hi All,

I am looking for a new car soon, hopefully. I recently paid off my financed car and I have no lates over that 5 yr period. I also financed a car at 18 which may have one late. I have about 20% cc use on cards that total around $2500 and some medical collections that are 3 years old, around $3k.

I have gone through disputing, paying some things off, etc. Experian actually sent me a letter stating that they will not investigate the medicals again (disputed twice).

Anyways, I am working on paying the cards down to 10% within the month.

Scores are still bad Equifax 607, TU is 685. I am hoping these will go up once I get the cc's down to 10%.

Any advice for leasing or buying? Rates I should expect, etc? Would my Auto enhanced be higher perhaps?

[pizzadude]

What was your interest rate on your paid auto loan? I would think that your auto enhanced FICO score would be higher than your classic FICO due to your good history.

[summerhunny11]

I am a little ashamed to admit this but it was 20% for 5 yrs. I was in a situation where I totalled my free and clear camaro and the dealer gave me $2k for it. I needed a car, asap. I didn't fight it, was young and didn;t even understand scores, rates, etc.

Hoping that my auto enhanced will be a lot higher with my perfect payment history. I will still pay down the cards just in case.

[pizzadude]

If your TU FICO is 685 then you should qualify for a good rate, especially given your prior auto payment history.

[summerhunny11]

Bmw pulls equifax though. Even though my TU is 685 It stakk says I am a grade D.

I am wondering what the point difference could be on an auto enhanced?

[pizzadude]

You might consider applying at a local CU first to see of they can work with you before you app at the dealer.

[summerhunny11]

From what I have been reading on myfico, banks and CU's pull regular scores.

[DiabolicallyRandom]

It sounds like the Transunion score that got was a vantage score.  The score is on a scale of 501-990 while FICO scores from 300 to 850.  The numbers actually seem better than they are and it can be quite confusing.

Yeah banks and credit unions will generally pull your standard FICO as opposed to an auto enhanced.