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Regular Contributor
Posts: 206
Registered: ‎12-20-2012
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Is 'car credit' score different?

I just bought a car last night and when they pulled my score they said it was 766!!!

But my score from here is somewhere in the mid 600's?

 

I DID just pay down my util from 80 to 10% but could that make a 100 point difference in my score??


Starting Score: EXP 615 | TU 610 | EQ 635
Current Score: EXP 719 (lender pull 10/15) | TU 707 | EQ 700 (lender pull 10/25)
Goal Score: 740
Moderator Emeritus
Posts: 10,853
Registered: ‎12-30-2011
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Re: Is 'car credit' score different?

[ Edited ]

loviedovie wrote:

I just bought a car last night and when they pulled my score they said it was 766!!!

But my score from here is somewhere in the mid 600's?

 

I DID just pay down my util from 80 to 10% but could that make a 100 point difference in my score??


Yes, that probably made a bulk of the difference assuming it was reported to the bureaus before the pull on the auto loan; however, there are variations in the versions of FICO used, and quite likely when purchasing a car the lender will use what's known as an Auto-enhanced score, which is different than the scores found here which are the basic/classic versions.

 

Without getting too technical, it simply weights factors differently; say you have a mixed file (like I do, some negative, some positive), and I have lates reported on my credit cards from a few years back, but a spotless auto loan history... my auto-enhanced score will likely be higher were I to get it pulled right now.

 

On the other hand, when I purchased my own car about a year ago, and I didn't have any auto-loans (or any other installment tradeline for that matter) on my reports, my score was markedly lower than my EQ FICO as found here.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


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