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New Member
Scottsaidit
Posts: 10
Registered: ‎02-27-2013

Please HELP! Auto loan and FICO question

Thank you all in advance for your responses, I know this is the best place to ask and get educated answers. Recently my FICO took a leap from a 596 to a 635 on ex, (haven't checked tu or eq yet) because I paid off my credit card. I am looking to finance a vehicle, and I'm wondering if I'll have trouble getting financing because I have a slim credit file. I've had 2 credit card, 1 was closed by the lender, 120 days late, about a year or so ago. All balances on that card were paid. Then I have my Wells Fargo card, 500 limit, always paid as agreed, never late, and now only at 5% credit util. Some deferred student loans I also have. My income is 2700 gross and I've been on my job a year and a half. What are some things I can do to further boost my score? Should I ask for a limit increase on my credit card to like 1k? Should I get another credit card? Or should I just try to get financing with my 635 FICO? Please help! thank you Scott

Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012

Re: Please HELP! Auto loan and FICO question


Scottsaidit wrote:

Thank you all in advance for your responses, I know this is the best place to ask and get educated answers. Recently my FICO took a leap from a 596 to a 635 on ex, (haven't checked tu or eq yet) because I paid off my credit card. I am looking to finance a vehicle, and I'm wondering if I'll have trouble getting financing because I have a slim credit file. I've had 2 credit card, 1 was closed by the lender, 120 days late, about a year or so ago. All balances on that card were paid. Then I have my Wells Fargo card, 500 limit, always paid as agreed, never late, and now only at 5% credit util. Some deferred student loans I also have. My income is 2700 gross and I've been on my job a year and a half. What are some things I can do to further boost my score? Should I ask for a limit increase on my credit card to like 1k? Should I get another credit card? Or should I just try to get financing with my 635 FICO? Please help! thank you Scott


Sorry to reply with a question rather than an answer.  How do you know your EX FICO score?  They are not available to consumers.  Are you sure it's not a FAKO?


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
New Member
Scottsaidit
Posts: 10
Registered: ‎02-27-2013

Re: Please HELP! Auto loan and FICO question

I don't know to be honest. I went onto the Experian.com website and paid to see it, since I already used up my freebie

New Member
Scottsaidit
Posts: 10
Registered: ‎02-27-2013

Re: Please HELP! Auto loan and FICO question

I just purchased my FICO from this website, It is saying my score is 629

New Member
Scottsaidit
Posts: 10
Registered: ‎02-27-2013

Re: Please HELP! Auto loan and FICO question

ex 635 tu 622 eq629 myfico629

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Please HELP! Auto loan and FICO question

I would work to get that late off your credit report. Check out the rebuilding section for info on that.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Please HELP! Auto loan and FICO question

Also know that the EX score you have isn't a FICO and isn't used by any lenders.

 

You're limited on the places to get your FICO score.

You can only buy your EQ FICO from myFICO, your lender, or from Equifax.com (buyer beware: the scores they push are a FAKO, but your EQ FICO can be purchased through EQ).

You can only buy your TU FICO from myFICO or your lender.

Finally, you can only buy your EX FICO from your lender. As of a few years ago, Experian blocked consumer access to your own EX FICO.

Aside from the above, you can also get your FICO scores for free or at a reduced price. Banks and CUs will offer it as a benefit. M&T Bank, Unitus Community Credit Union, and Digital Credit Union each offer an EQ FICO. You can get your TU FICO from Wal-Mart or Merrick Bank if you have CCs with them. And you can get your EX FICO from PA State Employees Credit Union (PSECU) if you have a checking account with them. There are other CUs out there that will offer a FICO if you ask them as part of a benefit for being a member.

 

Also know that auto lenders often (but not always) use an auto-enhanced FICO. Consumers can't buy these from anywhere without the help of a lender.


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.

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