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Frequent Contributor
xiownthisplacex
Posts: 258
Registered: ‎08-29-2011

Refinanced

Today I refinanced my car loan with my local credit union. Had 66 months left on the loan (originally 72 months) with 4.99% and did a 60 month with 2.99% now :smileyhappy: Payment went up $16, but lowered my loan by 6 months!

 

I know that Auto Enhanced scores are different than what the CCC pulls (scores on my sig), but my credit union said that I have an EQ score of 707, why such a big difference?


Starting Score Myfico EQ: 676 08/11/2011
Current Score: Citi EQ Pull: 745 Walmart TU08: 750 AMEX EX Pull: 745 1/21/2013 Goal Score: 780+
Hover over image to see limits

NPSL$1,000$9,500$9,500$5,000$5,000$5,500$6,500$5,300$9,000$5,500$4,200$1,200$1,900$1,600$1,600
Valued Contributor
Epcot
Posts: 2,777
Registered: ‎10-10-2012

Re: Refinanced

Congrats on the refinance! As far as I know, the Auto Enhanced score takes into effect more of your auto loan payment history than anything else. I am sure someone more knowledgeable will chime in.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 809 EX 774 TU 805
App free since 4/11/13
Moderator
Revelate
Posts: 8,318
Registered: ‎12-30-2011

Re: Refinanced


Epcot wrote:
Congrats on the refinance! As far as I know, the Auto Enhanced score takes into effect more of your auto loan payment history than anything else. I am sure someone more knowledgeable will chime in.

+1, also the myFICO version of EQ is explicitly FICO '04; the lender could've been using a FICO '08 or even FICO '98 model, both of which have different scoring parameters.  Presumably for the '08 model, I'm guessing it would've likely been auto-enhanced accounting for the difference, though FICO '98 could've been something simple like balance reported on the Zync.  Charge cards are still factored for utilization under the '98 version.

 

Hard to say end of the day exactly what was used, but while myFICO EQ is absolutely correct for mortgages, it may be off for other credit application types.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Frequent Contributor
xiownthisplacex
Posts: 258
Registered: ‎08-29-2011

Re: Refinanced

I guess that makes sense, my car history is only 1 year, they must want to see more years on it then.

I'm not sure what score model they use, if I ask them, would they tell me?


Starting Score Myfico EQ: 676 08/11/2011
Current Score: Citi EQ Pull: 745 Walmart TU08: 750 AMEX EX Pull: 745 1/21/2013 Goal Score: 780+
Hover over image to see limits

NPSL$1,000$9,500$9,500$5,000$5,000$5,500$6,500$5,300$9,000$5,500$4,200$1,200$1,900$1,600$1,600
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: Refinanced

Congrats


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