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Frequent Contributor
Posts: 260
Registered: ‎08-29-2011
0

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: Amazon EQ Pull: 781 Walmart TU08: 782 AMEX EX Pull: 745 08/03/2014 Goal Score: 780+
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NPSL$1,000$18,000$9,500$5,000$5,000$5,500$8,000$5,300$9,000$5,500$4,200$1,900$4,000$1,600
Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
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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 816 EX 780 TU 823
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Moderator Emeritus
Posts: 11,069
Registered: ‎12-30-2011
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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 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Frequent Contributor
Posts: 260
Registered: ‎08-29-2011
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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: Amazon EQ Pull: 781 Walmart TU08: 782 AMEX EX Pull: 745 08/03/2014 Goal Score: 780+
Hover over image to see limits

NPSL$1,000$18,000$9,500$5,000$5,000$5,500$8,000$5,300$9,000$5,500$4,200$1,900$4,000$1,600
Established Contributor
Posts: 1,837
Registered: ‎08-20-2012
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Re: Refinanced

Congrats

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