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Regular Contributor
jdxprs1
Posts: 152
Registered: ‎08-20-2010
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Want your auto enhanced fico score? do this.......

Go to an auto dealership and apply for credit. Apparently there is a federal law now that says they HAVE to show you your score. The score they see when they pull your credit is auto enhanced.


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Current Score: 556
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MarineVietVet
Posts: 14,576
Registered: ‎07-14-2009
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Re: Want your auto enhanced fico score? do this.......


jdxprs1 wrote:

Go to an auto dealership and apply for credit. Apparently there is a federal law now that says they HAVE to show you your score. The score they see when they pull your credit is auto enhanced.


Do you have a source for this?

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

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Watchmann
Posts: 987
Registered: ‎05-14-2008
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Re: Want your auto enhanced fico score? do this.......

Why go to a dealer under false pretenses, waste their time, and get a ding on your credit report for applying for credit?  Totally counterproductive.  If you know your FICO score and haven't missed payments on prior auto loans you can pretty well determine where you are generally on the Auto Enhanced basis.

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Corvidae
Posts: 101
Registered: ‎03-19-2011
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Re: Want your auto enhanced fico score? do this.......

The Equal Credit Opportunity Act states we only have a right to have one free credit report from each agency each year, and also the right to know why we were declined for an approval.  It does not state that if your credit score was the reason for denial, that you have the right to know what the credit score was, but rather to be told that it was your credit score being too low to qualify.  However, most institutions have no problem with sharing that info with you.

 

But I agree with Watchmann.  Is it really worth the credit ding + the inquiries to get the score?  While they may pull 5 lenders and they only count as one inquiry for your FICO score, they will still show as 5 separate inquiries.  Lots of credit lenders get nervous if you have more than 2 when applying for credit.

804 Transunion
804 Equifax
775 Experien (lender pulled, auto enhanced)
Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009
0

Re: Want your auto enhanced fico score? do this.......

In addition to what other have said (which are all correct), not all auto-dealers pull auto-enhanced scores. Some use traditional FICO models. This is a silly idea and I really hope no one actually did this. You most likely won't find out your score, and your going to take a hard inquiry on your report.

 

 


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
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Regular Contributor
jdxprs1
Posts: 152
Registered: ‎08-20-2010
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Re: Want your auto enhanced fico score? do this.......

perhaps this is a maryland law then? i had to sign a paper stating that they showed me the score. Sorry if my post seemed like i was saying to just go apply under false pretenses. it was not my intention. i assumed someone would only want their auto enhanced score if they were actually shopping for a car.


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usmc58555
Posts: 1,668
Registered: ‎02-18-2009
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Re: Want your auto enhanced fico score? do this.......

[ Edited ]

jdxprs1 wrote:

perhaps this is a maryland law then? i had to sign a paper stating that they showed me the score. Sorry if my post seemed like i was saying to just go apply under false pretenses. it was not my intention. i assumed someone would only want their auto enhanced score if they were actually shopping for a car.


Auto loans are very highly regulated on a state to state basis. Which makes giving people advice very difficult as in many cases a finding you hold as fact may simply be state specific, or anectdotal to something you heard.

 

It happens.  Which is why I preface much of my advice with a state specific disclaimer.

 

I have seen many people give the exact wrong advice to people in this forum due to their state law running complete and contrary to the Poster's state law.

 

Its kinda like Alcohol policy. You can live all your life in one state with State Liquor Stores and regulated sales and the inability to say go to a gas station and get chilled/cold beer. And be in for a culture shock when you go to another state.

 

I still marvel when I go to an out of state Costco and see hard liquor for sale.


ETA:

 

JUST BECAUSE YOU SIGNED  PIECE OF PAPER AT THE DEALERSHIP DOES NOT MEAN ITS A (Federal, State, Local, Community) LAW.

 

UNLESS THE PAPERWORK SPECIFICALLY STATED THAT IS IS IN COMPLIANCE WITH A COUNTY, STATE OR LOCAL LAW, IT CAN EASILY SIMPLY BE A STORE POLICY.

 

Maybe the store was accused of lieing or some malefesiance and decided to have that as a back up.

 

My store enacted a policy of having customers sign off or initial on declined coverages, such as extended warranty, insurance etc as they were involved in a case where a customer claimed she had never been offered an extended warranty and did not know she could have gotten one, when she had car troubles 10 months after warranty expiration she claimed that the store should pay for the repairs as they were negligent in not offering a warranty and also that this was an example of how they discriminated against her as a black, female, car buyer.

 

 

 

 

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Valued Contributor
usmc58555
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Want your auto enhanced fico score? do this.......


Corvidae wrote:

 

But I agree with Watchmann.  Is it really worth the credit ding + the inquiries to get the score?  While they may pull 5 lenders and they only count as one inquiry for your FICO score, they will still show as 5 separate inquiries.  Lots of credit lenders get nervous if you have more than 2 when applying for credit.



Most dealerships pull your report and score before submitting you to a bank for financing approval. I believe the OP is stating that you can get access to the initial pull done at the dealership where they make their assumptions onwhere to apply you for approval.

 

In any regards, again it seems it may be a state specific law, or a missinterpretation of something that happened at a dealership and Is not a recommended way to go.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Contributor
independentlady7
Posts: 117
Registered: ‎05-19-2011
0

Re: Want your auto enhanced fico score? do this.......

Maybe the original poster is referring to the Fact Act on risk based pricing?

 

http://www.icba.org/files/ICBASites/PDFs/FinalRulesonRiskBasedPricing.pdf

 

Starting Score May 2011:
617 TU (04)

Current Score 9/19/11:
677 TU (98)
670 Equifax
Goal Score: 700 by end of 2011

Valued Contributor
John060675
Posts: 1,126
Registered: ‎08-29-2007
0

Re: Want your auto enhanced fico score? do this.......

Concerning auto enhanced fico score, I had a 5 year loan through Honda that I paid perfectly on.  I paid this off about 2 years ago.  The only other car loan I had was from 1998 until 2003, and on this one I was late a couple times in 1999.

 

How long does the late payments on loans still ding my auto enhanced score?  If it matters, the couple lates loan has not shown up on my credit reports in 5 years.

 

Thank you.


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