Who uses FICO 8 Auto?

[Pharoe33]

I recently pulled my FICO scores here on myfico and have the following:

EX-617

TU-629

EQ-579

The same day I decided to apply for an auto loan through NFCU. Although I have a current auto loan with them I was denided and told a letter would come stating why I was declined. The letter came a few days later and showed they pulled an Equifax score of 497. Im incredibly confused by this as my Equifax score here on MYFICO is 579.

I want to ask if there are any car manufacturers or finance companies that stick with the FICO 8 or 9 scoring modules? I'm highly disappointed with NFCU as I've had multiple auto loans with them and have never been late on my car loans. 

[Pharoe33]

anyone?

[Anonymous]

Are the scores you posted FICO 08, or FICO 08 Auto?

[Pharoe33]

Hi, the scores above are my FICO 8 scores. 

My FICO 8 Auto scores are:

EX - 602

TU - 623

EQ - 564

[Anonymous]

Just about every lender uses Fico 8 Auto scores your scores are going to put you in the subprime area so it will be a little tougher to get a loan and even tougher to get one with decent terms.  What are the factors holding your scores down?  If you can wait for a month or two to improve your scores you will be way better off.  Do you have collections or lates?  Do you have a history of an installment account and if so what does that history look like.  If you want some assitance finding a potential lender post the rest of the details and we can probably help.  Normally when you have to take a loan with low scores you want to set yourself up to refinance in a few months after rebuildind so you don't get stuck with high interest long term

[Pharoe33]

Hi, yes I'm in a bad place score wise. The good news is within the last 4 months I've brought all three scores up from the high 400's and low 500 mark.

My scores to major hits do to constant lates on my now closed NFCU credit cards. NFCU closed the cards due to constant lates, these lates were due to me being laid off and without work for months. My baddies are:

NFCU Flag Ship: 10 lates in the past 24 months ( 2 are 90 days) (15000 limit / 13500 balance)

NFCU Rewards: 10 lates in the past 24 monthhs ( 2 are 90 days) (15000 limit / 12700 balance)

Eq:  1 - Collection ( currently disputing for inacuracy.) , 1 Chargeoff (USAA 7,000 unsecure card)

Ex:   1 - Collection (currently diputing)

Ive never been late on an auto loan outside of one 30 day late. I know the closed credit cards with remaining balances is destroying my utilization along with those lates from last year. I started this year clean with no lates and dumping all extra money into my current auto loan and those cards. I dont want to be subjected to subprime lending, what minimum scores should I have for a successful approval?

[Anonymous]

DO NOT pay off your autoloan early.  You need that loan on your CRs as open and active to boost your FICO08s.

Right now, the #1 goal is to get your utilization down -- WAY down.  With those NFCU closed accounts, you are going to be over 100% utilization.  Once those are taken care of, you should find your scores will recover quite nicely.

Your goal is to have 3 credit cards open, 2 of them showing 0% utilization, 1 showing $5 (or up to 9%, but not 0%) and the other closed credit cards at $0.

You do NOT want your NFCU cards to show charged-off condition as that will hurt your FICO08s for up to 7 years.  I still have one CO on my report that is killing my score majorly and I don't expect it to fall off for another 3 years.  I write goodwill letters monthly to no avail.

[Pharoe33]

Thank you for your feedback. I know this may be off topic and I apologize to the forum if it is.

I have  CLOC for $500 with NFCU tha remains at a $0 Balance.

I'll look into adding two more secure cards to the mix and work to get those closed cards paid off. NFCU mentioned that if I can get them paid off then there wont be any issues with getting approved for them again.

[Anonymous]

That's great that you haven't been late on your car loan with NFCU. However, you are $25k+ in credit card debt with them and paying late constantly with some 90 day Oates in there. To the point they closed your credit card accounts. You are currently, in their eyes, at a high risk for not paying them. The last thing they want to do is add to that with a new car loan at a higher balance and payment. You can't blame NFCU for declining your request based upon this.  

Do do you need a new car? If not, this should be the last thing in your list of priorities. Keep the car you have and focus on the high revolving debt you are having a hard time paying.  Cut back and get your spending under control!

[Anonymous]

It's easy to see why NFCU would deny you a loan.  Lenders don't look at things quite the way you do, they look at a customer who is frequently late to the point that they had to cut off access to futher credit so the fact that you haven't had lates on your car loans doesn't really do anything to convince them.  If you can hold off on a car loan I would do so for as long as possible, personally I would contact NFCU and ask them what it would take to rehab your charge accounts to rebuild your relatioship.  In reality these negatiives are going to hold back your scores for quite some time and even if you get higher scores many lenders are going to see all of those lates and not view them in a positive light.  My suggestion is to post the details in the rebuilding section and let those folks help guide you a bit.  They helped me a ton.  Certainly you can work many of these issues and letting some time go by will be good.  I would resolve these cc debts before taking on a car loan. Depending on your financial situation bankruptcy may be an option to resolve that 25k.