cancel
Showing results for 
Search instead for 
Did you mean: 

auto enhanced score question

tag
LindaLu
Regular Contributor

auto enhanced score question

my question is ...are the fico scores already auto enhanced?   what exactly is auto enhanced?  I have an auto loan on my credit report but it has been paid off since 2005...so it shows closed..would that help me with an auto enhancement?     also do lenders take into consdideration if you don't have an auto loan on your report that it may be lower because of that?  

thanks...

Message 1 of 6
5 REPLIES 5
mathman
Established Member

Re: auto enhanced score question

No, auto enhanced is a special product.  If you don't have an auto loan history on your credit, it will likely be lower than your normal FICO, although YMMV.  Anything over 7 years old on your credit report usually falls off, so this old loan may not help your score in this regard.

 

So yes, if you don't have an auto loan on your credit, your auto enhanced FICO may be lower.

Message 2 of 6
HoldingOntoHope
Valued Contributor

Re: auto enhanced score question

Actually only negative items are set to fall off in the 7 - 71/2 year time frame. Most closed in good standing accounts will remain on your report for 10 years although it could be shorter or longer time frame. The credit bureaus can be quirky about things especially if you have a large number of accounts on your report.

 

If the auto loan from 2005 is still showing on your reports then it will be factored into your score. Not every financier or dealer uses the auto enhanced version of FICO but if they do a closed (or open) auto loan in good standing will provide a score boost. Impossible to say how much of a boost because there are so many factors in play when generating a FICO score.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 3 of 6
LindaLu
Regular Contributor

Re: auto enhanced score question

On that note. Do they all go by fico or are there some that still go by their own scoring system ? Does anyone know ?
Message 4 of 6
HoldingOntoHope
Valued Contributor

Re: auto enhanced score question

Most banks and finance companies will use a FICO score, either straight FICO or auto enhanced version. A few may have their own overlay they apply the information to but that is more common in credit cards than in auto financing.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 5 of 6
LindaLu
Regular Contributor

Re: auto enhanced score question

just so you all know (in case it helps anyone else) when they auto enhanced my score it went up 64 points...the finance manager said it made a difference when they enhanced my score...I got the loan today and drove home in my new 2013 Chrysler 200...got 5.9% through Ally...not bad considering I have an almost 6 year old Bk on my report..my score was 665 and they pulled transunion.

 

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.