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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...
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.
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.
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.
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.