06-26-2007 08:30 AM
06-26-2007 08:43 AM
06-26-2007 08:44 AM
I am a mortgage broker so i would say i know a little about credit scoring. have a Toyota lease that was repoed in February. My father co-signed the note for me. He recently went to trade in his car and they told him the repo took his score from 769 to 450. My credit only went from 560 to 515 as a result of the repo. Is this possible or were they just trying to make a killer Yield Spread on him???
06-26-2007 08:45 AM
Auto-enhanced scores are specific indicators of credit worthiness with regards to an auto loan. Consumers cannot purchase auto-enhanced scores.
And a 4 month old repo would really NOT look good to someone supplying credit for a car , much worse than on a straight FICO
So it might be real
06-26-2007 09:07 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO