My Fico says I can get an auto-loan for 10.714% for 644

[Anonymous]

But I went to a dealership and they said I barely qualify for 18.9% auto-loan if I do.  The finance person said I don't have enough revolving debt and I haven't taken out large enough loans to justify a $10,000 loan.  I looked at even the lowest range of my credit scores and going by FICOs suggestions, they say I can get at least 15%.

I have 2 yrs at my job annual income $30,000 and lived in the same place for 6 years.  Why is it I don't qualify for a lower auto loan with 563 Ex 614 TU 644 Eq?

[Anonymous]

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wondering wrote:

But I went to a dealership and they said I barely qualify for 18.9% auto-loan if I do.  The finance person said I don't have enough revolving debt and I haven't taken out large enough loans to justify a $10,000 loan.  I looked at even the lowest range of my credit scores and going by FICOs suggestions, they say I can get at least 15%.

I have 2 yrs at my job annual income $30,000 and lived in the same place for 6 years.  Why is it I don't qualify for a lower auto loan with 563 Ex 614 TU 644 Eq?

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The car dealer runs something called the auto-enhanced FICO.  I would shop around and see if I can get better offers.  Cap one has been known to give decent rates on Auto loans just read the fine print.  The good thing is that auto loan shopping done in a two week period only counts as one inquiry against FICO as long as they are coded correctly.

[Anonymous]

Are you sure they only count for one inquiry in two weeks?  Though I've only had one auto inquiry that brought down my score 4 points, I'm still skeptical that another inquiry in two weeks won't bring it down more.

[Anonymous]

From the FICO learning tab under inquiries:

What to know about "rate shopping."

Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

Sorry thought it was two weeks looks like 30 days.