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Moderator Emeritus
ByrdMan
Posts: 7,975
Registered: ‎12-19-2007
0

Re: Auto Credit and Scoring

Closed accounts in good standing may remain on your reports for UP TO 10 years after closed date.

High revolving util hurts yours scores. Can't say that it will necessarily hurt your chances of getting an auto loan though.
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Established Member
PrimeSeeker
Posts: 13
Registered: ‎01-14-2010
0

Re: Auto Credit and Scoring

You are right, it doesn't at all. And some lenders might even penalize you with at fee for doing that! Why? Because if you pay more on the principal, you will be paying less interest over time. CU's usually never do this ("no pre-payment penalties") on loans.
 
 

smallfry wrote:
I read over at CB that prepaying an auto loan would not help your record and to just pay off the loan on time. At first blush I would tend to agree with you.

 

 

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New Member
bglee8
Posts: 9
Registered: ‎08-16-2009
0

Re: Auto Credit and Scoring

[ Edited ]

I will be finished with my car lease 8/10.Currently my FICO score is 604 but it dropped 81 points after Toyota Motor credit mistakenly reported a 30 day credit marker which should be removed within the next 30 days. On 2/2/10 they sent out the correspondent to all 3 CBs of which Experian and TU have removed the marker... Still waiting on Equifax. I suspect that I should get the majority of these points back as the same thing happened to me in 2007 and I received all 80 or so points back when it was removed. That said I was able to get my current lease with a Fico of 650.. My overall credit is much better no late payments for 5yrs 6mos currently. I have owned 2 other vehicles and have never paid any late..I'm suffering from a paid collection Direct TV submitted to my reports 12/9.. lost 22 points on my fico when that happened.. With a FICO potentially hovering around 680, should I be able to leverage a better tier?

 

By the way my TU-733 and Experian-657.. I live in California and have noticed that many lenders use Experian which is always my lowest score..Is there any way to leverage that 733 when Igo to negotiate.

Message Edited by bglee8 on 03-06-2010 06:18 PM

Starting Score: 650
Current Score: 655
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Established Member
striders
Posts: 25
Registered: ‎01-16-2009
0

Re: Auto Credit and Scoring

 


bglee8 wrote:

 

By the way my TU-733 and Experian-657.. I live in California and have noticed that many lenders use Experian which is always my lowest score..Is there any way to leverage that 733 when Igo to negotiate.

Message Edited by bglee8 on 03-06-2010 06:18 PM

 

Which lenders do this? Now that we CANNOT GET EXPERIAN FICO score, it seems that these particular lenders have the upper hand when giving us the loan. I mean, how do we know if I actually qualify for, say 5.9% auto loan but the lender said it's 9.9% because I have "low" score in Experian, but I don't even know what's the actual score.

 

If you know these lenders, let me know so I'llt ry to avoid them.

Established Member
striders
Posts: 25
Registered: ‎01-16-2009
0

Re: Auto Credit and Scoring

If I apply for a loan DIRECTLY at the dealership, I know they'll pull FICO Auto. But if I apply DIRECTLY with the bank BEFORE visiting the dealership, such as US Bank, Wells Fargo, etc., are these bank ALSO pulling FICO Auto or will they pull ONLY FICO?
Note that I am referring to convential banks that does not lend ONLY Auto Loan, such as CitiFinancial Auto (now Santanders).

Tuscani wrote:

Most people do not realize there is a difference between your normal FICO score, and the score you are graded on when you apply for auto credit. Your normal credit score is simply referred to as "Classic FICO Score (also referred to as your BEACON score)". The auto score is usually referred to as your "FICO Auto Industry Option". This score it not available for you to purchase and only dealers\finance companies are able to pull it.
 

 

 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Auto Credit and Scoring

 


striders wrote:

 


bglee8 wrote:

 

By the way my TU-733 and Experian-657.. I live in California and have noticed that many lenders use Experian which is always my lowest score..Is there any way to leverage that 733 when Igo to negotiate.

Message Edited by bglee8 on 03-06-2010 06:18 PM

 

Which lenders do this? Now that we CANNOT GET EXPERIAN FICO score, it seems that these particular lenders have the upper hand when giving us the loan. I mean, how do we know if I actually qualify for, say 5.9% auto loan but the lender said it's 9.9% because I have "low" score in Experian, but I don't even know what's the actual score.

 

If you know these lenders, let me know so I'llt ry to avoid them.


 

Unfortunately that poster hasn't been on in nearly a year. In the Auto Loans board, there is a (stickied?) thread on auto approvals. Seems like there are quite a few that pull EX. While consumers cannot purchase an EX FICO, lenders still provide it and there's at least one CU that actively provides it on a monthly basis if a member and if requested.

 

 

New Member
gatorbri
Posts: 4
Registered: ‎01-15-2009
0

Re: Auto Credit and Scoring

thanks in advance.....

 

I have only one auto loan and it was from state farm bank.  There is 3 30 day latest, two 60s, and one 90 all from 2006.  After that the loan is clean for another two years and closed in late 2008.

 

should I try goodwill with state farm to get removed or will having no auto loan be worse?  It is my current understanding that goodwill action in a closed account removes the entire account, and not the lates only.

 

someone please advise and thanks for reading.

 

otherwise my credit is mid 600s.

Frequent Contributor
quest208
Posts: 423
Registered: ‎11-25-2011
0

Re: Auto Credit and Scoring

what if you've never had an auto loan in the past but have great FICO, how does all this factor in?

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redsonia
Posts: 1
Registered: ‎07-29-2009
0

Re: Auto Credit and Scoring

[ Edited ]

I've been working on my credit for several years now, and finally I'm  I thought I was at the point that I could buy a new car. So I make a trip to the dealership with a score of 655 thinking with this score and not bad marks from my previous car laons.  The salesman brings a a score that he pulled from FICO of 597, which happen to be 58 points lower than my FICO showing of 655 on this site. They pulled my score of 597 on FICO score. How can that be>  I was disappointed and embarrassed.  Needless to say I could not by my new car.  How can this happen?

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Auto Credit and Scoring


redsonia wrote:

I've been working on my credit for several years now, and finally I'm  I thought I was at the point that I could buy a new car. So I make a trip to the dealership with a score of 655 thinking with this score and not bad marks from my previous car laons.  The salesman brings a a score that he pulled from FICO of 597, which happen to be 58 points lower than my FICO showing of 655 on this site. They pulled my score of 597 on FICO score. How can that be>  I was disappointed and embarrassed.  Needless to say I could not by my new car.  How can this happen?


If you purchased a myFICO report from here, and it was 655, then know that your FICO was 655.

If you lender said they pulled a FICO, and it was 597, then take their word that it was a FICO.

 

There are a couple of scenarios to the point difference:

 

1) Most likely, the lender pulled an auto-enhanced FICO. For many this can differ with the FICO version on here. However, you did say that you had other car loans. Was it a perfectly spotless history? The auto-enhanced FICO tends to be a bit more critical.

 

2) Maybe your lender pulled a newer version of the auto-enhanced FICO or maybe it wasn't an auto-enhanced FICO at all. Maybe it was a newer or older version of the Classic score found on here.

 

3) Did you pull from here the same day you applied? Scores can change daily, though something significant would have had to have happened to drop by 50+, like CC balance increases, new account reporting, dropped account, etc.

 

4) Was it the same CRA? If you have a 655 on one CRA, it doesn't mean the other two would be the same, even if the report info were exactly the same. For example, if you pulled here, you either pulled EQ or TU. Maybe the lender pulled EX, or one of the CRAs that you didn't pull from here. Not all 3 reports will be exactly alike.


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