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Auto Credit and Scoring

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Anonymous
Not applicable

Re: Auto Credit and Scoring

How long does a negative, like a car repo, remain on your AUTO ENHANCED SCORE? It should drop off after 7 years, right? 

Message 81 of 90
Anonymous
Not applicable

Re: Auto Credit and Scoring

I'm assuming all of this still holds true?

 

I did a pre-approval through Capital One and got a rejection letter showing an Equifax score that was about 100 points lower than any FAKO score from credit.com, creditsesame, creditkarma and quizzle. I get those are fako scores but I'm hoping my actual credit score for overall FICO purposes is not as low as the one I got from Capital One. (430 was the score they gave me. My others are around 530-540)

Message 82 of 90
righthererightnow
Frequent Contributor

Re: Auto Credit and Scoring

Thank you for this (!!! !). I'm preparing for an auto loan this fall, and I want to do everything I can to get ready before I go looking.




Message 83 of 90
Revelate
Moderator Emeritus

Re: Auto Credit and Scoring


@righthererightnow wrote:

Thank you for this (!!! !). I'm preparing for an auto loan this fall, and I want to do everything I can to get ready before I go looking.


Mostly needs some non-trivial editing. 

 

Auto enhanced scores are only theorized at the weightings, but from some reported information from a dealer F+I guy it doesn't really matter whether the installment loan was mortgage, auto, or personal, they're all helpful under Auto Enhanced industry options.  Student loans uncertain from his reports, might be dependent on specific version of the algorithm but SL's count as installment in every other fashion under FICO 8 at any rate.

 

Also, Auto Enhanced scores were included on this site a little more than a year ago if you purchase a 1B or 3B report, forewarned is forearmed as the saying goes, and whenever I next purchase a car I will absolutely be pulling at least the EX 1B report (since it's seriously likely any dealer will pull EX for me) but probably just the 3B report since I'll likely try to arrange financing beforehand at let the dealer try to beat it.




        
Message 84 of 90
righthererightnow
Frequent Contributor

Re: Auto Credit and Scoring

Thank you for this. I've been terrified of the eventual hit(s) to my credit score. I'm still building up to take the hit, but once it happens I don't want to get counted out for inquiries.




Message 85 of 90
Anonymous
Not applicable

Re: Auto Credit and Scoring

In addition to the closed "good" accounts, Do negative things fall off after ten years as well on the Auto Score?

Message 86 of 90
Revelate
Moderator Emeritus

Re: Auto Credit and Scoring


@Anonymous wrote:

In addition to the closed "good" accounts, Do negative things fall off after ten years as well on the Auto Score?


Negatives are excluded at 7 (or technically 7.5 for collections but the bureaus seem to delete at 7 these days) years for everything except unpaid tax liens and CH 7 BK's.




        
Message 87 of 90
nolamike
Frequent Contributor

Re: Auto Credit and Scoring

Hi Revelate,

 

In you above resonse you say "Negatives are excluded at 7 (or technically 7.5 for collections but the bureaus seem to delete at 7 these days) years for everything except unpaid tax liens and CH 7 BK's."

 

The tax lien thing is relevant to a question I posted today. I found out there is/was a federal tax lien filed on me in 2007 with a date to refile of 5/2016 and the court records do not show it was refiled and none of the  CR's show it as refiled. However Equifax still shows the lien with an assessment date of 2006 and a  filing date of 2007. Since it was not refiled, it is considered dead (?) as I understand it. It is no longer on TU or Exp according to the 3B reports from here.

 

should it drop off? can I request EQ to remove it and should they?

 

Thanks for any help

 

nolamike

 

EQ 628
TU 643
Exp 618

Starting Score: EQ 628 | TU 643 | EXP 618
Fico 8 12/22/16: EQ 658 | TU 682 | EXP 721
Next Goal:        700's across the board
Credit Karma:   EQ 554 | TU 551
CK 12/22/2016: EQ 637 | TU 637
Message 88 of 90
Revelate
Moderator Emeritus

Re: Auto Credit and Scoring


@nolamike wrote:

Hi Revelate,

 

In you above resonse you say "Negatives are excluded at 7 (or technically 7.5 for collections but the bureaus seem to delete at 7 these days) years for everything except unpaid tax liens and CH 7 BK's."

 

The tax lien thing is relevant to a question I posted today. I found out there is/was a federal tax lien filed on me in 2007 with a date to refile of 5/2016 and the court records do not show it was refiled and none of the  CR's show it as refiled. However Equifax still shows the lien with an assessment date of 2006 and a  filing date of 2007. Since it was not refiled, it is considered dead (?) as I understand it. It is no longer on TU or Exp according to the 3B reports from here.

 

should it drop off? can I request EQ to remove it and should they?

 

Thanks for any help

 

nolamike

 

EQ 628
TU 643
Exp 618


Do you know exactly what the assessment date is (53c date)?  10 years after that is past the SOL for the IRS and the lien is then unenforceable unless refiled, which is an incredibly rare occurrence as I understand it.  If you don't know your assessment date you can get it from the IRS tax transcript of that year.

 

If you do, and it was before 10/15/2006, dispute it as obsolete and reference the date and in my and other's experience it will be airstruck.  Easy dispute, and yes it should be removed.




        
Message 89 of 90
nolamike
Frequent Contributor

Re: Auto Credit and Scoring

Revelate,

 

Thank you for the quick response. I also responded on the other thread.

 

The Federal Lien Assessment date from the actual court filing was 4/10/2006 the Last Day for Refiling date was 5/10/2016.

The record is in the Duval County Courthouse and the records are online. There is no refiling at the courthouse in fact there are no documents in that courthouse with my name on them since the lien was entered on 02/13/2007.

 

I assume that the refiling would be done at the same courthouse or the credit report would show a different entry (another lien) at a different courthouse, but my report only shows the one tax lien that has expired.

 

I am not sure what "airstruck" means but I assume it is jargon for the Credit Agency just taking action to remove it from my report.

 

I also assume I can do this using the online dispute form. I will be getting my free annual credit reports like you suggest in the other thread and wlll dispute any incorrect info in them. I do see several addresses in cities I never lived and a couple of mistaken addresses near places I have lived.

 

I do appreciate your help. I will post followups once I get answers or the corrections are made.

 

Thank You

 

Mike

Starting Score: EQ 628 | TU 643 | EXP 618
Fico 8 12/22/16: EQ 658 | TU 682 | EXP 721
Next Goal:        700's across the board
Credit Karma:   EQ 554 | TU 551
CK 12/22/2016: EQ 637 | TU 637
Message 90 of 90
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