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Established Member
Posts: 28
Registered: ‎10-12-2007
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Auto Loan Scoring

Is there a different FICO scoring model for vehicle purchases?  When recently purchasing a vehicle, we were told that our FICO score (for automobiles) was a "different model" which coincidentally was substantially lower (about 60 points) than the FICO score we had just pulled directly from the bureaus.  Are there in fact different models and hence scores depending on the purchase - so that we would have one FICO score for a home purchase, and another for an automobile purchase.???
Senior Contributor
Posts: 4,596
Registered: ‎09-14-2007
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Re: Auto Loan Scoring

Welcome to the forum scaredcrow. This forum will provide you with a wealth of information at your fingertips.

Yes, I have read several times, there are different scoring models for different types of credit financing:

Automobiles
Mortgages
Credit Cards

Just to mention a few.

I'm sure others will comment on your question as well. Smiley Happy
"Never ever, ever be late. Never" (FUTR)
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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Re: Auto Loan Scoring

[ Edited ]
Yep. The score you get from MyFICO is FICO Classic. Your basic mortgage score.

There is also Auto enhanced for car loans and Bankcard enhanced for credit cards.

Wamu shows card holders the Bankcard enhanced score (PFICO) for free.

Message Edited by ilovepizza on 10-12-2007 07:10 AM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Established Member
Posts: 28
Registered: ‎10-12-2007
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Re: Auto Loan Scoring

This whole thing just blows my mind.  I've always thought that FICO was just plain FICO.  So, how and where can I find out what all these other hybrid FICO scores are - -  Auto Enhanced, Bankcard Enhanced, Wamu Bankcard Enhanced (PFICO).  I can monitor my FICO classic, but what about all these others ?????
 
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Senior Contributor
Posts: 4,834
Registered: ‎04-20-2007
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Re: Auto Loan Scoring



SCAREDCROW wrote:
This whole thing just blows my mind. I've always thought that FICO was just plain FICO. So, how and where can I find out what all these other hybrid FICO scores are - - Auto Enhanced, Bankcard Enhanced, Wamu Bankcard Enhanced (PFICO). I can monitor my FICO classic, but what about all these others ?????
.



You can't.
Frequent Contributor
Posts: 386
Registered: ‎03-27-2008
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Re: Auto Loan Scoring

In other words a regular basic FICO you pull yourself is mainly used as a mortgage score, that being said credit card banks use a different scoring system also. I did not have a clue I thought one FICO for all credit scoring purposes. Guys great post. Great insight on this.
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Epic Contributor
Posts: 29,399
Registered: ‎03-19-2007
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Re: Auto Loan Scoring

[ Edited ]
ScaredCrow, and Credit08, welcome to the mass world of credit scoring confusion!
Yup, there is the Classic Coke FICO, the auto-enhanced FICO, the bank-card enhanced FICO.
And to add to the confusion, each CRA purchases its own version of the "real" FICO scoring algorithm, so even with identical CRs with each of the three different CRAs, you FICO score with each will be different because of inherent differences in the mathematical algorithm through which their data is run.  The only commonality is that each of the algorithms were developed by FairIsaac, and thus can brand themselves as FICO scores.  But FairIsaac does not sell only vanilla algorithms.
Classic FICO is what most mortgage lendors use, so is the generally recognized standard, and what you buy on myFICO.
And to really make your head spin, competitors other than FairIsaac are also in the capitalist arena, trying to market and sell their own scores, based on their own scoring algorithns.  Many on here call these scores FAKOS.  The three CRAs banded together and developed their own scoring algorithm, called Vantage, to compete with FICO.  They are now in litigation over the intellectual property violation of trade secrets shared in the past, so it is not only a consumer nightmare, but a legal nightmare.  Amongst all of the current confusion, FairIsaac has recentyly announced that it will release even more versions...one based on medical risk scoring, and the other based on major revisions that it is calling FICO 08.
The only thing that a consumer can do is to ask the future lendor which credit score it is using in its decision making.  The safest bet is that it will be classic FICO, but it is a tangled web they weave, and FICO is NOT a single score.
 
What goes into a credit report is regulated under the FCRA.  But scoring based on what is in a CR is not generally regulated, for credit scoring models and agorithms are closely guarded business  trade secrets, and not regulated except as to not score on such prohibited factors such as age, sex, race, national origin, etc.  The rest are mysteries of the unregulated capitalists.
 
 


Message Edited by RobertEG on 05-05-2008 06:38 PM

Message Edited by RobertEG on 05-05-2008 06:39 PM

Message Edited by RobertEG on 05-05-2008 06:52 PM

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