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ande1746
Posts: 1
Registered: ‎02-26-2008

Baffling Auto option FICO score

We have made major progress in our FICO score over the last year and applied for an auto loan today. Denied. I have been diligently checking my FICO every month and watching that credit report, but, thanks to this board, have now discovered the "other" FICO score for autos. The problem is that my Equifax score, which the lender uses, is 668. The score that was reported to the lender was 576. A 92 point difference! the problem is that I have not one single late payment on an auto loan in 14 years. I have financed 4 cars with this company and never had a judgment on anything, to include an auto loan. What do I do to fix that number? Equifax is the lowest of my 3 scores...Experian is over 700 and I am getting denied for car loans? I currently have only one car payment and it is low, but I am upside down on that loan. Could they know that? Would that matter?
 
Help.
 
Regular Contributor
GETNUMBERSUP
Posts: 226
Registered: ‎01-30-2008

Re: Baffling Auto option FICO score

are  you sure they pulled Eq?  If they by chance pulled your Ex it could be the Ex plus score they used which is Ex propietary scoring system.  I had this problem with AMEX.  My EX FICO was around 640ish which by things i've seen on the board I should have been approved.  However, I pulled my Ex plus score and it was 587...Find out for sure but, that's just my guess...
Regular Contributor
Topshelf
Posts: 148
Registered: ‎02-04-2008

Re: Baffling Auto option FICO score

Read these posts............auto scores are different than fico scores that you see.
 
I finally made the 700 club, now 800 club, watch out - Here I come!
Established Member
lexus4me
Posts: 11
Registered: ‎04-17-2007

Re: Baffling Auto option FICO score

I leased a car a few months ago.  I knew that my Equifax score was 738 (TU was 767 and Exp was 754).  When the dealer came back with the paperwork he said they pulled Equifax was 738...no mention of any other score.
Cma
New Visitor
Cma
Posts: 2
Registered: ‎02-27-2008

Re: Baffling Auto option FICO score

Topshelf...thanks for the specific link. This is, in fact, what I was referencing when I stated that I had no judgments of any kind or late payments etc. I don't have any of the things listed that would cause that number to be so low...I am just confused about how to fix that problem if I can't identify a cause...any additional thoughts?
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Baffling Auto option FICO score



Cma wrote:
Topshelf...thanks for the specific link. This is, in fact, what I was referencing when I stated that I had no judgments of any kind or late payments etc. I don't have any of the things listed that would cause that number to be so low...I am just confused about how to fix that problem if I can't identify a cause...any additional thoughts?

Are all of your past auto loans reporting?  Do they show the good payment history?  Are they identified as auto loans on your reports (particularly EQ)?
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Baffling Auto option FICO score

Check the coding on any previous auto loans. If you can't see this, sweet-talk your lender into letting you look at the report.

Several posts recently have mentioned that their high-risk auto loans wound up being coded as consumer finance loans, rather than as auto loans. When this happens, you're hit twice: you don't get credit for having had an auto loan, and you're dinged for having a CFL. Even if your lender won't let you peep, ask him/her how that previous loan is showing up. Remember the sweet-talk part! :smileywink:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Baffling Auto option FICO score

Unless this is a dealer doing 0%
your cu can do just as good of a rate
Cma
New Visitor
Cma
Posts: 2
Registered: ‎02-27-2008

Re: Baffling Auto option FICO score

ok. I have looked at the Equifax report and it lists all previous car loans only as installment loans. Since they are all with USAA, which is a federal savings bank, I don't know how anyone would know that those are specifically auto loans. The thing is, there are about 12 closed installment-type loans that are listed. All of them show all green, with no late payments. Can those be specifically coded as auto loans? how would I go about doing that?
 
Thanks to all for the input on this. I appreciate your time.
 
Ande1746....AKA "cma"
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Baffling Auto option FICO score



Cma wrote:
ok. I have looked at the Equifax report and it lists all previous car loans only as installment loans. Since they are all with USAA, which is a federal savings bank, I don't know how anyone would know that those are specifically auto loans. The thing is, there are about 12 closed installment-type loans that are listed. All of them show all green, with no late payments. Can those be specifically coded as auto loans? how would I go about doing that?
 
Thanks to all for the input on this. I appreciate your time.
 
Ande1746....AKA "cma"


You would have to ask the lender(s) to recode them.  Unfortunately, that seems to be the source of your low auto-enhanced score.  The scoring model seems to think you've never had an auto loan before.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )

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