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Has Fico Changed the way it scores?

Senior Contributor

Re: Has Fico Changed the way it scores?


lilacteapot wrote: If I were to apply for say a new car, wouldn't I get a better rate with a 781 than I would with a 748? How does the dealer know that I'm a so called "High Achiever"
I believe 740 is the best for cars and 760 is best for mortgages. So 740 or 850 would get you the same car rate. High Achievers is just a term used for people that have good credit.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor

Re: Has Fico Changed the way it scores?



ilovepizza wrote:

lilacteapot wrote: If I were to apply for say a new car, wouldn't I get a better rate with a 781 than I would with a 748? How does the dealer know that I'm a so called "High Achiever"
I believe 740 is the best for cars and 760 is best for mortgages. So 740 or 850 would get you the same car rate. High Achievers is just a term used for people that have good credit.


Yeah but we are not privy to those scores. The FICO scores we see are not what the mortgage or car dealer gets. They might or might not be similar. Probably close but not exactly the same.
Established Member

Re: Has Fico Changed the way it scores?



smallfry wrote:


Yeah but we are not privy to those scores. The FICO scores we see are not what the mortgage or car dealer gets. They might or might not be similar. Probably close but not exactly the same.

 
I'm reminded of those ads on TV that say something like 1.9% Interest for Well Qualified Buyers.  So 781 would certainly be better than 748.
 
I guess I'm obsessed with getting the lowest rate possible.  Right now the highest rate I'm paying on anything is 5.34 for my Jeep.  My other car is at 2.90 and that will be paid of in 5 more payments.  My other 3 revolving accounts are at 2.99 till paid off.  I think I've been spoiled.Smiley Surprised

~~Ethics are so annoying. I avoid them on principle.~~
Senior Contributor

Re: Has Fico Changed the way it scores?

Na. Wait until you start getting 0% financing. Then your spoiled. Smiley Wink
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Highlighted
Senior Contributor

Re: Has Fico Changed the way it scores?


smallfry wrote: Yeah but we are not privy to those scores. The FICO scores we see are not what the mortgage or car dealer gets. They might or might not be similar. Probably close but not exactly the same.
This is true. Smiley Happy But many mortgage lenders use the FICO Classic score we see. The auto score could be higher or lower. Good point.

Message Edited by ilovepizza on 10-14-2007 05:54 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc