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Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008
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Highest cutoff ever: 786 is the new 741

I posted a recent NY Times article under Credit In The News here: 

http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&message.id=2988

 

 

But I think a key sentence from the article needs a thread of its own here:

 

Meanwhile, the minimum credit score required for the very best rate [on auto loans] was 786 at the end of September according to CNW, up from 741 a year ago

I have never seen a cutoff above 760 published anywhere for any category of loans.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Highest cutoff ever: 786 is the new 741

Wow, that can't possibly be right!

Or if it is, they're going to have to get more sensible if they want to sell cars. Acceptable FICO scores for prime financing have to follow supply and demand, just like everything else.
* 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
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GFer
Posts: 983
Registered: ‎04-01-2008
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Re: Highest cutoff ever: 786 is the new 741

No---that cannot be right! That's just crazy!



1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

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smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Highest cutoff ever: 786 is the new 741

I did not read the article but I wonder if they are referring to a FICO score. As I have stated in previous threads Toyota is offering Tier 1 4.9% 60 months no money down with an Experian FICO score of 650. 
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MattH
Posts: 3,245
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Re: Highest cutoff ever: 786 is the new 741


haulingthescoreup wrote:
Wow, that can't possibly be right!

Or if it is, they're going to have to get more sensible if they want to sell cars. Acceptable FICO scores for prime financing have to follow supply and demand, just like everything else.

 

Well, I did read another article predicting nearly one in five US car dealers would go out of business by the end of 2009.  All those people who ask why bail out Wall Street are gonna learn the hard way that when Wall Street blows it Main Street also suffers.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008
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Re: Highest cutoff ever: 786 is the new 741


smallfry wrote:
I did not read the article but I wonder if they are referring to a FICO score. As I have stated in previous threads Toyota is offering Tier 1 4.9% 60 months no money down with an Experian FICO score of 650. 

The NY Times article clearly says they mean FICO scores, it specifically mentions that other scores created by the CRAs (what we call FAKOs here) are not the real thing and gives the myfico.com URL for the real FICO scores.  It also says the cutoff is what one industry survey cites and that various lenders have different policies.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Highest cutoff ever: 786 is the new 741


MattH wrote:

smallfry wrote:
I did not read the article but I wonder if they are referring to a FICO score. As I have stated in previous threads Toyota is offering Tier 1 4.9% 60 months no money down with an Experian FICO score of 650. 

The NY Times article clearly says they mean FICO scores, it specifically mentions that other scores created by the CRAs (what we call FAKOs here) are not the real thing and gives the myfico.com URL for the real FICO scores.  It also says the cutoff is what one industry survey cites and that various lenders have different policies.

 


Well given Toyota's cutoff is nearly 140 points lower than the number that article states I wonder where they are getting their numbers from. How many people have FICO's of nearly 800? That would surely kill all car sales. 

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1111mel
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Registered: ‎02-13-2008
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Re: Highest cutoff ever: 786 is the new 741

I bought a car in September...In trying to sell me the car I wanted proof that 5.9% was the best interest rate I could get.

 

They showed me every Financing Company they use and every one of them was 741 and above for #1 financing options.  

 

There were finance companies from HMFC to Credit Unions...I ended up with one of their CU's because they offered better interest rate.

Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
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ilovepizza
Posts: 3,071
Registered: ‎05-17-2007

Re: Highest cutoff ever: 786 is the new 741

Might they mean a industry enhanced auto FICO score? Might tend to run a little bit higher.

If we never set higher goals we would never get as far.
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whitneylee
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Registered: ‎10-14-2008
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Re: Highest cutoff ever: 786 is the new 741

How can I get a true FREE FICO report without giving out my credit card???

Thanks,

Whit


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