@Rico23 wrote:
I've heard that the new formula is focused more towards credit card companies and the old fico is used for mortgages . is this true and if it is where would auto loans fall under , would auto lenders go based of the new score or the original fico scoring ?
I wouldn't say it's more focused, I'd term it that is what they've gravitated towards for underwriting.
Auto loans are utterly seperate: major dealers and finance arms have been using the auto-enhanced industry option for years, and that's not available anywhere. Personally I make a Oujia board estimation off FICO '08 and if I have installment history I call it good... if I don't, I subtract 50 points from my FICO '08 and hold my breath. The sticky situation is on SL's, we're not certain if that counts as installment history as far as Auto-Enhanced industry option is concerned, really the only gold standards were certain of is a prior auto loan, and likely a mortgage, personal installment loans are a grey area, and SL's are worse than that.
