topic Re: Refinanced in Auto Loans

Refinanced

xiownthisplacex — Tue, 16 Oct 2012 18:54:42 GMT

Today I refinanced my car loan with my local credit union. Had 66 months left on the loan (originally 72 months) with 4.99% and did a 60 month with 2.99% now Payment went up $16, but lowered my loan by 6 months!

I know that Auto Enhanced scores are different than what the CCC pulls (scores on my sig), but my credit union said that I have an EQ score of 707, why such a big difference?

Re: Refinanced

Epcot — Tue, 16 Oct 2012 19:05:59 GMT

Congrats on the refinance! As far as I know, the Auto Enhanced score takes into effect more of your auto loan payment history than anything else. I am sure someone more knowledgeable will chime in.

Re: Refinanced

Revelate — Wed, 17 Oct 2012 06:37:11 GMT

@Epcot wrote:
Congrats on the refinance! As far as I know, the Auto Enhanced score takes into effect more of your auto loan payment history than anything else. I am sure someone more knowledgeable will chime in.

+1, also the myFICO version of EQ is explicitly FICO '04; the lender could've been using a FICO '08 or even FICO '98 model, both of which have different scoring parameters. Presumably for the '08 model, I'm guessing it would've likely been auto-enhanced accounting for the difference, though FICO '98 could've been something simple like balance reported on the Zync. Charge cards are still factored for utilization under the '98 version.

Hard to say end of the day exactly what was used, but while myFICO EQ is absolutely correct for mortgages, it may be off for other credit application types.

Re: Refinanced

xiownthisplacex — Wed, 17 Oct 2012 17:13:27 GMT

I guess that makes sense, my car history is only 1 year, they must want to see more years on it then.

I'm not sure what score model they use, if I ask them, would they tell me?

Re: Refinanced

Anonymous — Wed, 17 Oct 2012 19:07:14 GMT

Congrats