topic Re: Any guess what my Fico Auto Enhanced Score would be???? in Auto Loans

Any guess what my Fico Auto Enhanced Score would be????

Anonymous — Mon, 28 Jan 2013 02:54:23 GMT

I am looking to purchase a 2013 Honda Accord for $26000.00 out the door. My fico scores are low. As of 1/27/13:

EX - 574, TU - 552, EQ - 532..... Never had an Auto Loan, income 50k a year, to CC with zero balances...can I get approved?

Re: Any guess what my Fico Auto Enhanced Score would be????

Robertwd82 — Mon, 28 Jan 2013 03:21:27 GMT

You can get approved, but you'll probably need a large down payment.

My guess-at least 20% down.

Re: Any guess what my Fico Auto Enhanced Score would be????

Anonymous — Mon, 28 Jan 2013 03:27:42 GMT

Thanks for the reply.... I will be talking to the dealership tomorrow

Re: Any guess what my Fico Auto Enhanced Score would be????

Revelate — Mon, 28 Jan 2013 04:28:23 GMT

Don't be surprised if it's lower; Robert is correct in saying auto loan approvals are more about your downpayment rather than your FICO scores which mostly determines interest rate at our scores, and I would agree with the at least 20% downpayment as well.

Get approved for the car assuming you can afford the financing, and expect to refinance it in 6-12 months both as your credit scores improve, and also when the "first time buyer" penalty which anecodtally exists in the auto-enhanced version of the FICO algorithm is ameliorated by a reporting auto tradeline.

Re: Any guess what my Fico Auto Enhanced Score would be????

Anonymous — Mon, 28 Jan 2013 05:45:24 GMT

Since you haven't had a auto loan, your auto enhanced will be lower.

Re: Any guess what my Fico Auto Enhanced Score would be????

Anonymous — Mon, 28 Jan 2013 14:51:30 GMT

Thanks all for the replies and advice will keep y'all posted