topic Score Shock in Auto Loans

Score Shock

Anonymous — Sat, 18 May 2013 03:19:40 GMT

Got appoved today by BOA at a decent rate of 4.39. However, they provided our scores and they are about 40 points lower than those given by MyFico and cKarma. And BOA and those other 2 all report some version of TU.

I swear, credit scoring is more mysterious than the Free Masons :-)

Re: Score Shock

Revelate — Sat, 18 May 2013 03:25:23 GMT

@Anonymous wrote:
Got appoved today by BOA at a decent rate of 4.39. However, they provided our scores and they are about 40 points lower than those given by MyFico and cKarma. And BOA and those other 2 all report some version of TU.

I swear, credit scoring is more mysterious than the Free Masons :-)

First time auto loan and/or a negative information specific to installment tradelines of various types?

BOFA definitely uses an auto-enhanced score, and unfortunately we have access to none of those. On the plus side, second time buyers and those with mortgages specifically tend to report decent swings in the positive direction too on the auto-enhanced scorecard.

Personally I wish it was more transparent, but short of spamming Congress with letters, I don't see it's getting resolved anytime soon.

Re: Score Shock

Anonymous — Sat, 18 May 2013 03:36:16 GMT

Nope, probably my 7th auto loan but only 2 still remain on the reports. 2 mortgages and 2 Home Equity Lines. All 100% good.

I'm up there on CC utilization, around 70%. Got a few inquires from some mortgage shopping in the last couple of years. Not surprised to be in the 600's but am surprised to be in mid 600's.

Re: Score Shock

Revelate — Sat, 18 May 2013 03:47:09 GMT

@Anonymous wrote:
Nope, probably my 7th auto loan but only 2 still remain on the reports. 2 mortgages and 2 Home Equity Lines. All 100% good.

I'm up there on CC utilization, around 70%. Got a few inquires from some mortgage shopping in the last couple of years. Not surprised to be in the 600's but am surprised to be in mid 600's.

Did the score letter say FICO on it? I'm assuming it does, and while 70% revolving utilization is a pretty big ding, sort of surprised your auto-enhanced FICO is that much lower as well from what you posted. Interesting datapoint at any rate, my apologies it came at your personal expense.