topic Re: How different is auto score? in Understanding FICO® Scoring

How different is auto score?

Workingonnscores — Tue, 02 Jan 2024 05:53:30 GMT

I can't afford to see any score besides the one I can see for free. My score is 655. It is only bad because I had lots of 90+ day late payments on credit cards.

I have never had a missed or late car payment. All car payments have been paid in full. No repos. Nothing.

currently I'm trying to built up my credit only to get a car loan. I am working to pay off credit card debts.

but I was wondering how different is the auto score? Do they really look at my good car payment history?

Re: How different is auto score?

Traveler101 — Tue, 02 Jan 2024 13:33:35 GMT

There are several scores. Some will use a generic base model while some will pull an industry specific, like fico8auto or fico8bankcard as examples.

You could go to to credit.com and do a trial 7 day membership and actually see multiple accurate scores across the 3 bureaus. Then cancel it prior to the 7 day membership and move to the free version. That will give you an accurate picture of where you stand at this point.

Congratulations to you on working on your credit. It's a challenge but in the long run will save you much money in intrest vs what you would pay with lower scores.

There are such things as goodwill letters to attempt to get lates removed. Generally the the further back they are and the lender involved can make a difference.

As far as industry specific, mine has about a 35 point difference from the generic versions. Each profile is different. I would suggest getting your scores, determine what is the areas you need to address, and go to it.

There is a lot of knowledge here on this forum and many great people who can give you guidance. Best of luck to you.

Re: How different is auto score?

JoeRockhead — Tue, 02 Jan 2024 13:42:17 GMT

It really depends on which auto scores we're talking about, and which scores your potential lender is going to pull (some also use vantage scores). Then there's going to be a difference between the 3 bureaus.

FICO Auto scores are generated by first calculating your traditional FICO scores, then adjusting the calculation on specific Auto loan risks and history. Auto 8 and Auto 9 are generally very similar (but not the same) to Fico 8, whereas Auto 5, 4, 2 can be significantly different (lower).

Re: How different is auto score?

Horseshoez — Tue, 02 Jan 2024 14:18:04 GMT

@JoeRockhead wrote:

FICO Auto scores are generated by first calculating your traditional FICO scores, then adjusting the calculation on specific Auto loan risks and history. Auto 8 and Auto 9 are generally very similar (but not the same) to Fico 8, whereas Auto 5, 4, 2 can be significantly different (lower).

Interesting, I just took a look at my FICO Auto scores from both before and after my Chapter 13 fell off my record and they are rather different than what you're suggesting above.

Score ----- Dirty Card (EQ/EX/TU) -- Clean Card (EQ/EX/TU)
FICO8 -------- 656 / 649 / 691 -------------- 850 / 837 / 843
Auto2-5 ----- 718 / 705 / 746 -------------- 833 / 832 / 815
Auto8 -------- 659 / 667 / 704 -------------- 871 / 871 / 874
Auto9 -------- 691 / 669 / 704 -------------- 876 / 863 / 858

Yeah, kind of all over the map; not sure why my profile is so strange.

Re: How different is auto score?

SouthJamaica — Tue, 02 Jan 2024 16:02:55 GMT

@Workingonnscores wrote:
I can't afford to see any score besides the one I can see for free. My score is 655. It is only bad because I had lots of 90+ day late payments on credit cards.

I have never had a missed or late car payment. All car payments have been paid in full. No repos. Nothing.

currently I'm trying to built up my credit only to get a car loan. I am working to pay off credit card debts.

but I was wondering how different is the auto score? Do they really look at my good car payment history?

If you're wondering whether your stellar car payment history will give you significantly better auto scores than your classic FICO 8's, I'm sorry but the answer is no.

Re: How different is auto score?

Thomas_Thumb — Wed, 03 Jan 2024 07:03:53 GMT

@Workingonnscores wrote:
I can't afford to see any score besides the one I can see for free. My score is 655. It is only bad because I had lots of 90+ day late payments on credit cards.

I have never had a missed or late car payment. All car payments have been paid in full. No repos. Nothing.

currently I'm trying to built up my credit only to get a car loan. I am working to pay off credit card debts.

but I was wondering how different is the auto score? Do they really look at my good car payment history?

As mentioned above, Fico industry option scores (such as Auto) use their Classic (base) Fico score as a starting point. Then the industry specific "overlay" is applied. The overlay adjusts score up to +/- 50 points. In the majority of profiles with an open installment loan in good standing, the overlay adds points - particularly on Fico 8 and Fico 9.

The overlays used with older Fico 98 and Fico 04 algorithms view elevated utilization and increased accounts with balances more harshly. As a result, the likelihood of a negative impact on score is greater than with the newer Fico models.

The Auto industry overlay looks for an open Auto loan specifically although any type of open loan helps. So, your Auto loan will boost score but, it can't overcome a low base score.