topic Re: Fico auto score in Rebuilding Your Credit

Fico auto score

Sbrooks1 — Mon, 06 Jun 2016 23:48:13 GMT

Guys, I apped at cap one auto and was denied as currently a pending or recently processed application w cap one??? Also, my auto finance credit score from EQ per the HP is 609, my fico has my EQ 8 at 656. WHy the big difference , obviously the auto score is way off, now my new 9 is a 607 so makes wonder is cap one using the new 9

Re: Fico auto score

Anonymous — Tue, 07 Jun 2016 00:12:23 GMT

Auto enhanced scores are calculated differently than Fico 08. Cap1 could be using a different Fico version altogether

Re: Fico auto score

Sbrooks1 — Tue, 07 Jun 2016 00:44:54 GMT

I didn't mean fico 8, I meant the auto version I get here in my fico. Is it obviously not accurate

Re: Fico auto score

Sbrooks1 — Tue, 07 Jun 2016 00:46:07 GMT

If so then I can't trust the mortgage scores either! Pretty frustrating for all the money I've spent over the last two years if these scores are worthless !!

Re: Fico auto score

RonM21 — Tue, 07 Jun 2016 02:05:12 GMT

I wonder if there is a different version of those scores they are using compared to the ones you use.

Re: Fico auto score

Sbrooks1 — Tue, 07 Jun 2016 02:12:56 GMT

I'm not sure, but the only reason I use my fico compared to others is the option for ALL the score versions. Please anyone chip in

Re: Fico auto score

Anonymous — Tue, 07 Jun 2016 12:11:09 GMT

@Sbrooks1 wrote:
Guys, I apped at cap one auto and was denied as currently a pending or recently processed application w cap one??? Also, my auto finance credit score from EQ per the HP is 609, my fico has my EQ 8 at 656. WHy the big difference , obviously the auto score is way off, now my new 9 is a 607 so makes wonder is cap one using the new 9

Auto vs fico 8 score are 2 different models. There are around 9 different auto scores across all 3 CRA's. There was actually a news story on about this last month on how there are literally 100's of different scoring models and how consumers are getting upset when they go in for a loan only to have a high interest rate, denied for a loan, etc. When I went to my CU my score was much lower too. I had to look at my SP's on my EQ report to see what it was coded as. My CU bases all their loans on a mortgage score doesn't matter if it's auto, personal, or a mortgage.

every since then I ask a lender what scoring model they use and then look at my scores for that model. They are normally knowledgable to tell me or call the finance department. If they don't know then I just don't app with them.

Re: Fico auto score

Anonymous — Tue, 07 Jun 2016 14:47:26 GMT

@Sbrooks1 wrote:
I didn't mean fico 8, I meant the auto version I get here in my fico. Is it obviously not accurate

I don't believe they use the Auto Enhanced score. Check it against the EQ mortgage score...

Re: Fico auto score

Anonymous — Tue, 07 Jun 2016 14:51:55 GMT

@Anonymous wrote:
@Sbrooks1 wrote:
I didn't mean fico 8, I meant the auto version I get here in my fico. Is it obviously not accurate
I don't believe they use the Auto Enhanced score. Check it against the EQ mortgage score...

Also there are two Auto Enhanced scores, the Score 8, and the Score 5 - my Score 5 is considerably lower than my Score 8.

Re: Fico auto score

Anonymous — Tue, 07 Jun 2016 16:24:43 GMT

The other scores they show are based on your last report, they are NOT updated as your primary FICO 8 score is. When you look at those scores, you will see "based on report pulled x/x/xx". Your auto score may have changed since you last pulled/paid for a report, this is why it may differ based on a recent auto application report

Re: Fico auto score

surferchris — Wed, 08 Jun 2016 03:36:31 GMT

@Anonymous wrote:
@Sbrooks1 wrote:
Guys, I apped at cap one auto and was denied as currently a pending or recently processed application w cap one??? Also, my auto finance credit score from EQ per the HP is 609, my fico has my EQ 8 at 656. WHy the big difference , obviously the auto score is way off, now my new 9 is a 607 so makes wonder is cap one using the new 9
Auto vs fico 8 score are 2 different models. There are around 9 different auto scores across all 3 CRA's. There was actually a news story on about this last month on how there are literally 100's of different scoring models and how consumers are getting upset when they go in for a loan only to have a high interest rate, denied for a loan, etc. When I went to my CU my score was much lower too. I had to look at my SP's on my EQ report to see what it was coded as. My CU bases all their loans on a mortgage score doesn't matter if it's auto, personal, or a mortgage.
every since then I ask a lender what scoring model they use and then look at my scores for that model. They are normally knowledgable to tell me or call the finance department. If they don't know then I just don't app with them.

Good advice, I will have to keep that in mind for myself as well...

Re: Fico auto score

surferchris — Wed, 08 Jun 2016 03:37:16 GMT

@Anonymous wrote:
The other scores they show are based on your last report, they are NOT updated as your primary FICO 8 score is. When you look at those scores, you will see "based on report pulled x/x/xx". Your auto score may have changed since you last pulled/paid for a report, this is why it may differ based on a recent auto application report

Good point.