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

[Anonymous]

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?

[Robertwd82]

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

My guess-at least 20% down.  

[Anonymous]

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

[Revelate]

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.

[Anonymous]

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

[Anonymous]

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