Auto Enhanced Fico Much Lower?

gkgk12 · ‎03-28-2013

Hi,

I'm currently in the process of either leasing or buying a car from Porsche Financial. I have never had an autoloan, installment loan or mortgage. On EQ Myfico.com, I have a 714 score and once my last couple balance report as paid, it should go up to 730-760. I had my credit pulled by a dealer today who said my Equifax Beacon Score (I'm guessing this means auto enhanced?) was 667.

Total Accounts: 12 (all revolving, highest CL is 25k, then 20k)

Util: 16% (will be 2-3% after 6 days)

AAoA: 4 Years

Oldest Acct: 15 Years 0 Months

Recent Inquiries: 5

No baddies of any kind ever.

Debating on what my options are here, since I doubt I will get approved at my current score, but after balances cut I might squeeze out another 20-25 pts on the auto enhanced. Should I go ahead and try to push for a lease and put a bunch of money down in an effort to build credit?

Thanks

llecs · ‎03-28-2013

"Beacon" is the trade name for your EQ FICO. The EQ FICO score offered on myFICO is a Beacon 5.0. If you pulled your EQ FICO on here and had your lender pull your EQ FICO on the same day, then consider that the difference could be caused by a comparison of two different EQ FICO versions. Maybe Porsche Financial used a newer version like Beacon 9.0, or as you say used an auto-enhanced FICO like Beacon 5.0 Auto or Beacon 9.0 Auto. If you have the lender's score range you can narrow it down. And all of this is predicated that the scores were pulled at the same time. If they weren't, then compare differences between both reports to narrow that out as a source of error. FICO scores can change daily.

If you don't like the score you can always try a different lender. Many out there use the same EQ FICO as found on here, especially if you try with your local bank or CU.

gkgk12 · ‎03-28-2013

The scores were pulled with 2 days in delay. The sales guy said they used a Auto-Enhanced Beacon. Do you happen to know any auto lenders that use myfico's scoring model?

Thanks

llecs · ‎03-28-2013

I know my personal bank, M&T Bank and my CU, NFCU, both use the same EQ FICO as on here. Search around in the Approvals thread found stickied here somewhere. Sometimes you can see a comment saying something like "they pulled the same EQ FICO as on here" or similar and you can get an idea.