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Auto Loan Approvals!

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Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Honda Financial

BUREAU PULLED: Equifax

CREDIT SCORE: 859 out of 900   Fico 9 Auto Enhanced

SOFT PULL/HARD PULL: HARD

CUSTOMER STATE OF RESIDENCE: SC

NEW/USED: New

YEAR OF VEHICLE: 2019

MAKE: Honda

MODEL: Accord LX

MILEAGE: 31

FINANCE/LEASE: Finance

PURCHASE PRICE: $22,000

AMOUNT OF LOAN: $14,000

TERM CONTRACTED: 36 months

APR/LEASE RATE: 2.9%

MONTHLY PAYMENT: $388

ANNUAL INCOME: $72,000

DEBT TO INCOME RATIO: 13%

MISCELLANEOUS COMMENTARY: $8000 down payment

Message 4101 of 4,169
Valued Contributor

Re: Auto Loan Approvals!


@GomerPyle wrote:

APPROVING BANK: Honda Financial

BUREAU PULLED: Equifax

CREDIT SCORE: 859 out of 900   Fico 9 Auto Enhanced

SOFT PULL/HARD PULL: HARD

CUSTOMER STATE OF RESIDENCE: SC

NEW/USED: New

YEAR OF VEHICLE: 2019

MAKE: Honda

MODEL: Accord LX

MILEAGE: 31

FINANCE/LEASE: Finance

PURCHASE PRICE: $22,000

AMOUNT OF LOAN: $14,000

TERM CONTRACTED: 36 months

APR/LEASE RATE: 2.9%

MONTHLY PAYMENT: $388

ANNUAL INCOME: $72,000

DEBT TO INCOME RATIO: 13%

MISCELLANEOUS COMMENTARY: $8000 down payment


I want to give you fair warning....Honda Financial is seen on a credit report as a finance company...It is given on my mortgage score as a reason for the score being lower....not due to problems paying it...just existing on the report.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 4102 of 4,169
Valued Contributor

Re: Auto Loan Approvals!


@GomerPyle wrote:

APPROVING BANK: Honda Financial

BUREAU PULLED: Equifax

CREDIT SCORE: 859 out of 900   Fico 9 Auto Enhanced

SOFT PULL/HARD PULL: HARD

CUSTOMER STATE OF RESIDENCE: SC

NEW/USED: New

YEAR OF VEHICLE: 2019

MAKE: Honda

MODEL: Accord LX

MILEAGE: 31

FINANCE/LEASE: Finance

PURCHASE PRICE: $22,000

AMOUNT OF LOAN: $14,000

TERM CONTRACTED: 36 months

APR/LEASE RATE: 2.9%

MONTHLY PAYMENT: $388

ANNUAL INCOME: $72,000

DEBT TO INCOME RATIO: 13%

MISCELLANEOUS COMMENTARY: $8000 down payment


finance.JPG

The second reason down was due to Honda Financial...and I refinanced it the next day, so it was only reported as open for 1 day.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 4103 of 4,169
Valued Contributor

Re: Auto Loan Approvals!

By the way, it is no longer showing and should not have even shown on this as it was over 7 years prior to this. When I first saw that reason I had to research what was being seen as a consumer finance account...it was not easy, but a full report pull revealed American Honda Finance as the culprit. I think it is the same company, but it was a goldwing purchase at a honda motorcycle dealership.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 4104 of 4,169
New Contributor

Re: Auto Loan Approvals!


@sarge12 wrote:

@GomerPyle wrote:

APPROVING BANK: Honda Financial

BUREAU PULLED: Equifax

CREDIT SCORE: 859 out of 900   Fico 9 Auto Enhanced

SOFT PULL/HARD PULL: HARD

CUSTOMER STATE OF RESIDENCE: SC

NEW/USED: New

YEAR OF VEHICLE: 2019

MAKE: Honda

MODEL: Accord LX

MILEAGE: 31

FINANCE/LEASE: Finance

PURCHASE PRICE: $22,000

AMOUNT OF LOAN: $14,000

TERM CONTRACTED: 36 months

APR/LEASE RATE: 2.9%

MONTHLY PAYMENT: $388

ANNUAL INCOME: $72,000

DEBT TO INCOME RATIO: 13%

MISCELLANEOUS COMMENTARY: $8000 down payment


I want to give you fair warning....Honda Financial is seen on a credit report as a finance company...It is given on my mortgage score as a reason for the score being lower....not due to problems paying it...just existing on the report.


"Honda Financial is seen on a credit report as a finance company"

 

So?

Chase Sapphire Preferred - $8500
Discover it® Card - $8000
AMEX EveryDay - $5000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $500

Lease - Audi Financial Services - $51,567 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $21000, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $413
Equifax - 729
TransUnion - 740
Experian - 752
Message 4105 of 4,169
Regular Contributor

Re: Auto Loan Approvals!

Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.

Message 4106 of 4,169
Valued Contributor

Re: Auto Loan Approvals!


@felipestrong wrote:

Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.


And be seen as a negative even if payed perfectly...which makes no sense at all, but is a known fact that it does so.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 4107 of 4,169
Valued Contributor

Re: Auto Loan Approvals!


@felipestrong wrote:

Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.


I personally think they should have to warn the consumer that the existance of a consumer finance account is considered a negative in some fico credit scoring models...I would not have ever used that if I had known that at the time. I had to learn about it after the damage was done. In my case my scores were so high it made no real difference, but had I been unable to get the best rate on a mortgage due to that it would have infuriated me. I did not know they were a consumer finance account, but the word financial might should have been a clue.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 4108 of 4,169
New Contributor

Re: Auto Loan Approvals!


@sarge12 wrote:

@felipestrong wrote:

Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.


I personally think they should have to warn the consumer that the existance of a consumer finance account is considered a negative in some fico credit scoring models...I would not have ever used that if I had known that at the time. I had to learn about it after the damage was done. In my case my scores were so high it made no real difference, but had I been unable to get the best rate on a mortgage due to that it would have infuriated me. I did not know they were a consumer finance account, but the word financial might should have been a clue.


Virtually all automaker captive lenders are called "[X] Financial Services." 

Chase Sapphire Preferred - $8500
Discover it® Card - $8000
AMEX EveryDay - $5000
Chase Freedom - $5000
Capital One QuicksilverOne - $1900
Barclaycard Apple Rewards - $600
Chase Slate - $1500
Capital One Platinum - $500

Lease - Audi Financial Services - $51,567 cur. balance, $55,063 orig. balance, buy rate money factor, MSRP $83,365
Auto Loan - orig. $21000, paid/closed
Installment - FNCU - Secured $1500 paid/closed
Installment - City National New Jersey (Self Lender) - Secured orig. $1000, paid/closed
Installment - Lead Bank (Self Lender) - Secured orig. $545, cur. $413
Equifax - 729
TransUnion - 740
Experian - 752
Message 4109 of 4,169
Valued Contributor

Re: Auto Loan Approvals!


@SoundoftheSuburbs wrote:

@sarge12 wrote:

@felipestrong wrote:

Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.


I personally think they should have to warn the consumer that the existance of a consumer finance account is considered a negative in some fico credit scoring models...I would not have ever used that if I had known that at the time. I had to learn about it after the damage was done. In my case my scores were so high it made no real difference, but had I been unable to get the best rate on a mortgage due to that it would have infuriated me. I did not know they were a consumer finance account, but the word financial might should have been a clue.


Virtually all automaker captive lenders are called "[X] Financial Services." 


They may also all be considered consumer finance companies and damage scores by just their presence on a report.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 4110 of 4,169
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