Auto enhanced score - only through dealer financing?

[tisch0791]

I strongly believe we will have an excellent auto enhanced credit score since we have one auto loan that was paid off in August - clean, no lates, and a current auto loan that has been reporting 100% clean for a couple of years now.  Just one 30 day on a different auto loan from 4 years ago. 

My score is currently 665 (high util on cards is holding me back)

Hubby's score is currently 641 (baddies on mortgage this year; now reporting current since October) 

We had a BK filed in Nov 2002 which I assume will fall off our reports as of December (yay).  However I've heard that when it's that old it doesn't make much difference in scores anyhow.  I think it's already off Experian but still on Equifax.  Not sure about transunion.

I'm wondering, do banks use an auto enhanced score, or is that only with the actual dealership?  Also, will the high util and mortgage bads override the enhanced score?  We're pulling the trigger soon on a new vehicle (before the end of the year) and trying to be as informed and prepared as possible.  Thanks for any help!

[tooleman694]

The Auto score looks at installment loans more, so your Husbands score might actually be lower.

It is up to the bank which score they look at, some banks might use auto enhanced others might use regular Fico.

[tisch0791]

That's interesting.  I thought the score was related to auto loans only.  Thank you for the insight.  I'm thinking I should be the primary applicant - would that make a difference?  Don't they weigh primary applicant's score first?  He has income of about 80K from his employer - 15 yrs job history and we also have self employment income which is about 75K.

[tooleman694]

I think they go with the lowest score actually. But if the dealership has a good relationship with the bank sometimes they can make things happen.

For example, last year I needed to lease a new minivan and my score was good enough but my Wifes was in the 500s. They had to get the bank on the phone and talk them into it. They ended up giving me the best rate, but the dealership down the street couldn't do the deal.

[Shogun]

Local banks and CUs are better in these circumstances.  If you have a good history with them, they will sometimes overlook some things.

[tisch0791]

Both of my auto loans (the one that is paid off) and the one that is still active are credit union accounts.  I've never been over 30 days with them.  Close calls, but never 30 days.  They were paid every dime we owed them on the loan that is paid off.  Less than a year ago the CU merged with another one, so technically they became a whole new bank.  I've found that the smaller local ones tend to do that frequently!

The last time I talked to them and gave an application a shot they denied, primarily because of the mortgage situation.  However they said if I had a letter from the mortgage company showing that our loan became current that they could possibly approve an auto loan.  This was also before one of the remaining two auto loans were paid off.  Since then the mortgage was modified and is back to good status.  And I can present that letter.

Regarding the hard pulls with trying to app again, what is the time frame where the series of pulls counts as "one"?  Is it two weeks or 30 days?  I'd like to time this right!

[ImprovingYouth]

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@tooleman694 wrote:

I think they go with the lowest score actually. But if the dealership has a good relationship with the bank sometimes they can make things happen.

For example, last year I needed to lease a new minivan and my score was good enough but my Wifes was in the 500s. They had to get the bank on the phone and talk them into it. They ended up giving me the best rate, but the dealership down the street couldn't do the deal.

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 It depends on the dealer, they can take whichever score they choose. Last time I went car shopping, the first couple dealers would not take the higher score, but I eventually found one that would. Just keep looking if they try to play that game with you!

[tisch0791]

In regard to the timing on the apps, once we start pulling the trigger, is it over 30 days where all pulls count as one, or is it only for a couple of weeks?  Thanks to anyone who knows!