Do they have the same Laws and rules as normal FICO? Last car loan or lease I had was in 1993....
Starting Score: 656
@Student_Loans_Kill wrote:Do they have the same Laws and rules as normal FICO? Last car loan or lease I had was in 1993....
The Auto-Enhanced scores are based off of the same data on your CR's but put more emphasis on your current and older auto loans reporting.
Last car loan was in 1993, all cars since paid for in cash. So the question is what are they seeing if I have no auto loans or associated credit in 20 years
@Anonymous wrote:
@MarineVietVet wrote:
@Student_Loans_Kill wrote:
Last car loan was in 1993, all cars since paid for in cash. So the question is what are they seeing if I have no auto loans or associated credit in 20 years
Only what is currently on your reports would be used to determine an Auto Enhanced score. So any car loan application you make now will have regular FICO's pulled.Marine, if there are no auto loans on your credit, could that negatively affect it? Kind of like having little or no credit would a normal FICO score? Just curious.
I just had that same question earlier, I hope someone has the answer because this auto enhanced confuses me...lol...I just want to buy my car with a semi decent rate, ~10% is that too much to ask??? lol....I feel like Im being punished because my parents bought me a semi brand new car almost 10yrs ago for my graduation and paid cash. lol that way I wouldnt have to worry
I actually spoke with a dealer F&I guy (who is actually my friend...scary) the other day and his dealership will occasionally pull a standard FICO followed by an auto-enhanced for certain buyers, and he has noted that for consumers that had no previous auto history, their auto-enhanced FICO is typically 5-10 points worse (score wise) than their traditional FICO.
This does make sense, as someone who has no auto loan history would be more of a risk than someone with a past history. If it's a bad history, the score will be tanked, if it's good, the score will be higher, but for the lender, knowing anything is better than nothing.
@cdtotten wrote:I actually spoke with a dealer F&I guy (who is actually my friend...scary) the other day and his dealership will occasionally pull a standard FICO followed by an auto-enhanced for certain buyers, and he has noted that for consumers that had no previous auto history, their auto-enhanced FICO is typically 5-10% worse (score wise) than their traditional FICO.
This does make sense, as someone who has no auto loan history would be more of a risk than someone with a past history. If it's a bad history, the score will be tanked, if it's good, the score will be higher, but for the lender, knowing anything is better than nothing.
so the dealer can choose if they pull an auto enhanced or FICO score?
wow so that means if you have a 650 FICO then your auto enhanced would be in the 500s.....thats shocking to me
Meant to say 5-10 points, not percent. Sorry for confusion.
But yes, the car dealership can choose to pull whatever they want. The actual financing arm will pull whatever they want as well... will be 2 pulls if financed through the dealerships financing arm.