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Help understanding scores Fico8/9

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Anonymous
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Help understanding scores Fico8/9

Hi, I was wanting to trade in my car before it hit the 60k miles which it's coming up fast.. for a Kia Niro. I have been in talks with the dealership and they said that they use Fico Auto 9 scores. What's the difference between Fico Auto 8 and 9? And is there a general ballpark on how much higher ("enhanced") it is from your Fico * score? I understand you can get the scores on here, however I really don't want to spend $30 right now.

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Anonymous
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Re: Help understanding scores Fico8/9


@Anonymous wrote:

Hi, I was wanting to trade in my car before it hit the 60k miles which it's coming up fast.. for a Kia Niro. I have been in talks with the dealership and they said that they use Fico Auto 9 scores. What's the difference between Fico Auto 8 and 9? And is there a general ballpark on how much higher ("enhanced") it is from your Fico * score? I understand you can get the scores on here, however I really don't want to spend $30 right now.


You lose a few thousand when you trade a car in. A few thousand more if you buy new.  Then whatever you pay in additional interest.  The $30 for your scores if you want them isn't anything to worry about.

 

Why the trade at only 60k? That's barely broken in. LOL.

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Anonymous
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Re: Help understanding scores Fico8/9

Cars these days are engineered for 200,000 miles, 60,000 miles is a pretty new car.  Unless it does not meet your needs or you are having relliabilty problems you might want to rethink losing money on the trade and transaction costs.  If you prefer to always have lower mileage cars you might want to consider leasing so you don't have to take on the depreciation risk and sales tax (on the entire transaction).    I have to say one of the best investments I have made is to join here and have access to my scores, it informs me as to what my options are when I need to finance something and where I can improve my scores to save interest costs and make borrowing easier.  

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Anonymous
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Re: Help understanding scores Fico8/9

To answer your question:
EQ auto 8 705
Auto 9. 714

TU auto 8. 658
TU auto 9. 695

Ex auto 8. 677
Ex auto 9. 683

To not answer your question: you want your own scores as it can save or cost you thousands if you go to a dealership who uses the lower of your scores versus highest.
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