Previous history or lack thereof with auto loans/installment loans?
2/6, 3/12, 11/24
You are missing all the important stats.
lates, collection, inquiries 6 and 12 months, new accounts, utilization, accounts with balances, previous loan history(a major factor on auto scores).
also what is your actual DTI? Sub 35% doesn't say much 30% is a major threshold.
@precision wrote:i thought the no derogs covered the lates and collections.
absolutely no lates
absolutely no collections
2 inquiries in past 12 months
2 new installment loan accounts in the past 12 months (1 paid off, 1 with a balance)
no new cards since 2018
29% utilization
6 cards with a balance, 6 at zero
no auto loans since 2008
the dti issue is tricky. i am at 29% utilization on my cards but I have 1 installment loan. I am not sure how to calculate that.
Calculate the current balance divided by opening loan amount.
It's a sperate calculation catagory from revolving / open ended credit.
Where are you pulling your AUTO FICO8 Scores from?
If there are negative factors, you should compare them to what your Tranunion and Equifax factors state.
If you can copy them to your post, please do.
@precision The no derogs did my brain just skipped over it.
DTI is housing cost + credit debt obligation divided by gross monthly income.
so 1,000 rent/mortgage + 300 dollar car payment + 700 in reported credit card debt= 2,000 say you make 5,000 pre-tax that would be 2,000/5,000= 40% DTI.
As for why the cap1 offer was so high... Cap1 is a subprime lender with a few prime cards and massive name recognition. They are rarely a good deal, if I am reading your last post correctly you have a brand new 32k loan that has 89% of it's balance remaining... remember I said loans (auto) are a significant factor for auto loans? That would be a rather large factor right there in those higher rates.
@precision 50-60 point changes are fairly common on the industry enhanced scores... They all have a slightly different algorithm.
Just a hunch those 2 inquiries you spoke of are on ex right? The important thing is you know your best scores now look for a lender that uses that score.
@precision wrote:
no auto loans since 2008
This is why your auto scores are lower! Auto scores rely more heavily on information from auto loans and you haven't had one in so long that it probably isn't even listed on your credit reports anymore. My auto scores are higher than my normal FICO scores but I have two paid off auto loans and 2 ongoing auto loans reporting. The industry scores rely more heavily on industry specific metrics, if you have no/fewer of those metrics in your report to draw from then that will hurt you.
8/22/24