Increasing my FICO Auto Score 8

[SteelyDan]

 Hello, I am reaching out in hopes for more understanding and tips on what I can do to increase my Auto Score 8. I recently applied for another classic vehicle loan and was denied which is baffling. I have had 4 previous classic vehicle loans and all were paid on time and paid off early or traded in. Being fairly upset over this I decided to create an account with Experian and start monitoring the real scores but I am at a loss as to why my Auto Score is currently a 598! What are the main contributors to how this score is calculated and what makes the biggest impact on how its scored? I can give specifics if needed. Thank you, I really appreciate any help I can get. I work way too hard to be in this position. 

[Slabenstein]

Was one of the FICO8 auto scores disclosed to you with your denial?  If so, which one was it, what were the score, negative reason statements, and denial reasons in the letter, and who was the lender?  From what I've seen, the auto scores are not widely used, and most auto loan decisions are based on one of the classic scores (usually 8, but also possibly a mortgage score or 9, depending on where you go).

[FireMedic1]

An auto loan FICO score specifically measures your ability to pay back auto loans. The basic FICO and auto loan FICO scores use different credit scoring models. The base FICO score ranges from 300 to 850, but FICO auto scores range from 250 to 900. Any baddies at all with past auto loans?

[SteelyDan]

No repos or anything. Ever. 

[Horseshoez]

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@SteelyDan wrote:

No repos or anything. Ever. 

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What do the rest of your FICO scores look like?

[JoeRockhead]

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@Horseshoez wrote:

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@SteelyDan wrote:

No repos or anything. Ever. 

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What do the rest of your FICO scores look like?

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I was going to ask the same thing... there's usually a larger difference in Auto 5, 4, 2 and Fico 8. But, Auto 8 scores are usually closer to Fico 8 scores (not the same but not too far off from one another). @SteelyDan Do you have any new loans that still have high balances, Credit cards with high utilization.... be great to get some more details about what you have credit wise. 

[SeeingTheLight]

If Auto F8 scores are that low, the basline scores are probably also low. Seeing as he's just now checking his scores on Experian after the fact, looks like he assumed he had good credit when this was far from the case. Must be high utilization or some derogs on revolving accounts outside of car loans...

[babbles]

I've also thought paying auto loans on time were the key to success

[Thomas_Thumb]

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@FireMedic1 wrote:

An auto loan FICO score specifically measures your ability to pay back auto loans. The basic FICO and auto loan FICO scores use different credit scoring models. The base FICO score ranges from 300 to 850, but FICO auto scores range from 250 to 900. Any baddies at all with past auto loans?

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From what I have seen published, the Fico industry options use their respective base (classic) Fico scores and then apply an overlay scorecard that can impact score up to +/- 50 points. The overlay is specific to Auto or Bankcard.

[CreditBob]

Hopefully this helps you out and I am going to use my own personal experience when I have compared the different versions of the FICO scores. Having an auto loan is one metric of the whole picture. Even though the auto industry FICO score is related specifically for vehicle trade lines, other factors come into play. For example, a revolving account will also impact the auto score. Let's say you are either maxed out or close to it, then all scoring models will be lower. It also looks at any other recent accounts that have been opened or hard inquiries within the last month. If you do not have any revolving accounts that are open, then the credit mix is missing. Another member has suggested, to which I agree with, is that you need to go to the MYFICO website & purchase a report, It will tell you in red on why your scores are low. And in green what you are doing is helping. If you are new to credit, have a thin credit profile, or what is called, time in file, meaning a short credit history. On the aging of your credit report, you will just have to be patient & wait.

Because you did not disclose specifics, it makes it hard for other members to help you out. I am going to give you two assignments to help you out. It is up to you, but you will never be able to improve your score situation unless you do the following. And on the second assignment, watch these video links. There is an actual credit & FICO score expert, by the name of John, that worked for both the FICO scoring & Equifax   credit bureau. The very first thing that you are going to do is purchase an Experian  credit & FICO score report from the MYFICO website.

Here are the video links. On one of them, Maxine from Experian , John, Gerri & Liz talk about credit & scores. Let me know if this helps you or anyone else because this is actually coming from Experian & FICO.

https://www.youtube.com/watch?v=NlbPK_YrBSs

https://www.youtube.com/watch?v=BuelYhBaUjA

https://www.youtube.com/watch?v=WEfsku-JgTs

What you need to do to get a high credit score

https://www.youtube.com/watch?v=M53wNlq6sro

https://www.youtube.com/watch?v=hITpBn21BQE

Good luck to you.