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Auto Credit score

beamMEup
Moderator Emeritus

Re: .Re: Auto Credit score


@Corona wrote:

Hmmm...

 

My car salesman showed me my credit score and it was OVER 800 and I thought I was the man.

 

Now you're telling me that this credit score is inflated over regular credit scores?   Dang...


My understanding is that an auto-enhanced FICO score may be higher or lower than your standard FICO score, depending.  It weights your past behavior with auto accounts more heavily.

Just puttin' syrup on something, don't make it pancakes.
Message 11 of 16
guiness56
Epic Contributor

Re: .Re: Auto Credit score


@Corona wrote:

Hmmm...

 

My car salesman showed me my credit score and it was OVER 800 and I thought I was the man.

 

Now you're telling me that this credit score is inflated over regular credit scores?   Dang...


An Auto Enhanced score is weighted more toward auto loan history.

Message 12 of 16
Corona
New Member

Re: .Re: Auto Credit score

Do cars that you've owned, but never financed, count towards this credit report?

 

Reason I ask is because I used to own a beater that I paid cash for, and sometimes to verify my identity, credit reporting sites ask me what car I've owned before...

 

If not, then I guess I can legitimately say I had a credit score of 800 before since that was the first time I ever financed a car. Smiley Tongue

 

I know BMW and Mercedes are really strict, and rarely will let you finance a car if you've never done it before, no matter how good your credit score.

Message 13 of 16
llecs
Moderator Emeritus

Re: .Re: Auto Credit score


@Corona wrote:

Hmmm...

 

My car salesman showed me my credit score and it was OVER 800 and I thought I was the man.

 

Now you're telling me that this credit score is inflated over regular credit scores?   Dang...


Maybe, maybe not.

Message 14 of 16
Joselito
Established Member

Re: Auto Credit score

I read somewhere that is a good idea to call the dealership where you intend to purchase the vehicle and ask them what score they use (FICO,EX, or any other) the dealership pays attention to past auto loans and your payment behavior.

 

Joselito


Starting Score: Fico EQ 560 Jan 2008
Past Score: Fico EQ 674 April 2011
Updated Score: Fico EQ 680 May 2011 EQ 691 EX 687 TU 716 lender pulledCurrent Score:Fico EQ 760 Jan 2011 Sooo happy!
Goal Score: 800 For All!


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Message 15 of 16
michaels88369
Frequent Contributor

Re: Auto Credit score

I found out what my Auto score is today from my local credit union. They had to re-pull my EX report today when i opened my relationship checking account. The car loan is already reporting from 03/17/2011 when we bought the car. My fico took a hit from 622 down to 602 on Experian. They also showed me my auto score from dealership pre purchase and it was 644 and now its 633 after purchase. So its off by 31 points compaired to my fico score. Anyone know what their auto scores are?

Credit conscience!
Message 16 of 16
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