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Today I made a initial payment to my new auto loan just for the sake of getting it done sooner than later. I noticed Ally Financial provided me with a Fico score or "Auto Score 3" of 789. That's a bit high isn't it ? Especially for someone with No preexisting loans in their credit history, right ? Or maybe it isn't a "true" Fico.
Can anyone clarify to me what kind of score am I looking at ?
@LShawn08 wrote:Today I made a initial payment to my new auto loan just for the sake of getting it done sooner than later. I noticed Ally Financial provided me with a Fico score or "Auto Score 3" of 789. That's a bit high isn't it ? Especially for someone with No preexisting loans in their credit history, right ? Or maybe it isn't a "true" Fico.
Can anyone clarify to me what kind of score am I looking at ?
If it claims to be a "FICO Auto Score 3", then yes, it is a "true" FICO.
But the industry option scores (like "Auto") are on a different scale - with a 900 max, rather than 850 max.
Auto Score 3 isn't available here on MyFICO for any CRA, so you can't check directly, but if your signature scores are current, then 789 on an Auto model seems reasonable.
@iv wrote:
@LShawn08 wrote:Today I made a initial payment to my new auto loan just for the sake of getting it done sooner than later. I noticed Ally Financial provided me with a Fico score or "Auto Score 3" of 789. That's a bit high isn't it ? Especially for someone with No preexisting loans in their credit history, right ? Or maybe it isn't a "true" Fico.
Can anyone clarify to me what kind of score am I looking at ?
If it claims to be a "FICO Auto Score 3", then yes, it is a "true" FICO.
But the industry option scores (like "Auto") are on a different scale - with a 900 max, rather than 850 max.
Auto Score 3 isn't available here on MyFICO for any CRA, so you can't check directly, but if your signature scores are current, then 789 on an Auto model seems reasonable.
This is correct. Being that it is on a different scale for "Auto" that means the numbers will be different and not mean the same thing as say a normal Fico8
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@RM21 wrote:
@iv wrote:
@LShawn08 wrote:Today I made a initial payment to my new auto loan just for the sake of getting it done sooner than later. I noticed Ally Financial provided me with a Fico score or "Auto Score 3" of 789. That's a bit high isn't it ? Especially for someone with No preexisting loans in their credit history, right ? Or maybe it isn't a "true" Fico.
Can anyone clarify to me what kind of score am I looking at ?
If it claims to be a "FICO Auto Score 3", then yes, it is a "true" FICO.
But the industry option scores (like "Auto") are on a different scale - with a 900 max, rather than 850 max.
Auto Score 3 isn't available here on MyFICO for any CRA, so you can't check directly, but if your signature scores are current, then 789 on an Auto model seems reasonable.
This is correct. Being that it is on a different scale for "Auto" that means the numbers will be different and not mean the same thing as say a normal Fico8
It also specifies it is based off Experian data.Experian was also my lowest Fico Score of 769, so I guess you guys are on to something. Thanks for clearing some of that up.