Auto Score

[Sbrooks1]

Any suggestions as how to boost these scores specifically. My fico 08 are all well into the 750-780 range, mortgage scores slightly less at 738 Mid score. I have zero badddies, never been late on an auto,  payment and my auto scores SUCK. 650-703,  Reasons are high use of revolving credit( it is at 8 % over all) , recently opened card in July of  18, and remaining IL balance too high( which it is at 18000/21000. I dont want or need a new car right now, but maybe next year. I am currently in yr 3 of 5 on a 2016 Corolla at zero %, I know when Toyota pulled then they pulled FIco 08 EXP. Advice or suggestions. 

[Anonymous]

Perhaps take your utilization down a bit more, but I think the biggest thing here is to simply not app for credit.  In 5 months you'll reach 12 months AoYA which will result in a nice score increase.  Do you have any closed auto loans on your CR?  Just curious.  I would also say that taking your installment loan utilization down to 8.9% or below would likely help your auto scores as well, but that's obviously much more difficult to accomplish. 

[SouthJamaica]

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@Sbrooks1 wrote:

Any suggestions as how to boost these scores specifically. My fico 08 are all well into the 750-780 range, mortgage scores slightly less at 738 Mid score. I have zero badddies, never been late on an auto,  payment and my auto scores SUCK. 650-703,  Reasons are high use of revolving credit( it is at 8 % over all) , recently opened card in July of  18, and remaining IL balance too high( which it is at 18000/21000. I dont want or need a new car right now, but maybe next year. I am currently in yr 3 of 5 on a 2016 Corolla at zero %, I know when Toyota pulled then they pulled FIco 08 EXP. Advice or suggestions. 

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I have found my FICO Auto 8 scores not to be that far off from my FICO 8 scores, while the older model Auto scores are much lower.

[Thomas_Thumb]

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@Sbrooks1 wrote:

Any suggestions as how to boost these scores specifically. My fico 08 are all well into the 750-780 range, mortgage scores slightly less at 738 Mid score. I have zero badddies, never been late on an auto,  payment and my auto scores SUCK. 650-703,  Reasons are high use of revolving credit( it is at 8 % over all) , recently opened card in July of  18, and remaining IL balance too high( which it is at 18000/21000. I dont want or need a new car right now, but maybe next year. I am currently in yr 3 of 5 on a 2016 Corolla at zero %, I know when Toyota pulled then they pulled FIco 08 EXP. Advice or suggestions. 

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Are the Auto Fico versions you report Fico 8 or older Fico versions? The older versions are rather sensitive to # cards reporting balances. Best to report a balance on one card only. Bringing your aggregate revolving utilization down to the 2% - 5% range is a good idea but, you may not see a point gain specific to the reduction unless an individual card utilization drops below a threshold UT%.

There are other, higher, B/L thresholds for Auto loans other than 9%. Is the $18k balance your car loan? If so, that represents a 86% ratio. Dropping the ratio to below 68% should gain you points - at least 10 IMO.

If that $18k is associated with the new card, the resultant 86% UT is certainly hurting your score a lot - particularly given the new account status. Start by paying down the balance to under 48%.