Auto Score

[Anonymous]

Is there a way to increase your auto fico score?

[Anonymous]

Can you explain a bit more what you might mean?

The FICO score that an auto lender is likely to use will be improved by basically the same strategies as those that would benefit the score that a credit card issuer will use -- same for a lender offering personal loans.  (When you are talking about home loans it gets a little trickier, but even then they benefit from mostly the same stuff.)

[Anonymous]

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@Anonymous wrote:

Can you explain a bit more what you might mean?

The FICO score that an auto lender is likely to use will be improved by basically the same strategies as those that would benefit the score that a credit card issuer will use -- same for a lender offering personal loans.  (When you are talking about home loans it gets a little trickier, but even then they benefit from mostly the same stuff.)

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Sure. Basically like how you can strategically increase your Fico 8 score is there a way to increase your auto score? Or will it increase when your Fico 8 score increases?

[Anonymous]

The strategies are the same.  The FICO 8 auto enhanced score benefits from having very low CC utilization, never being late on any accounts, having at least one open installment loan where most of the debt is paid off, having 3+ credit cards, letting your accounts age, and avoiding unnecessary applications for credit.  And when you approach your application for the loan, having all cards at $0 except one, which will report a small positive balance.

Same as FICO 8 classic and FICO 8 Bankcard Enhanced.

The three flavors must weight these factors a bit differently (else there would not be three different flavors) but the basic strategies are always the same.

[Anonymous]

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@Anonymous wrote:

The strategies are the same.  The FICO 8 auto enhanced score benefits from having very low CC utilization, never being late on any accounts, having at least one open installment loan where most of the debt is paid off, having 3+ credit cards, letting your accounts age, and avoiding unnecessary applications for credit.  And when you approach your application for the loan, having all cards at $0 except one, which will report a small positive balance.

Same as FICO 8 classic and FICO 8 Bankcard Enhanced.

The three flavors must weight these factors a bit differently (else there would not be three different flavors) but the basic strategies are always the same.

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Thank you!! 

[bettercreditguy1]

Work on the metrics. Pay on time, minimal lates, no collections. Should you have them on your reports, aging will reduce their effects. The bulk of Fico is payment history. The remainder the other indosincrasies of the model.