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How To Improve FICO AUTO SCORE 5, 4, 2 & 9 (and also AUTO SCORE 8)

amfetamyne
Member

How To Improve FICO AUTO SCORE 5, 4, 2 & 9 (and also AUTO SCORE 8)

I've searched all over the forums and haven't been able to find any information specifically about FICO Auto Score for either version. What I do know from the MyFICO app is that 5,4 and 2 are widely used by auto lenders. FICO AUTO SCORE 8 is in "medium" use, and AUTO SCORE 9 is in evaluation.

 

I want to purchase a new car in the first quarter/early second quarter of 2022. I can do so now, but I know my rates will be high (likely in excess of 15% even with a longer term), given my current scores. I have the ability to be patient so I'm going to take my time buying.

 

I'm on a mission to rehabilitate my credit overall, but it seems the Auto scores are the last to move, and I'm looking for any insight as to what I should focus on if I want to raise those scores. Just like with using AZEO (for example) to improve scores for other models, are there any accepted means to improve Auto Score scores specifically?

 

I'm hoping some of the very smart people here can help me with understanding what goes into the AUTO SCORE models and how to target them for improvement.

 

Thanks in advance!!

Started from the bottom...




Starting Score: 573
Current Score: 594
Goal Score: 750


Take the myFICO Fitness Challenge
6 REPLIES 6
FireMedic1
Super Contributor

Re: How To Improve FICO AUTO SCORE 5, 4, 2 & 9 (and also AUTO SCORE 8)

First off. What are the scores now? And is 580 in your siggy recent and from where. And goal score you may want to update. 7750? Any loans now or in the past?






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 2 of 7
amfetamyne
Member

Re: How To Improve FICO AUTO SCORE 5, 4, 2 & 9 (and also AUTO SCORE 8)

Thanks for responding @FireMedic1!

My current AUTO 5/4/2 scores are:

AUTO SCORE 5 (EQ): 580

AUTO SCORE 4 (TU): 464
AUTO SCORE 2 (EX): 538

 

AUTO SCORE 8: EQ578/TU553/EX573

AUTO SCORE 9: EQ553/TU494/EX553

 

In my sig, the current score is my Experian SCORE 8 (594). I do have an auto loan, which is current, with Capital One.

 

Started from the bottom...




Starting Score: 573
Current Score: 594
Goal Score: 750


Take the myFICO Fitness Challenge
Message 3 of 7
AndySoCal
Valued Contributor

Re: How To Improve FICO AUTO SCORE 5, 4, 2 & 9 (and also AUTO SCORE 8)

@amfetamyne 

With those scores their is derogatory information on your credit report. If you dont mind can you list the accouts minus the account number the date open the status of the account like late payment(s) collection, charge off etc

 

FICO 8 EX 815 TU 812 EF 822
Discover IT Opened 9/1990 CL 19,000, JC Penney Opened 10/2008 CL 4700, US Bank Cash Plus Opened 8/2010 CL 12000, Citibank Double Cash Opened 5/2015 CL 11,100, Chase Freedom Flex Opened 09/2020 CL 10,500
Message 4 of 7
FireMedic1
Super Contributor

Re: How To Improve FICO AUTO SCORE 5, 4, 2 & 9 (and also AUTO SCORE 8)

As @AndySoCal stated. We need to help you got your score way up. The good thing is you already have a good auto loan history. So that helps for future auto purchases. Lets work on your scores. List out as:

Creditor/Credit Line/Balance/ Status

Charge Offs

Collections






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 5 of 7
amfetamyne
Member

Re: How To Improve FICO AUTO SCORE 5, 4, 2 & 9 (and also AUTO SCORE 8)

@FireMedic1 and @AndySoCal I have to say, this is very (VERY!!!) embarrassing for me...but here's everything from my current CR. First group is current credit, next charge offs and last collections. I just paid a bunch of stuff off to zero in the past two weeks but it's not yet reflected in my pull. I expect to see those changes in December's report.

 

Account/$Bal/$Limit/Status (PAA= Paid as agreed or current)

Upstart/9000/9000 PAA

Milestone MC/236/700/PAA - Never Late (I just paid this to zero. Not yet reported)

Personify/2100/2000/PAA-Never Late

Celtic Bank MC/0/750 PAA-Never Late

First Premier MC/428/500 PAA-Never Late (just paid this to zero. Not yet reported)

We Florida HELOC/8100/10,000 PAA-Never Late

Mission Ln MC/710/800 PAA-Never late (just paid this to zero. Not yet reported)

Discover/1120/1200/PAA-Never Late (just paid to zero. Not yet reported)

Credit One MC/514/800/PAA-One late 30 in Jan 2020 (just paid to zero. Not yet reported)

Credit One Visa/1125/1300/PAA-Last late 30 Jul 2020 (just paid to zero. Not yet reported)

First Natl MC/0/1000/PAA-Last late 60 day in Feb 2018

Syncb/Brandsmart/0/4000/PAA-Never Late

WeFlorida Visa/314/500/PAA-Never Late

Capital One Auto/18430/34000/PAA-Last Late 30 Jul 2021

Capital One GM Card/324/500/PAA-Never Late (just paid to zero. Not yet reported)

Capital One Quicksilver/565/750/PAA-Never Late (just paid to zero. Not yet reported)

Capital One Secured/0/551/PAA-One Late 30 Jan 2020

NetCredit financial/3460/10000/PAA-Never Late

Self Credit (Installment Loan)/102/750/PAA-Never late (just paid to zero. Not yet reported)

Student Loans/13000/PAA-Last Late 180 Jan 2020

Student Loans/6300/PAA-Last Late 180 Jan 2020

 

Charge-offS

BofA MC/1895/2200/Charge-off

Merrick Bank MC/1900/1200/Charge-off

Sycb/JC Penny/387/180/Charge-off

Affirm/907/Charge-off

 

Collections

Portfolio Recovery/$900/$1200/Paying off currently

TMobile $2800

ERC/AT&T $862

Midland Cred/SyncB $1080

JHPDE $13700

Started from the bottom...




Starting Score: 573
Current Score: 594
Goal Score: 750


Take the myFICO Fitness Challenge
Message 6 of 7
AndySoCal
Valued Contributor

Re: How To Improve FICO AUTO SCORE 5, 4, 2 & 9 (and also AUTO SCORE 8)

@amfetamyne @FireMedic1 

Thank you for posting the information.

First paying down debt is good. It lowers your credit utilization percentage and can have a positive effect on the credit score.

Regarding  the credit score  The late payments in 2020 and in 2021is impacting the score the most.  The charge offs are a potential problem. The lender can sell or assign these accounts to a collection agency. The collection account will report as being opened in 2021 or whenever the collection agency recieves the account. This new account will cause your credit scores to tank in a serious way. If possible I would suggest you contact the creditor and work out a payment plan of some sort in order to prevent a new collection account.  If a payment plan can be agreed to get it in writing for your protection.  The collection accounts you can search the forum to see if the collection agency will do what is called a pay ofr delete.  Basically you agree to pay the account in exchange for the collection agency deleting the reporting of the collection account. If a collection agency agrees to do this get the agreement in writing.   If you have other questions please or post the question in the rebuilding credit forum where you can get somem very good advice. Hope this helps

 

 

FICO 8 EX 815 TU 812 EF 822
Discover IT Opened 9/1990 CL 19,000, JC Penney Opened 10/2008 CL 4700, US Bank Cash Plus Opened 8/2010 CL 12000, Citibank Double Cash Opened 5/2015 CL 11,100, Chase Freedom Flex Opened 09/2020 CL 10,500
Message 7 of 7
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