Increase FICO Auto Score 8

[itspaul]

What is the best way to increase my Auto Score 8?
Is the algorithm the same as the FICO 8?
Ive read that installment and auto loans count the most.
Ive had a BK in 7/12

Current installment loans
Auto:
Chrysler Capital - Open 5/17 - $10 balance

Installments:
NBT Bank - Open 3/17 - $850 balance, 8% utilization

Closed installment
NBT Bank - Open 2/16 - paid off $16k, closed 3/17

[HeavenOhio]

I tend to agree with the assessment that FICO 8 Auto scores love loans. I have no loans at all — either open or closed, and two of my FICO 8 Auto scores are far and away my lowest. Reason codes on all three scores include "no recent activity from a non-mortgage installment loan" and "no recent activity from an auto loan."

The thing is that you can't constantly go out and get loans to prep for more loans. Aside from one loan to skip FICO 8's "no open loans" penalty, it's best to go with the flow. If you need some points, I'd zero in on your credit card balances and if possible, bring them closer to AZEO.

The good news is that you get to shop for auto loans. If one bank/score combination doesn't work out for you, another might.

[Trudy]

I have a monthly MyFico subscription and reviewing the last 4 months Auto 8 also seems sensitive to CC UTL.  I previously kept my UTL below 5% with no individual card greater than 8%.  Had a needed purchase and crossed the 8.9% AGG UTL and one card at 18% another at 40%.  My Auto 8 scores dropped 18 pts on EQ, 27 pts on TU (always the most sensitive to CC UTl on my profile) and EX 3 pts (but at the time had a 6Y8M single 30D late, since removed a bit early).  So less impact with an old late but EX was still lower than EQ and TU.

[SouthJamaica]

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@itspaul wrote:
What is the best way to increase my Auto Score 8?
Is the algorithm the same as the FICO 8?
Ive read that installment and auto loans count the most.
Ive had a BK in 7/12

Current installment loans
Auto:
Chrysler Capital - Open 5/17 - $10 balance

Installments:
NBT Bank - Open 3/17 - $850 balance, 8% utilization

Closed installment
NBT Bank - Open 2/16 - paid off $16k, closed 3/17

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I agree with @HeavenOhio that you should not apply for any new loans and should focus on your revolving utilization, targeting as many zero balances as possible, except for one account reporting a small balance.

[itspaul]

Yes, my revolving utilization is in the 90% range
My Experian Auto 8 in 672
I'm paying everything down in the next month.

The take away is how the high utilization affects the Auto 8

[SouthJamaica]

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@itspaul wrote:
Yes, my revolving utilization is in the 90% range
My Experian Auto 8 in 672
I'm paying everything down in the next month.

The take away is how the high utilization affects the Auto 8

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In my profile FICO 8 and FICO Auto 8 react similarly to revolving utilization. So the 90% utilization is killing you.

[Anonymous]

The Industry Options MODIFY the Classic score. So, whatever increases the Classic, should similarly increase the Industry Options.

They are additional algorithms that further refine the Classic score. So, I would expect Auto to place additional emphasis on installment loans, ages, and their utilization.

Likewise, BC would likely place additional emphasis on revolving utilization, ages, and number of revolvers with a balance.

[EW800]

I will share what has worked for to achieve very high auto-enhanced scores.  My auto-enhanved scores are as follows: 

Experian:  899

TU:  900

EQ: 891

I have one open auto loan that is paid a couple of years in advance, with just a balance of $100 on it.  It is a 0% loan, so I am just letting sit there as an open account.  

I have one closed auto loan.  

Zero inquiries in the last twelve months. 

I am a big believer in AZEO.  All revolving accounts are $0 balance on the credit reports, other than one account that I allow to show about $20 or so each month.  

I do not have any open mortgage accounts at the moment.  

Hope this helps a bit!  

[itspaul]

DP
Fico 8 increased by 8 points to 652, Auto 8 gained 7 points to 679, Just from an installment loan going under 8.9%

NBT Bank - Open 3/17 - $850 balance, 8% utilization, was finally reported to Experian.
It was 13% utilization last month.

[Anonymous]

There seems to be enough parallel between Auto 8 and Classic 8 that focusing on the factors that increase your Classic score will benefit Auto pretty well. Keep practicing good account management and Auto should be in pretty good shape too.