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Interested in credit score improvement

Community Leader
Super Contributor

Re: Interested in credit score improvement


@duku2020 wrote:

And another question, do lenders still use FICO Auto score 8...?


Many auto lenders still use FICO 8 Auto.  That's the single most common model use for an auto loan application.  Coming in second would probably be FICO 8 Classic.  Then maybe FICO 04 Auto and FICO 9 Auto tied for third?

 

Can't certain about all that, but those would be my guesses.

Message 31 of 44
Established Member

Re: Interested in credit score improvement

Sorry, I meant to say Fico Auto Score 5, lenders still use this one? Or what’s the most commonly used out of 5,4, and 2 auto scores?
Message 32 of 44
Community Leader
Super Contributor

Re: Interested in credit score improvement

You may be conflating the model and the bureau on which it is drawn.

 

FICO 5 and FICO 4 are (believe it or not) the same model: FICO 5 is Equifax's name for it and FICO 4 is TU's name.  The model itself is FICO 04 -- that's the name of the family of models that was released in 2004.

 

FICO 2 is Experian's name for FICO 98 (the family of models that was released in 1998).

 

As I mentioned earlier my guess is that FICO 8 Auto is the most widely used, with FICO 8 Classic coming in second, and FICO 04 Auto and FICO 9 Auto being sort of tied for third.  (FICO 9 is the most recent family and there aren't a ton of lenders using it yet, though far more than there were a year ago.)

 

I do think that some lenders are still using a model that was released 20 years ago (FICO 98) but less than there were (say) 18 months ago.  Wells Fargo was the big user of FICO 98 as I remember it, but they have since switched to FICO 9.

Message 33 of 44
Established Member

Re: Interested in credit score improvement

Hi,

 

I'm sorry. I read what you said, but don't think you concluded whether or not Fico Auto Score 5 is commonly used... I'm looking for an answer, not history.

Message 34 of 44
Valued Contributor

Re: Interested in credit score improvement


@duku2020 wrote:

Hi,

 

I'm sorry. I read what you said, but don't think you concluded whether or not Fico Auto Score 5 is commonly used... I'm looking for an answer, not history.


Wow.

 

gave you history so you can draw your own conclusion.

Nobody can say exactly what lenders do or who uses what score as they can choose to act outside the norms.

It's a best guess based on history, prior experience & other DPs. 

Anyone that claims to know 100% what a lender will do is selling something. 

Message 35 of 44
Established Member

Re: Interested in credit score improvement

I wasn't clear on what he/she said... that's all, no harm done. I like to be clear, and understand what the person said. I didn't mean to sound rude or mad, that's if you though that. Thanks for the reply. Thumbs up!

Message 36 of 44
Super Contributor

Re: Interested in credit score improvement


@duku2020 wrote:

 

I'm sorry. I read what you said, but don't think you concluded whether or not Fico Auto Score 5 is commonly used... I'm looking for an answer, not history.


Well then... Your best course of action would be to contact the lender(s) through which you're considering a loan and ask them which scoring model they use for applications.

Message 37 of 44
Established Member

Re: Interested in credit score improvement

Ok, thanks.
Can someone please help me with this question... I tried this question in another topic and the guy didn’t answer...
Question:
Can the amount of the revolving balance in the simulator be updated each month?
Message 38 of 44
Super Contributor

Re: Interested in credit score improvement

I'm not sure exactly what you're referring to, but please know that simulators are garbage and can't ever be trusted.  Any simulator, not just specific ones.

Message 39 of 44
Established Member

Re: Interested in credit score improvement

I’m referring to the simulator on MyFico website. Is it an accurate simulator and can the revolving balance on the simulator update each month?
Message 40 of 44