Having been a finance manager years ago at a large corporate store I saw it all. While it will certainly help your scores, the banks look at alot of other factors as well. I have had some with 750+ denied. Also depends which CR the dealership sends over- some access all 3 and send best, or 2 which is most common. Keep up the good work!
@Ace6 wrote:Hello,
I am currently working on repairing my credit. My EQ is 589, TU 636, and EX 648 my Auto8: EQ 594, TU 562, EX 587. Does raising my regular score help my auto8? Or is there a different way I should be going about this?
I have found the FICO 8 and FICO Auto 8 scores tend to move in the same direction, but they are different. Today my EX FICO 8 is 23 points higher than my EX FICO Auto 8.
@Ace6 wrote:I was originally on that topic board but my question was moved to this one. I have been rebuilding my score and my regular score has improved but the auto ones seem to move slower. I was considering taking out an auto loan just to get new auto payments history in hopes it will raise the score. Any thoughts?
No. Don't do that. The best thing for both scores is to not apply for new credit and to not open any new accounts.
@Ace6 wrote:Should I just continue to use my credit cards and maintain positive history with them? Right now they are at 7% utilization.
Yes of course you should.
Make sure each card reports a balance of 28% or less, and that your aggregate utilization reports at 8.9% or less. But if you can keep your utilization even lower, that would be even better.
But in your case there are no doubt negatives in your reports. You might as well try to get rid of them to the extent possible. I think the easiest thing is to send the bureaus verification letters for the negative items. Sometimes that precipitates the negatives falling off of your report.