FICO Automotive Score

[Goemon Ishikawa]

I just left a local dealer has anyone ever hear of this type of scoring?

 

[Jbo]

FICO is the acronym for Fair Issac Credit scoring system, used to determine you credit ability when financial institutions ( banks and dealer captive)review you credit history. Been arround for quite awhile

 

[crhbobby]

There are several versions of FICO scores. What you are talking about is the "Auto Enhanced" score. This score looks more closely at how well you pay your auto loans...

For more information - check out this link http://ficoforums.myfico.com/t5/Auto-Loans/FICO-Auto-Enhanced-Scores/td-p/228198

 

[Goemon Ishikawa]

FICO is the acronym for Fair Issac Credit scoring system, used to determine you credit ability when financial institutions ( banks and dealer captive)review you credit history. Been arround for quite awhile

Jbo

I'm aware of what FICO is and for how long the scoring system has been around. My question is if anyone here ever hear of a specific scoring system used by car dealers referred to as your "FICO Automotive Score". It turns out not to be the same score as your regular FICO score.

I have never known of this type of scoring used by dealers, I was always under the impression that your FICO or better known as your "beacon score" is what was used.

I bring this question up, because I was working a deal tonight and because of this type of scoring I walked away from the deal, reason being it was 22 points lower that the print out I had in hand walking into the dealer.

 

[Mark_888]

I just left a local dealer has anyone ever hear of this type of scoring?

There are some non-standard FICO scoring systems, but never heard of one specifically for automotive loans/leases.
http://en.wikipedia.org/wiki/Credit_score_(United_States)

 

[Mark_888]

I bring this question up, because I was working a deal tonight and because of this type of scoring I walked away from the deal, reason being it was 22 points lower that the print out I had in hand walking into the dealer.

Don't forget, that in addition to some non-standard scoring systems (see above) you have 3 different FICO scores, one each from the 3 major credit agencies. Mine varied about 20 points between the highest and lowest last time I got a mortgage loan.

Edit: Here are the 3 different FICO scores:

Agency FICO_Score_Name
Equifax - BEACON® Score
Experian - Experian/Fair Isaac Risk Model
TransUnion - EMPIRICA®

However, it would not surprise me if some dealers lied about your FICO score in order to charge you more for the lease/loan. Did the 20 points put you into a different rate?

 

[Potty_Pants]

Don't forget, that in addition to some non-standard scoring systems (see above) you have 3 different FICO scores, one each from the 3 major credit agencies. Mine varied about 20 points between the highest and lowest last time I got a mortgage loan.

Edit: Here are the 3 different FICO scores:

Agency FICO_Score_Name
Equifax - BEACON® Score
Experian - Experian/Fair Isaac Risk Model
TransUnion - EMPIRICA®

However, it would not surprise me if some dealers lied about your FICO score in order to charge you more for the lease/loan. Did the 20 points put you into a different rate?

They ran two on my credit and it showed about 15-20 point variance. Dealer damn near lost me twice and it was a slam dunk for them... the deal was theirs to loose. Strangely my credit score was about 70 points higher then i was expecting. btw HMFC 2.90% 72month


ppp

 

[SmoovC]

Don't forget, that in addition to some non-standard scoring systems (see above) you have 3 different FICO scores, one each from the 3 major credit agencies. Mine varied about 20 points between the highest and lowest last time I got a mortgage loan.

Edit: Here are the 3 different FICO scores:

Agency FICO_Score_Name
Equifax - BEACON® Score
Experian - Experian/Fair Isaac Risk Model
TransUnion - EMPIRICA®

However, it would not surprise me if some dealers lied about your FICO score in order to charge you more for the lease/loan. Did the 20 points put you into a different rate?

I recently had a similiar experience. I shopped a loan from my credit union before starting the search for a new car. Shortly after, I started the process of a refi on the house. The difference in my score between the two, and the number used for credit worthiness and subsequent rate, was an astounding (low and high) 48 point spread between the 3 reporting agencies!

With all 3 reports in hand, I asked my credit union manager why there was such a large discrepancy. She indicated they used one reporting agency (the low one), and my refi agency used another; the high one. She did offer to adjust my rate based on the high number, but I ended up going with Hyundai financing instead.

Point being: know your numbers, and question the methods any lender uses to determine your rate.