7 replies to this topic

[pockalypse]

I understand the "auto enhanced" FICO score places a heavier emphasis on auto and other installment account history. Does anyone know what affect (if at all) older closed accounts have on auto enhanced FICO?

I'm in the process of rebuilding now, but have a goal of auto financing next year. My auto history is perfect (but closed/paid off) and other installment history is nearly perfect but most of those accounts are also closed/paid off. However, they will be still listed on my report next year when I plan to go auto shopping.

[MarvBear]

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[hoapres]

Difficult to say because "Test before you guess" requires one to view a sufficiently large sample size of CRs with simultaneous regular and auto enhanced Fico scores to make a prediction. With that said along with noting that I have seen about 10 such CRs, the "enhancement" is not likely to be more than 20 points either postively or negatively. If you have LOTS of satisfactorly paid auto loans with at least one being over 36 months and even better would be 48 months of age then you might see a swing of 50 points in the positive direction. If you have a year before buying a car then take other credit rebuilding steps in the meantime. The Fico score is NOT everything with regards to obtaining auto financing.

[MarvBear]

For scoring purposes, I can positively state that revolving utilizations plays a huge part in an "auto enhanced" fico score. Much more so, than one would imagine.

[pockalypse]

Thanks Marv and Hoapres. I'm taking the year to focus on rebuilding and should be able to bring revolving lines down and correct some baddies.

Hoapres: I don't have many positive auto loans on file, just one (completed in 2006). Sounds like by the time I'm ready for my app, it's impact may be negligible.

[MarvBear]

I don't have many positive auto loans on file, just one (completed in 2006)

That one well paid installment auto loan, will be your shoe-in to your next auto loan, whenever you are ready

[Randomalities]

Riding on the coattails of this, would a mortgage work just as well for extra auto enhanced FICO points? By the time my next car purchase rolls around, the last one will have fallen off my reports.

[MarvBear]

Riding on the coattails of this, would a mortgage work just as well for extra auto enhanced FICO points? By the time my next car purchase rolls around, the last one will have fallen off my reports.

My auto enhanced has always been LOWER, with a mortgage and multitudinous PIF auto loans reporting. ( the last time I checked) That was back in 2006 and I had very little revolving credit established in comparison. If my memory serves correctly that far back I believe my auto enhanced score was around 30 point lover than a classic fico score.