The FICO Auto Score is a credit score used by car loan lenders to evaluate potential borrowers. It consists of two parts. A base FICO score, and an industry specific overlay score card. The industry-specific overlay scores cards address auto debt risk, while the base FICO score provides a general indicator for financial health.
Variables in your FICO auto score
Lenders use the FICO score to determine whether you are a suitable candidate for an auto loan. While it can be modified in many ways, it is the most popular score used by lenders. FICO 9, the latest version of FICO's auto score, was introduced in 2014. It is accessible from all three major credit institutions. So that you can improve and qualify for better deals, it is essential to understand the weights given to each variable.
Credit bureaus may receive information from a variety of sources. These include creditors, loan companies and debt collectors. You should also keep in mind that not all businesses report to all three agencies. Your FICO score can be a composite of all your credit reports. It may not be accurate.
Variables within your VantageScore credit score
Your credit score is based on various factors, including your payment history and the age of your credit accounts. These variables account for 61% of your total score. FICO allocates 35% of the weight for payment history, 10% for new credit lines, and 15% for overall credit history. Both credit scores penalize late payment equally. Credit responsibly and timely payments can help you improve your credit score.
VantageScore 4.0 is the latest VantageScore credit rating model. It uses a longer historical to show a complete picture of the borrower's credit history. TransUnion and Experian both have more strict reporting requirements in regards to tax liens, civil judgments, and tax judgments. This means your VantageScore score is more reliable.
How to access FICO’s auto score
When you're looking for a car, your FICO auto score could be an important tool. It can also be an important way to keep track of your credit history. While the FICO base score can be used to assess your creditworthiness, it is not specific to auto loans. There are many versions. It can range from 250 to 900. This latest version was published in June 2016 and is based off trended TransUnion CreditVision Data data. It covers 30 months.
An increase in your FICO score can help you get approved for a loan and can even lead to a lower interest rate. Depending on your financial situation, you may be able to access your FICO auto score by signing up for a credit monitoring service. These services might not offer the exact same service as your lender. Many lenders use one or more of these credit bureaus for their auto scores. You need to find out which one is available.