The FICO Automotive Score is a credit score used to evaluate potential borrowers by car loan lenders. It comprises a base FICO Score and an industry-specific overlay score card. The base FICO score is a general indicator of financial health, while the industry-specific overlay score cards focus on auto debt risk.
Variables within your FICO auto score
Lenders use the FICO auto score as a way to assess whether you're eligible for auto loan approval. It has many variations but is still the most widely used score by lenders. FICO 9 was the most recent version and was introduced by lenders 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 provide information via a variety 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, which is a composite of credit reports, may not be 100% accurate.
Variables in VantageScore credit score
Your credit score depends on many factors such as payment history and credit age. These variables account for 61% of your total score. FICO assigns 35% of your weight to payment history and 10% to new credit lines. It also gives 15% to your overall credit score. Both credit scores penalize late payments equally. Credit management and timely payment can improve your score.
VantageScore 4.0 is the latest version of the VantageScore credit score model, which uses a longer history to provide a more complete picture of a borrower's credit history. TransUnion, Experian, and TransUnion have different reporting requirements. This makes VantageScore more reliable.
How to access FICO’s auto score
FICO's auto score can help you when shopping for a vehicle. 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.
A higher FICO auto score will increase your likelihood of getting approved to borrow money. This can also lead you to receiving a better interest rates. A credit monitoring service may allow you to access your FICO Auto Score depending on your financial situation. These services might not offer the exact same service as your lender. Many lenders use one of the three credit bureaus for their auto scores, so you should find out which one you're eligible to use.