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    Question

    Auto enhanced fico score?
    Until today I did not know there was such a thing. However I understand that this score primarily uses your history based on current and prior auto loans. What about in the case of someone who has never had a Traditional auto loan and has either paid cash or bought their cars from a buy here pay here place? Would that mean that they essentially have NO score and traditional financing would be next to impossible?
    a few seconds ago 4 Answers

    Best Answer

    Auto enhanced is the version of peoples credit bureaus that car dealers and lenders look at, it is slanted towards all installment loans not just vehicle loans. So if you have had loans for a home, computer, furniture, personal loans or any type of installment accounts your score will be higher then a standard bureau will show. Even if you have no installment accounts you would still have a score based on any revolving accounts you might have. Now if you have no accounts of any kind then your score would be a 0. This doe's not mean that you won't be able to buy, it just means that you will have to make a larger down payment and pay a higher interest rate.
    a few seconds ago

    Other Answers

    • Equifax, Experian and Transunion sell different scoring products to different users based on their need. They "score" credit reports differently based on risk and may cater a certain type of scoring model to a certain user. That's where the "Auto Enhanced" scoring comes into play. In these cases, the FICO model is adjusted to put more emphasis on payment history for auto installment loans or leases. They have different scoring models for unsecured credit or even for landlords and insurance companies. If you have no installment loan history, they will likely review your traditional credit score to determine whether you are a good risk.

      by John - 6 hours ago

    • Auto enhanced score you better or worse depending on your car payment history. That doesnt mean you cant get finance for a car if you never had one. Say you have a mortage or really good credit but never had a auto loan. So instead of being 790 when you run it yourself the dealership might run a 763. The numbers are just examples but they really dont affect you by that much. Same goes for credit card companies and mortage companies. They all have there own the varies the score just a bit.

      by Ty Foxx - 6 hours ago

    • no not at all they will still look at your over all credit worthiness as to determine if you get a loan or not

      by golferwhoworks - 6 hours ago

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