What is Auto Enhanced FICO?
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The dealership I applied to for a new car loan said that thay can’t approve me because my auto enhanced fico is not too low. From what I know my FICO isn’t that bad! What is auto enhance fico anyway and why isn’t it like my ‘normal’ FICO?
Re: Auto Enhanced FICO
Because people treat obligations differently, the car industry uses special version of FICO that put more emphasis on how you’ve handled car loans before.
For example, if you were late on your car loan payments or had your auto repossessed – it will hurt your Auto Enhanced Fico much more than it would you Classic Fico.
On the other hand, if you didn’t pay your credit card statement on time, your classic FICO will plunge lower than your Auto Enhanced Fico would.
Most often than not your Auto enhanced Fico is lower by 50 points or so than your classic FICO (I guess this is why the car industry wanted a special credit score in the first place).
The only problem is that not all car dealers use Auto enhanced FICO. Some use it, some prefer classic FICO, and others use both.
For more information please see this post. You can find there important tips for beating car dealers at their own game!
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