The FICO auto score is a credit rating used by car loan lender to evaluate potential borrowers. It comprises a base FICO Score and an industry-specific overlay score card. The base FICO score can be used as a general indicator of financial well-being, while industry-specific overlay score card cards assess risk for auto debt.
Variables on your FICO score auto score
The FICO Auto Score is used by lenders to determine if you are a good candidate for auto loans approval. 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 can be obtained from all three major credit agencies. You should know the weights assigned to each of the variables so that you can improve your score and qualify for better deals.
Credit bureaus receive information from many sources. These sources include debt collectors and loan companies. 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 in your VantageScore credit score
Your credit score depends on many factors such as payment history and credit age. These factors account for 61% your total score. By contrast, FICO gives 35% of the weight to payment history, 10% to new lines of credit, and 15% to overall credit history. Late payments are equally punished by both credit scores. Your score can be raised by responsibly using credit and making timely payments.
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 your FICO auto score
When you're looking for a car, your FICO auto score could be an important tool. It is also a useful tool to monitor your credit history. While the base FICO score is a general measure of your creditworthiness, the FICO auto score is specific to auto loans. There are several versions. The most recent version was released in June 2016. It is based upon trended data from TransUnion CreditVision Data. It covers up to 30 month.
A higher FICO score can improve your chances of being approved for a loan. It can also help you to get a better rate. A credit monitoring service may allow you to access your FICO Auto Score depending on your financial situation. But, these services may not always be the same as your lender's. You can use any of the three credit bureaus to improve your auto score.