The FICO Automotive Score is a credit score used to evaluate potential borrowers by car loan lenders. It consists of two parts: a base FICO score and an industry-specific overlay score card. The industry-specific overlay scoring cards target auto debt risk. While the base FICO score is an indicator of financial health, it's not a comprehensive measure of financial health.
Variables within your FICO 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. The most recent version of the FICO auto score is FICO 9 and was introduced in 2014. It is available from all three major credit bureaus. It is important to know how each variable is weighted in order to improve your score.
Credit bureaus can report information to them from different sources. These include debt collectors, loan companies, and others. Keep in mind, however, that not all companies will report to every bureau. The FICO score is a composite from your credit reports and may not reflect the truth.
Variables in your VantageScore credit score
Your credit score is calculated based on several factors, including payment history and age. These variables account for 61% of your total score. FICO however gives 35% of its weight to payment histories, 10% to new lines and 15% to overall credit history. Both credit scores penalize late repayments equally. Using credit responsibly and making your payments on time can boost 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 means your VantageScore score is 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. The FICO base score is a general indicator of creditworthiness. However the FICO Auto score is only applicable to auto loans. It ranges from 250 to 900, and 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 credit score can increase your chances of getting approved for loans and may also result in a better interest rate. Credit monitoring services may be able help you access your FICO credit score, depending on your financial situation. These services might not offer the exact same service as your lender. You should check which credit bureau you are eligible to use as many lenders use these three credit bureaus to calculate their auto score.