The FICOAuto Score is a credit score that car loan providers use to evaluate potential borrowers. It has two parts. The base FICO score is the main part 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 in your FICO Auto Score
The FICO auto score is a score that lenders use to determine if you're a good candidate for auto loan approval. There are many variations of this score, but it's still the most used score by lenders. FICO 9 is the most recent version. It 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 sources include debt collectors and loan companies. Be aware that not every company reports to all three bureaus. Your FICO score, which is a composite of credit reports, may not be 100% accurate.
Variables in your VantageScore Credit Score
Credit scores are based on a variety of factors, such as your payment history and age of credit accounts. These variables are responsible for 61%. 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 payment equally. Your score can be raised by responsibly using credit and making timely payments.
VantageScore 4.0 is the latest VantageScore credit score model. This version uses a longer history in order to show a better picture about a borrower’s credit history. TransUnion, Experian, and TransUnion have different reporting requirements. This makes VantageScore more reliable.
How to access FICO auto score
FICO's auto score can help you when shopping for a vehicle. This score can be used to track your credit history. The base FICO score measures your creditworthiness. However, the FICO auto score focuses on auto loans. There are several versions. The most recent version, published in June 2016, was based on TransUnion's CreditVision Data trend data and covers up 30 months.
A higher FICO score can improve your chances of being approved for a loan. It can also help you to get a better 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 can use any of the three credit bureaus to improve your auto score.