     Dan T (Dant) | Monday, March 19, 2001 - 09:38 pm 
What in the world is the difference?? FYI:
I bought a new car, and got the following:
Experian/Fair, Issac Score = 719 Factors: 14,18,01,13
Experian/Fico Auto Score = 751 Factors: 14,18,01,13
Can anyone explain the difference between the 2 scores? Also, these scores seem pretty good to me, but why the negative factors then?
-Dan |
| Zachary1 (Drcredit) | Tuesday, March 20, 2001 - 02:07 pm
There ALWAYS seem to be FOUR negative reason codes (most ALWAYS four, except for Ann's anomaly??? It must have been a software bug!). As we have seen with some score samples to date in the mid- to upper 700's, however, the points that these factors deduct are negligible. Yet, nobody's perfect in the Gospel according to Fair Isaac, and the software HAS to produce reason codes, in order from which deducted the most points to the least-affective reason.
The industry-specific "Auto" FICO score you received, however, is quite interesting. It tells me that based on your 719 generic score, the auto scoring rates you even higher; you SHOULD have been able to demand blue-chip terms and interest rates. It would seem that the FICO in this case was rigged for the dealership's specific needs and tolerances, although it's anybody's guess as to which scoring factors they were emphasizing for their "A" credit underwriting criteria.
I would make it a point to interview each finance manager regarding specific underwriting criteria BEFORE signing that next offer to purchase; if they're serious in gaining one's vehicle loan business, it would be in their best interest to tell me. If they shopped the same loan among a dozen or so lenders, I would insist on gleaning their specific knowledge about lenient lenders; it worked on my last purchase 18 months ago. (Decent rate despite "B" credit.) |
| Christine Baker (Admin) | Tuesday, March 20, 2001 - 05:43 pm
I wonder if anyone ever had a perfect score. But short of that, you'll get the 4 reasons for NOT being perfect.
Not knowing ANYTHING about the auto score, it could actually be a lower score than the "Classic FICO" since the scale on the auto score could go to 2000. Who knows ..... |
