Fico 800?

My goal is to get a Fico score of 770 (which seems to be the lowest “A+” by an article on bankrate.com).  I went to a used car dealership yesterday which had the best price on cars.com.  I had to get my wife into a safe car.  I don’t think I can put a dollar amount on her safety.  So, yes we bought an 11K used car.

FICO AUTO 2  – WTF?

The dealer asked what my fico was. Proudly, I stated, “720 on Experian and 710 from Fico.”  Then when he ran the report a 670 came out.  HUH! I knew I opened up a few account recently, but couldn’t imagine that dropping it by 40-50 points.  Then he told me that they use an Auto-2 Fico score which is about 30-40 points lower than your regular fico.  The reason for this he stated was that you can’t run off with a house on your shoulder.  However, you could take off with a car to a chop shop.  So the number for ‘Auto-2′ is more conservative.  Whew!  I’m glad I knew that.

I also in passing who recently came in with the highest fico score.  He stated that some guy came in with an auto-2 of 800 which meant his regular fico is about 840.  He said that he had about 50 accounts all open and paid on time.  Plus, he was young – mid-to-late 30s.  Very impressive.

Today I applied for a loan as I was not happy with what the dealer stated that he could get us – 12.99% for 60 months with no prepayment penalty.  The best Bofa could do for me was 20%.  I turned him down – felt good, kinda like that lendingtree.com commercial.  I told him that I’d be back later with a better fico score.  Also, I asked him what it takes to get an 850 fico and he said that he’s been doing this for a long time and he made it seem like there was a better chance of spotting the lochness monster than a “perfect” fico person.  He said that you have to have more than just credit card accounts as debt.  You need auto and mortgage and very old accounts to get the score up there.  So, I’m not sure that I’ll be able to get it up there this year.

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