03 Oct 2013

improve credit score for loans

“Auto enhanced credit score?”, you will ask. Yes, it might be news to many of you to find out that there is an auto enhanced credit score generated to find out your “auto loan worthiness” is different from the FICO score. Quite often we get calls or emails from clients that are looking to get tradelines for the purpose of getting approved for an auto loan. We recently wrote about the many different credit scores available. Here, we will discuss your auto enhanced FICO score, or any auto enhanced score for that matter (such as the widely used Beacon auto enhanced score). Before we talk about your auto enhanced credit score, let’s back up for a second… Prior to purchasing tradelines, we offer a free credit report analysis. We do this because our goal is to help clients while selling tradelines.  We do not irresponsibly sell tradelines to everybody regardless of whether or not tradelines would help achieve their goals. We want to make sure, first, that you make a wise decision when buying tradelines and proper credit report analysis followed by an appropriate tradeline recommendation is a very important link in this chain. Okay, moving on to your auto enhanced credit score. Most people, like you, are aware that you have a FICO score. And, you might even know the factors (payment history, the average age of accounts, etc.) that affect your FICO scores. You might be surprised, however, to find out that there is a difference between standard FICO scores and “auto enhanced credit score”. What is an auto enhanced FICO credit score? It is called an auto enhanced credit score or enhanced beacon score.  Not only is it calculated differently, but also different things affect it. For example, revolving accounts (like credit cards) have the largest impact on your FICO score whereas your past payment history on auto loans or leases tend to influence your auto enhanced credit score (like an auto enhanced Beacon Score). What does that mean for you when looking into purchasing tradelines? Depending on the existence and quality of your previous auto loan or lease history, tradelines may or may not be a good option to get your auto enhanced credit score ready for an auto loan. So, let’s just stop right there. If you talk to a tradeline company and without looking at […]

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