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What type of FICO scoring do car dealerships use?
What do car dealerships most commonly use for credit scores? I know that FICO scores come in a range of types.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“FICO 8 scoring is the industry standard for
car loans
, but they may also use automotive-specific FICO scoring to give them a better idea of your candidacy.The FICO 8 system reduces the impact of occasional late payments, but it also penalizes your score if you have high balances.
So if you want to improve your FICO 8 score, start paying down your high-interest debt as soon as possible.”
View full answer
- Gregory R.
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