FMC Options credit score & bureau pull ?

[4sallypat]

Which credit bureau does Ford use when prequalifying a customer?

I went thru a Ford dealer's soft pull credit pop up and it said the score is from Equifax.

Does anyone know which model score they use ? EQ 09, Auto EQ, EX 08, TU 08, etc... ?

And what score is needed to get a top tier rate for Options financing ?

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[ridgebackpilot]

Ford Motor Credit pulled my Experian Auto 8 score yesterday (in California). It's not particularly difficult to qualify for Ford Options financing. You probably only need a score in the high 600s. Of course, provided you have sufficient income and debt-to-income ratio to qualify.

 

[Nklem]

Yup I think 650 is good in Fords Eyes

 

[4sallypat]

Ford Motor Credit pulled my Experian Auto 8 score yesterday (in California). It's not particularly difficult to qualify for Ford Options financing. You probably only need a score in the high 600s. Of course, provided you have sufficient income and debt-to-income ratio to qualify.

Thanks - I figured that FMC is bit more lenient than BMW or MB.

When I got the soft pull score of 725, I figured I was good for a tier 1 rate.

I always wonder how Ford calculates creditworthiness by using SP / public data when I got this email from FMC - $110,000 credit preapproval - why and what would I spend $110K on Ford ??

 

[engnrng]

Ford Motor Credit pulled my Experian Auto 8 score yesterday (in California). It's not particularly difficult to qualify for Ford Options financing. You probably only need a score in the high 600s. Of course, provided you have sufficient income and debt-to-income ratio to qualify.

In my experience, they typically use credit score, never ask for debt or income info. I also find that the 3 credit scores tend to be very close to each other. FICO now has scoring models for almost everything, so the score you get online or through your bank may be a few 10’s of points different from the Auto score model. If you find everything related to credit these days confusing, that probably means you are trying to make sense of it, which I am not sure is even possible!

 

[engnrng]

Thanks - I figured that FMC is bit more lenient than BMW or MB.

When I got the soft pull score of 725, I figured I was good for a tier 1 rate.

I always wonder how Ford calculates creditworthiness by using SP / public data when I got this email from FMC - $110,000 credit preapproval - why and what would I spend $110K on Ford ??

Of course you could! What do you think 2 MachE’s cost?

 

[4sallypat]

In my experience, they typically use credit score, never ask for debt or income info. I also find that the 3 credit scores tend to be very close to each other. FICO now has scoring models for almost everything, so the score you get online or through your bank may be a few 10’s of points different from the Auto score model. If you find everything related to credit these days confusing, that probably means you are trying to make sense of it, which I am not sure is even possible!

If mine was a single bureau pull from Equifax - is that the one Ford only uses ?

The scary part: I am sure the dealer will pull all 3 bureaus.

After getting my first time house mortgage 4 months ago, all 3 bureau scores tanked from mid 700s to high 600s.

Now it's going back up but still not where it was pre-mortgage....

Don't know how Auto FICO scores are affected by the house mortgage...

 

[yngwenli]

Wow, do car loan places actually ask for income nowadays? I thought it was purely credit scores.

 

[GoGoGadgetMachE]

why and what would I spend $110K on Ford ??

A loaded F-150 Lightning is over $90K before taxes and fees.

 

[hybrid2bev]

Which credit bureau does Ford use when prequalifying a customer?

I went thru a Ford dealer's soft pull credit pop up and it said the score is from Equifax.

Does anyone know which model score they use ? EQ 09, Auto EQ, EX 08, TU 08, etc... ?

And what score is needed to get a top tier rate for Options financing ?

Which bureau is pulled varies by your location. As others have said it’s FICO Auto8.

There’s no set FICO to Tier scale. FICO is only one of the hundreds of scoring variables and often not the most important factor. But typically yes, higher FICOs tend to have better Tiers.

 

[TGIF]

Thanks - I figured that FMC is bit more lenient than BMW or MB.

When I got the soft pull score of 725, I figured I was good for a tier 1 rate.

I always wonder how Ford calculates creditworthiness by using SP / public data when I got this email from FMC - $110,000 credit preapproval - why and what would I spend $110K on Ford ??

Two California Route Ones?

 

[RickMachE]

One thing that I've found over the years is that a dealership wants to do the application themselves, pull the credit, and sometimes try for financing outside of Ford Credit. I prefer to apply online with Ford Credit. Nonetheless, my dealership wants their application filled out, and promises me not to pull credit again.

 

[4sallypat]

A loaded F-150 Lightning is over $90K before taxes and fees.

That's funny but real - the Platinum F150 Lightning sure is priced there fully loaded.

I have a reservation since May of last year and still waiting for my turn to order one.

I am looking at the Pro trim with standard battery for me (small business deduction + HOV carpool exemption).

Mach E for the wife.

 

[4sallypat]

One thing that I've found over the years is that a dealership wants to do the application themselves, pull the credit, and sometimes try for financing outside of Ford Credit. I prefer to apply online with Ford Credit. Nonetheless, my dealership wants their application filled out, and promises me not to pull credit again.

If I apply thru Ford.com - does the dealer have to do another massive 3 bureau pull again when you purchase / lease it ??

Can the dealer not pull if they can connect to FMC ?

 

[hybrid2bev]

If I apply thru Ford.com - does the dealer have to do another massive 3 bureau pull again when you purchase / lease it ??

Can the dealer not pull if they can connect to FMC ?

Even if you apply online the dealer will probably pull your credit too. They have due diligence reasons to validate your identity.

Once you are ready to actually finance the dealer 99% of the time will enter a new application for you. They almost never re-use any online application that was customer entered.

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