What Credit Bureau Does Ford Credit Use?

bprince

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I notice there is nothing about credit on this forum. While I'm not personally concerned with my FICO or credit score(s), I think it'd be beneficial to have a credit thread started.

Does anyone have insight on which credit bureau Ford credit uses?
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jhalkias

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I have no idea . . . but I think part of their scoring also relates to if you have or have had accounts with Ford Credit in the past and how you have paid on those accounts. After I placed my order I got an email from them with my approval which would essentially let me buy TWO Mach E's with the limit they gave me. I have been a Ford Credit customer (all my cars have been Fords) since I got married 34 years ago. Lots of cars and leases in that timeframe, all paid on time.
 

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I notice there is nothing about credit on this webpage. While I'm not personally concerned with my FICO or credit score(s), I think it'd be beneficial to have a credit thread started.

Does anyone have insight on which credit bureau Ford credit uses?
That's an incredibly timely question for reasons I can't go into. But Experian or TransUnion are the primary bureaus that will be pulled most often, but we have access to all 3. But pretty much all 3 of the major bureaus have the same tradeline data on you. We really only notice a difference with some of the smaller regional credit unions that don't report their data to all 3 bureaus. So multiple bureaus have to pulled in some cases to get a complete credit profile.

But remember the FICO score you see will most likely be different than the one Ford Credit sees because there are different Fair Issacs models that generate FICO scores. For instance, there are FICO models specifically for credit cards or mortgage lenders or auto lenders, they all will generate a different FICO score using the same tradeline data. So the 'free' FICO score you see probably has not been run through the auto lender version that we use of the FICO models.
 

jhalkias

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How do those models differ, or what do they emphasize?
 

hybrid2bev

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How do those models differ, or what do they emphasize?
To be honest FICO has proprietary algorithms that are kind of a’black box’. Data goes in, magic happens behind the scenes, FICO score comes out. Fair Issac does not share their secret sauce. The models are supposed to be more predictive for the industry they target. Auto, mortgage or credit cards each has targeted models.

I will give this piece of advice. To get your Ford application to score better... make sure to be on time when paying your utilities, cell phones bills and don’t get collections or judgements. These can be just as important as a good history on an auto loan or mortgage.

At the end of the day, as a former credit analyst that approved car loans, we analysts cared most about how you pay your auto loan payments. If you pay your autos perfectly then we can overlook some other delinquencies.

Models explained:
https://www.valuepenguin.com/fico-models-explained
 


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bprince

bprince

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zhackwyatt

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To be honest FICO has proprietary algorithms that are kind of a’black box’. Data goes in, magic happens behind the scenes, FICO score comes out. Fair Issac does not share their secret sauce. The models are supposed to be more predictive for the industry they target. Auto, mortgage or credit cards each has targeted models.

I will give this piece of advice. To get your Ford application to score better... make sure to be on time when paying your utilities, cell phones bills and don’t get collections or judgements. These can be just as important as a good history on an auto loan or mortgage.

At the end of the day, as a former credit analyst that approved car loans, we analysts cared most about how you pay your auto loan payments. If you pay your autos perfectly then we can overlook some other delinquencies.

Models explained:
https://www.valuepenguin.com/fico-models-explained
Good to know. I'm a little nervous because I just went through a refinance which lowered my average length of credit which drops my credit until it slowly climbs back up.

Also, as usual, sounds like I need to unfreeze with all three bureaus.
 

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I bought my Select back in November and I have all of my Credit Locked, I only had to unlock Transunion and then it was approved. I didn't even have to unlock any others. I was told by my F&I Guy they usually look at Transunion first and if there is any question they will go from there? No clue if that is true only that the only one of mine they accessed was Transunion.

To be clear this was using Ford for Options.
 

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To be honest FICO has proprietary algorithms that are kind of a’black box’. Data goes in, magic happens behind the scenes, FICO score comes out. Fair Issac does not share their secret sauce. The models are supposed to be more predictive for the industry they target. Auto, mortgage or credit cards each has targeted models.

I will give this piece of advice. To get your Ford application to score better... make sure to be on time when paying your utilities, cell phones bills and don’t get collections or judgements. These can be just as important as a good history on an auto loan or mortgage.

At the end of the day, as a former credit analyst that approved car loans, we analysts cared most about how you pay your auto loan payments. If you pay your autos perfectly then we can overlook some other delinquencies.

Models explained:
https://www.valuepenguin.com/fico-models-explained
I was not an analyst for Ford (always wanted to be), but I can second this. I looked at how do you pay your car and your house. If you paid those well, I would look for a way to put it together.
 

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Being older, we have no installment loans. We paid off the house (been there 28 years) and paid cash for the cars then drive them into the ground. We pay off the CCs each month. We have excellent credit but always get the message that we are dinged for lack of installment debt. How important is lack of installment loans in such a case?
 

RickMachE

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Good to know. I'm a little nervous because I just went through a refinance which lowered my average length of credit which drops my credit until it slowly climbs back up.

Also, as usual, sounds like I need to unfreeze with all three bureaus.
I always do a 1 day temporary lift of the freeze at all 3 with everything. It takes about 5 minutes to do all 3 online.
 

RickMachE

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Being older, we have no installment loans. We paid off the house (been there 28 years) and paid cash for the cars then drive them into the ground. We pay off the CCs each month. We have excellent credit but always get the message that we are dinged for lack of installment debt. How important is lack of installment loans in such a case?
If your credit score is over 800, you'll get approved. Ford doesn't spend a lot of time looking at much else. We have the Mach-E and just got an email saying we're pre-approved for another $110k, which would be absurd.
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