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angel78 · Posted: Tue Mar 06, 2007 10:13 am Subject: Different credit scores

Why is it that when my husband and I applied for a car loan, his credit score came up 120pts. less than what it is reported as. I just checked it before we went car shopping, and the dealer said that car financing checks a different set of numbers than say a credit card or mortgage company would. I knew they used Transunion, and that is what I checked before we left, and I also watched him check Transunion on his computer screen. Can someone shed some light on this for me??????

Posted: Tue Mar 06, 2007 10:22 am Subject:

There are different scoring models out in the finance world now. The auto dealers have a model,mortgage companies use fico and their own version of modeling,and the one you saw online is different. Now a question back,that score you seen online who provided it.Your true fico scores are available at myfico.com.These are the ones I go with to check myself out. I usually only pull them about once a year or before mortgage shopping.

Posted: Tue Mar 06, 2007 12:15 pm Subject:

Is there anyway you can ask your car company to review your credit report manually. They might have rejected your credit potential because of the automated scoring model. If you have something really good in your credit, show it to the company and shop for their best deals.

angel78 · Posted: Wed Mar 07, 2007 7:46 am Subject:

I should have been prepared an brought along my most recent copy, but this totally discouraged my husband since he knew that I had been working so hard to remove items (thanks to this website). We had wonderful results too. All three reports have been returned to us, items either deleted or updated, and we were very pleased with the outcome. They didnt deny us, they did tell us we'd have like an 18% interest rate, and instead of keeping our car, we'd have to trade it in so we didnt have 3 pymts, even though, and he told us this, that if our score was what I said it was, then we could just put a couple thousand down and keep our car. Thank you all for your help and insight. Not just with this problem, but with all the questions I have asked previously.

Posted: Wed Mar 07, 2007 10:31 am Subject:

Great! Everything seems to be ok for you now. Monitor your credit copy thoroughly and see if any incorrect item gets reported there. It might be hurting for your scores. I am happy that you got through with your loan company.

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