What's the difference between the credit score that car dealers get and my FICO score?

[boyRacer]

My FICO, just Equifax, is 710. When the car dealer ran my credit, I scored 669 supposedly because I have never financed a car before.

Anyway, does anybody know what the criteria is for their score and what it's called? Or is it just the average of the three credit bureaus?

 

[BigJ]

They get the actual credit score, which is a combination between the 3 agencies.

 

[NutBucket]

Different agency IMHO.

 

[venk]

Car Dealers will tell you that you recieved a lower score than you actually have to jack up your intrest rate and pocket more cash. Never finance a car unless you have all three major reports on hand.

 

[NutBucket]

Originally posted by: venk
Car Dealers will tell you that you recieved a lower score than you actually have to jack up your intrest rate and pocket more cash. Never finance a car unless you have all three major reports on hand.

Or you have a rate locked in that they have to beat. The dealer I bought from actually secured me a loan through a local credit union.

 

[boyRacer]

Well my dad supposedly scored an 852 I don't know how that's possible if they got it from the 3 credit agencies.

He "qualified" for an interest rate of 6.89% while mine was 7.89%. His credit union is currently offering 5.5%.

 

[BigJ]

Originally posted by: bR
Well my dad supposedly scored an 852 I don't know how that's possible if they got it from the 3 credit agencies.

He "qualified" for an interest rate of 6.89% while mine was 7.89%. His credit union is currently offering 5.5%.

In the US, an 852 is an impossible score from any credit reporting agency.

They must use their own scale then.

 

[NutBucket]

Originally posted by: bR
Well my dad supposedly scored an 852 I don't know how that's possible if they got it from the 3 credit agencies.

He "qualified" for an interest rate of 6.89% while mine was 7.89%. His credit union is currently offering 5.5%.

When you talk numbers tell them that you can get that rate. Either the dealer will beat it or tell you they can't. You've got nothing to lose.

 

[boyRacer]

Originally posted by: NutBucket

Originally posted by: bR
Well my dad supposedly scored an 852 I don't know how that's possible if they got it from the 3 credit agencies.

He "qualified" for an interest rate of 6.89% while mine was 7.89%. His credit union is currently offering 5.5%.

When you talk numbers tell them that you can get that rate. Either the dealer will beat it or tell you they can't. You've got nothing to lose.

Well they already said they can't match that rate but the original plan was my dad just drives me there and I drive whatever car I buy home.

I'm still looking though... I was just wondering why there's quite a gap between my FICO and their score.

 

[Bryophyte]

Different agency, each of the 3 will give you a slightly different score.

 

[FP]

Originally posted by: bR

Originally posted by: NutBucket

Originally posted by: bR
Well my dad supposedly scored an 852 I don't know how that's possible if they got it from the 3 credit agencies.

He "qualified" for an interest rate of 6.89% while mine was 7.89%. His credit union is currently offering 5.5%.

When you talk numbers tell them that you can get that rate. Either the dealer will beat it or tell you they can't. You've got nothing to lose.

Well they already said they can't match that rate but the original plan was my dad just drives me there and I drive whatever car I buy home.

I'm still looking though... I was just wondering why there's quite a gap between my FICO and their score.

I assume you mean you would get your dad to secure the loan?

If so, that may lower your payments but you won't build up any credit history. That can hurt you in the future.

Just go with the credit union under your own name.

 

[Bryophyte]

How long ago did you pull your Equifax number?

 

[boyRacer]

Originally posted by: binister

Originally posted by: bR

Originally posted by: NutBucket

Originally posted by: bR
Well my dad supposedly scored an 852 I don't know how that's possible if they got it from the 3 credit agencies.

He "qualified" for an interest rate of 6.89% while mine was 7.89%. His credit union is currently offering 5.5%.

When you talk numbers tell them that you can get that rate. Either the dealer will beat it or tell you they can't. You've got nothing to lose.

Well they already said they can't match that rate but the original plan was my dad just drives me there and I drive whatever car I buy home.

I'm still looking though... I was just wondering why there's quite a gap between my FICO and their score.

I assume you mean you would get your dad to secure the loan?

If so, that may lower your payments but you won't build up any credit history. That can hurt you in the future.

Just go with the credit union under your own name.

I would have been the co-buyer if we were to go ahead with it.

 

[boyRacer]

Originally posted by: Bryophyte
How long ago did you pull your Equifax number?

A little more than 2 weeks ago.

 

[QED]

Like others have said, it's probably a different agency.

There are 3 big ones: Experian, Equifax, and TransUnion.

Each of the 3 will probably have different information on you, leading to different possible scores.

Another factor is that sometimes an auto loan broker (which essentially is what the finance manager at a car dealership is) uses a slightly modified FICO score which is geared towards prediciting payment behavior for auto loans.

 

[NutBucket]

Originally posted by: bR

Originally posted by: NutBucket

Originally posted by: bR
Well my dad supposedly scored an 852 I don't know how that's possible if they got it from the 3 credit agencies.

He "qualified" for an interest rate of 6.89% while mine was 7.89%. His credit union is currently offering 5.5%.

When you talk numbers tell them that you can get that rate. Either the dealer will beat it or tell you they can't. You've got nothing to lose.

Well they already said they can't match that rate but the original plan was my dad just drives me there and I drive whatever car I buy home.

I'm still looking though... I was just wondering why there's quite a gap between my FICO and their score.

Just curious but what dealer is this?