Credit Score
I hope someone can help me to understand this.
I recenlty did a little credit repair myself and had several negative items removed from my credit report.
I received an updated copy of my credit report from Trans Union and my FICO credit score was 620.
When I went to apply for a car loan they pulled a score of 540.
Are there different scoring systems and if so which one do lenders use when your applying for a mortgage. I want to get a loan for a rehabb.
Yhagood
You need to pull all 3 bureaus seperate, Equifax, Experian, Transunion. Then you will see that each one has different things on them. Different lenders use different bureau's so ask which ones they use and if they can use the recent one you just pulled so as not to bring up an inquiry on your report.
Dispute the same things you disputed on the one and get them all the same.
Christian "The Solutions Kid" Beebe
[addsig]
Most lenders use a "Tri-Merge" score, that is the average of all three (Experian, Trans, Equifax) combined.
As SolutionsKid said you have to update all three separately.
Also when getting a car loan, they are more likely to just get a report from one of the bureaus rather than all three. In your case, it may not have been transunion that they used.[ Edited by Optimum on Date 11/14/2003 ]
The car dealership pulled a trans union credit report with a score of 540. However, when I ordered a copy of my trans union credit report they sent me a score of 620.
yhagood, i had that happen before - albeit with lower scores on both ... hahaha. BUT, the dealer i went to, had a db (i assume) of old data and it wasn't updated sometimes for months. so they pulled a report from old data so they didn't have to pay the $8.
check your report for a query from them around the date they checked and you'll be able to tell when the report was pulled (if ever). then show them your report or have them actually pay for it.
A couple of notes: some dealers use an "auto-enhanced" score, which weights auto loans more heavily. If your auto loans were better than your general credit, your score would be higher, and vice versa.
Also, dealers are notorious for telling you a lower score than you actually have. It's good you had your own score so you didn't buy their BS. See www.carbuyingtips.com for the full panoply of dealer Jedi mind tricks.
Yes auto dealers and for that fact people that sell mobile homes use whats called a beacon 96 score which usually pulls 20-30 points lower than the norm