hi, i am considering applying for an auto loan. I have been quite successful at cleaning up my credit reports. My equifax and transunion are looking great, FICO about 735. I have no derogs on those. My experian is not so great with a judgment and one collection account (old). My question is...is there a way to find out which credit reports lenders use? I would like them, of course, to look at my transunion and equifax reports, but definitely not experian. Also, are there some companies that only look at FICO scores? thanks in advance!
If there is a bank that your interested in, sometimes they will let you know which CRA they go through. Like my local credit union told me they went through Equifax. So I knew I was going to get accepted. Becuase I had Equifax credit watch, and knew my score and my credit was crystal clear. Good Luck.
I know this sounds silly, but call them up and ask them. Seriously. I do it all the time, they have no idea who I am. Or if someone wants me to apply for something I ask them 1. Who they get reportintg from and who they report to, 2. What score I will need to qualify. It never hurts to ask, the worst they can say is they won't tell you. Good Luck. Vroom vroom, love that new car smell. And remember, always negoiate the price of the car and agree in writing before discussing financing (with a dealer, if you use your bank or credit union, get pre-approved) You have a lot more leverage that way.
okay its real simple, if you are on the west coast mainly California a majority of the lenders use either experian or equifax (mostly equifax) and on the east caost they use transunion and equifax (mostly transunion). I wouldnt worry to much about getting a good loan with scores like that. I know for a fact that Ford will use equifax to base an initial decison on you. based on your score the computer will automatically put you in a tier. then its just a matter of finding the right car and as long as the dealership structures the deal the right way then you will be approved. that pretty much goes for most banks now days anyway. USAA is a great bank to deal with that only pulls equifax...very rarely will they pull transunion but they will if they need to. Also Navy Federal Credit Union pulls Equifax. My friend did loans for Mellon bank in Philadelphia and they used equifax. And now that they are citizens bank he said they switch between experian and equifax. its up to who ever gets your application, but he said that most of the underwriters and credit analyst there use equifax because its easier to read. Household bank pulls equifax and thats all that i can think of off the top of my head. you can always call the bank and ask. I was surprised to find out how much information some people will give you just from asking. I called Union Bank of California to find out who they pulled and the guy on the phone pretty much gave me the lenders guidelines for approving the loan. anyway I would just call around.
Great, thanks so much for all of your input. Will they pretty much just look at my scores? If this is the case, my score (even though I have the 2 derogs) on experian isn't even that bad...around 700 I think, because the derogs are 6 years old. So, will they just look at my scores, or go through the whole report? As I mentioned, I have recently cleaned up my reports (thank you to this site!!!!) and have one credit card with a very low limit and one secured credit card. If they go my score alone, I should be golden. thanks!
Assuming your derogs are not BK or foreclosure, you should be in great shape after 6 years. I had all my CRs pulled when I got a loan. I had a Ch7 that was less than 2 years old, it took a lot of pulls to get me a decent loan. Don't be surprised if they pull all three. The suggestion given above is a good one - get a loan approved at a decent rate from a credit union or bank before you walk in. Then the dealer has to do BETTER than your terms, and sometimes they can. Either way, you win.
Click here: CREDITNET | Straight Talk | | auto loan My question is...is there a way to find out which credit reports lenders use? oopsy74 ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> >> FIND OUT: Which CRA is pulled? http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=372024#post372024
