hi everyone, this is my first post, and I would like to say thanks for the wealth of info! I am looking into trading in my old car (with negative equity) for another, cheaper car with lower payments. The dealership just told me that my fico score will be different if it is for an auto, mortgage or cc.....that doesn't sound right to me if I've been reading here correctly.....isn't a fico score a fico score, no matter what? They are pulling equifax, and my score as of last month is 592. (it should be a little higher, as I currently have items in dispute). I want to have all my ducks in a row when I go in tomorrow--I can keep the current car if I have to. thanks in advance!
I'm not trying to scare you but that dealer is probably drooling right now. If you are a female I would take someone with me becasue he has already lied to you about the FICO (beacon score) being different.
It is called auto enhanced score. It is a service provided by the bureau's when the dealer pulls credit. There are different versions based on the yr the dealer has updated to. One dealer may be using a 98 version while another dealer may have updated to an 02 version. The different versions will also show a different score. The lenders will usually pull their own bureau anyway unless your scores are high enough. Some lenders will allow the dealer to submit that bureau with the funding package. Hope this clarifies your question.
try getting a saturn, they are dying to get rid of them right now, at 0% interest..I was approved..and my credit still aint peachy. also, some places will also use their own scoring model that some dude in the back room invented..you never can tell with auto dealerships. they will sometimes do a pre-approval based on an in-house scoring system, then when it gets to the lender for the real-deal, the lender may have a totally different system (which could be good, or bad for you)
would it help me if I took in a copy of my credit report and fico score? Or would that just be a waste of $12?
Probably a waste. Most likely the finance manager will not be familiar with the format of the bureau you are provided. They will need to run credit anyway if you want to go through them for financing. The only benefit I could see that having is if you are concerned with inquiries, you can review your bureau with the finance manager & let him know what you are trying to accomplish. Do not fill out a credit app at the dealer if you do not want them to run credit.
When I bought my car the salesman showed me my report with the beacon score in mid-400's. It looked like a regular report to me. He even explained the FICO scoring model to me. This was a large reputable dealership. I would run from any dealer that uses a 'in-store' scoring method to justify what will undoubtedly be a ridiculously high car note.
One of the easiest loans to procure is an auto loan. Especially with dealerships that do their own in-house financing (mom and pops). You can qualify for almost "any" car if you have a very "large" down payment - regardless of your credit score or history. (And If you're willing to pay a very high interest rate) Shop around.
