Friday I went to the local Golden One to ask which cra they used as I want to get an auto loan. The Golden One manager stated that they use a system called "BK" and did not use the traditional Exp, EQ or TU. Obviously, I'm bummed as I have no idea what my "BK" score is. Does anyone know anything about a "BK" score?
That's exactly what it is. I have no way of knowing what my chance may be in getting an approval (or not). Any thoughts?
This is the exact reason FICO is a huge joke. The OC will reduce your score a bit further to charge a higher interest rate. Let us know what your "bk" score is. Good luck Dolly. .
i have no idea...and they usually won't tell you what your "score" is, what their cutoffs or thresholds are, rates in each tier, etc...it never hurts to ask them (if your not approved) what you can do to improve your "score". i know some factors are inquiries, length at job/residence, debt ratio, as well as credit history. i always get customers who have a 700+ FICO but i have to give them this horrid rate because of the internal scorecard.
ADD TU F.A.C.O. AND DIVIDE BY EXPERIAN F.A.C.O. ADD WK AND MULTIPLY BY YOUR STREET NUMBER AND ADD A MARBLE OR TWO...DIVIDE BY F.I.C.O. AND YOU GET BK SCORE
Thanks for the response everyone. I think I'm going to pass on the credit union since I recently lost my job (tho' I have some other income coming in).
I´ve seen a report Golden1 pulled on me a long time ago. They pulled one of the big three CRAs, but instead of a FICO score it had a BK score on it. It is just another point scoring system with a different range than FICO.
It may be a risk score instead of a credit score. When I went to the credit union for my car loan, the loan officer mentioned that my score was in the 300s. When I said it can't be that low, she said that it's a risk score and that lower scores were better. It means you're less of a risk. They pulled the report from one of the big 3, I don't remember which right now. I don't know if this is one of the scores that the CRAs sell or if the credit union takes the data and rescores it. I got the impression that the score came from the CRA.
