The other day, I refinanced my car through a credit union (thank goodness for CU's!). My APR went from 14.99% with Transouth to 8%. It could have been even lower, but I didn't have much equity in my car.... ANYWAY, the day I signed my paperwork, I pulled my score power report and it said 647. The SAME day the CU pulled my FICO and they said it was 627. A 20 point difference....have to wonder how accurate score power really is... I thought my score was a lot better than it really was...just food for thought! Flagirl
WOuld it make any difference in your interest rate? ScorePower is the FICO number... we've seen numerous people prove that.... Maybe your credit union has a custom version. If they don't and it would help your interest rate, I would ask for a reduction.
This just goes to show that I may be right. I don't think that any company is selling actual FICO scores, even myfico.com.
From what I heard, the score is 'varied' on the type of loan...auto, mortgage, etc. I think this may explain the slight score differences we get. If that is true, they would have taken your FICO score, then parsed it with the auto algorithm... plus/minus points for equity, money down, length of loan, etc. I really think this is true, when I pulled my FICO the same day as my mortgage broker, we got two diffferent numbers...HOWEVER...my report had slightly different info AND theirs clearly stated REAL ESTATE on it. That would make sense if you had little equity in the car...the loan would be scored slightly less. Just what I heard.....( mrtg broker was source) Shawn
