i have a credit score of 678 on transunion and 672 on experian. the problem i have is my equifax score is 622. all the information on all 3 reports is identical, but the scores are insanely different.
I read that equifax is most commonly used in auto loans and this is going to be a huge problem for me. how can i get an auto lender to pull my report with transunion or experian and not equifax? or how can i find out which lenders only use transunion or experian?
2006-10-11 13:47:06 · 6 answers · asked by bryan322 2 in Cars & Transportation ➔ Buying & Selling
Don't worry. First when they run your credit they run all three bureaus. Everyone does. If you can get established with a credit union they are your best bet as they will work with you. They will give you the best rate most of the time. But buying a car is easy. The interest rates are low and car dealers can't wait to make a deal. They approve most people. Your credit rating is not low.
They go with the rate in the middle. I know because I do loans.
You can write Equifax and request a letter to explain why they scored you so low when the other two credit bureaus scored closer to the high 600's. I don't think you will have a problem with your loan.
The thing to watch out for is if you own a car now and want to trade it in be careful. If you owe nothing on it then find out what it will sell for. Skip the blue book. Look on Auto Trader.com and maybe Carfax. See what others are selling your car for and make sure it has the same features and milage. Try selling your car on Auto Trader. But make sure you clean it steam clean the engine and detail it out real nice. You will increase the chance of selling it and getting a great price by at least 200-500 dollars. Like Trump says only a looser puts his car on the market dirty.
If you trade a car in you will get half of what you see them selling for. Be patient because the car you want will still be there at the dealer and it will be newer. If you trade a car in you owe payments on, the dealer will tell you he is giving you money for your car. Then he will give you nothing and he will add the payments from the first loan into the second loan. You will be paying for two cars and have nothing for your old car. Never trade your car in always sell it and walk in to the dealer with cash. Know the price of the car and the dealer cost. Don't expect them to give you this information they won't. You can ask but that's like asking them to lie to you. Look it up also look to see if there are dealer incentives on the model you want.
You might find the same car online from a private party only a year old. You can save 5 to 12 thousand dollars this way.
If your Fico scores are good, and they are, unless you are upside down with credit car debt you are fine on your loan.
2006-10-11 14:09:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-09-27 20:59:40 · answer #2 · answered by ? 3 · 0⤊ 0⤋
For Finance and credit solutions I always visit this site where you can find all the solutions. http://your-finance.us/index.html?src=kquzfLZ08
RE :Question about auto loans?
i have a credit score of 678 on transunion and 672 on experian. the problem i have is my equifax score is 622. all the information on all 3 reports is identical, but the scores are insanely different.
I read that equifax is most commonly used in auto loans and this is going to be a huge problem for me. how can i get an auto lender to pull my report with transunion or experian and not equifax? or how can i find out which lenders only use transunion or experian?
Follow 5 answers
2016-09-24 12:57:52 · answer #3 · answered by Buffy 6 · 0⤊ 0⤋
A dealer can use one company to check your credit and the lender can use another. The dealer is simply checking to make sure you are even half-way credit worthy so he doesn't waste his time on you. When your loan app is sent to the lender, the lender's credit check is the one that counts.
A score of 678 or 672 is on the low side of "prime" but the 622 is sub-prime and could be a problem. You should try to find out why Equifax is scoring you so low.
2006-10-11 15:22:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The services vary from lender to lender. One will use one while the next will use a different one. All you can do is print out a copy of all 3 and present it to the lender you're working with.
2006-10-11 13:51:10 · answer #5 · answered by ...mr2fister... 7 · 0⤊ 0⤋
Here you can get rates: http://www.CREDIT-AND-FINANCE.COM
RE:Question about auto loans?
2014-07-27 02:45:43 · answer #6 · answered by Anonymous · 1⤊ 0⤋
all dealers and banks pull different companies...
some pull all 3...and average out your score
2006-10-11 13:49:06 · answer #7 · answered by mommy2savannah51405 6 · 0⤊ 0⤋