Credit Union getting different credit score?

Question

I am looking to get a car loan from my credit union. The strange thing was that the credit union got higher scores than when I pulled my own credit report from both Equifax and Experian. I pulled my report the day after the credit union did. Was wondering if the credit union uses a different type of "score" when pulling for a car loan.

Thanks in advance.

LC

Answer 1

There are 3 main credit reporting bureaus. Maybe they used the one you didn't get your report from.

Answer 2

Why did you sign that loan first of all? don't get pissed on the credit Union, get pissed at your self for no longer doing all your homework. no one compelled you into accepting those words. With a 725 credit and as long as you have a low debt to earnings ratio and you would be able to coach valid earnings you ought to have qualified for a fee of around 4%. yet right this is the difficulty with attempting to refi a used automobile. you likely have not got any fairness in the automobile. you purely offered it. you likely owe the economic employer extra effective than the automobile is definitely worth using fact the depreciation outpaces the loan payoff, surprisingly a intense pastime loan payoff. So without fairness a refi is going to be next to impossible, Plus whether you decreased your pastime fee via 6% your charge is only happening $25 a month. that's no longer sufficient to circulate during the fee and the complication of the refi. Do your study, seem for a extra useful fee and if somebody provide you with a low fee this is sensible take them up on their furnish. yet refinancing a automobile loan isn't an undemanding job.

Answer 3

Actually there is a difference. When lenders pull credit for a auto loan they use whats called an "Auto enhanced" bureau. This will sometimes have a higher score due to how many auto loans you have had in the past and how you have paid them.

Answer 4

What was the difference in the credit score? When any business runs a credit check on a person, the credit score of that person is docked by a couple of points. The only exception to this, is when the person is looking for a mortgage, where several mortgage companies are looking at you credit. The credit companies know that you are only going to finance one house, and only doc the credit score as one business was checking.