Auto Loan through credit union (local) - model used?

[Anonymous]

So ... a question ...

I've prequalified for a loan through my local credit union.  They prequalified me on a prior pull.  However, my FICO 8 Equifax score jumped 22 points since then.  So, I inquired what model they were using, so that I could get a reasonably good feel for whether or not the jump might yield a better rate...

I asked the question, just that simply - to be told that it was the "Equifax Beacon" score.... to which I replied, can you elaborate - are you using the auto enhanced model or the FICO 8 model... to which I got a reply that 'your credit rating is what is provided by the credit bureau' ... clearly, I'm getting no where here.  And, obviously, I doubt anyone here knows what my local credit union is using ... but, was thinking maybe you guys may have experienced similar....

And, just a bit more information - I recently joined this credit union.  They did a pull of my FICO report then (they are still using this pull, as I've gotten no new alerts on my credit file of subsequent pulls).

Has anyone been told that they use the "Equifax Beacon" score - and if so, what model did it end up being??

And, interestingly enough, right now my CapOne prequal is better than the CU - go figure... 

[Anonymous]

So I got an update - she said they use Beacon 9... what is this equivalent to??  MyFico doesn't show a Beacon 9... Thanks!

[Anonymous]

I don't know if your CU will rate match someone else's rate.  I was able to get mine to come down from 2.49 to 1.99 just by showing them the prequal from PNC check ready program.  YMMV but it is at least worth asking all they can do is say no.  Hope this helps.

[Anonymous]

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@Anonymous wrote:

I don't know if your CU will rate match someone else's rate.  I was able to get mine to come down from 2.49 to 1.99 just by showing them the prequal from PNC check ready program.  YMMV but it is at least worth asking all they can do is say no.  Hope this helps.

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Thanks, I will keep that in mind

[Anonymous]

I was honest with my banker and told her I had a better rate from another bank but would really like to keep my money local and help to grow our community and she said she would have to take it to the board.  It took them about two hours to make a decision.  All In all for my first ever loan and car buying experience it was pretty painless and smooth.

[RonM21]

Glad it worked out. I was slightly surprised when you said that Cap1 had a better rate.

[Anonymous]

CapOne refi blew my local CU out of the water, i shaved about $90 a month of my loan paymet by refi in 2014. I called CU and gave them a chance to match but they said nope so I said Bye Felicia