MyFico shows my Exquifax at 689 - Dealer tells me 655

[Anonymous]

Can anyone explain to me why MyFico here would show a score of 689 and the dealer shows 655.  I have never had a late car payment in my life.

Any quick answers would be helpful - im trying to put a deal togethor

Thanks,

[Anonymous]

Do you have a car loan still on your credit report? If your last car loan is no longer on your report it could drive your score down a bit. Did he tell you he pulled your EQ score or could he have pulled your TU or EX?

[Anonymous]

Thanks for the response.

He said it was an EQ score.  I do have a current lease with Chrysler with zero late payments.  The only thing that could be screwing it up is that my previous chrysler lease does not show up on my credit report - its been a fiasco trying to get them to report it.

Thanks,

[MattH]

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@Anonymous wrote:

Can anyone explain to me why MyFico here would show a score of 689 and the dealer shows 655.  I have never had a late car payment in my life.

Any quick answers would be helpful - im trying to put a deal togethor

Thanks,

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You have multiple FICO scores.  First, at the myfico.com website you can purchase three scores, each from one of the three credit reporting agencies.  These are "classic" FICO scores, which most mortgage lenders use.  However, many automotive lenders use "auto enhanced" scores which usually come out somewhat different.

[Anonymous]

MattH has the correct answer. There are different FICO scores depending on the lending area. The auto enhanced and credit card enhanced FICO scores we can't buy anywhere. Although I heard rumors WAMU used to provide its customers with the PFICO scores (credit card scores).

[Anonymous]

Yes but if you have never had a late auto payment your auto-enhanced score should be higher (assuming you have ever had an auto loan). I think that is what makes this case interesting.

[fishbjc]

That is SUCH BS.  Since these scores are *grading us*...we should have access to them along with the *forumulas*. 

[Anonymous]

As frustrating as it is, it is a proprietary formula and having it exposed would cetainly ruin FI's business model. Just think about how far we have come in understanding scores. Once you have been in a bucket awhile and read this board you should usually understand what will happen to your score within 10 points or so. Much better than the average Joe for sure.

The lesson is to go in with a copy of your real FICO scores so you can ambush the dealer if you need to and he seems to be lying.

[fishbjc]

I'm kicking this up again because I've ran into a report that says ALWAYS ASK TO SEE A COPY OF THE SCORES THE DEALER PULLS......if they do NOT allow it...Walk and Walk Fast out the Door.

[Anonymous]

Don't walk RUN! If they want your business bad enough and with the current auto sales I'm sure they will bend over backwards to please you and get your business! Don't let them leave you in the back room for more than 10 minutes.... be prepared to walk out the door! I would also call the finance co that has your lease and tell them they should be reporting your lease properly because it does effect your scores, if you have to pressure them with the BBB....if they won't call then call the CRA yourself with the information Date of lease, balance & payment.