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Scoring system? Confused

Regular Contributor

Scoring system? Confused

Ok so I got an Auto loan Feb of 2008 I went through Credit Acceptance Corp with 18% rate and I've never been late and currently my fico score is 570.

I've got several cc cards and they all are paid on time never late etc..etc.. so I would think 570 is not the time to go shopping for a car...


My wife went car shopping and they pulled my scores and said I had good credit? WTF what are they talking about how the heck is 570 good? They told me to go through a local bank instead of the bad financing etc..etc.. They tried two local banks and they came back and said they would do the deal if I traded in my car currently have to prevent a high debt to income ratio...but really my DTI ratio is very low I make a lot of money and just paid off this week all cc cards so I have no debt at all but basic rent and current auto loan payment ?


My question is how is there scoring showing so great when I've had a auto repo in the past in 2002 that is still on my report?

Message Edited by aot2002 on 01-28-2010 02:35 PM
Message 1 of 6
Valued Contributor

Re: Scoring system? Confused

I think where the disconnect is is probably in their definition of "great."  A salesperson will say what they need to so they can make a sale.  So, your score may be just good enough to get some kind of financing, and they define that as great because they think it will be enough to seal the deal.  What rate did they get you from this local bank?  That's your real indication of what the bank thinks of your credit profile.


Also, where did you get your score from?  If it wasn't from this site, you are dealing with a FAKO and your actual FICO score may be very different.

Message 2 of 6
Regular Contributor

Re: Scoring system? Confused

Your right he was saying anything.... They were asking for income taxs etc..etc.. these dealerships are a bunch of scam artists.

I signed up here on the site and got my real FICO score 610 

Message 3 of 6
Established Member

Re: Scoring system? Confused

Also, if your repo was in 2002, it may have fallen off your credit report by now.  Smiley Happy

Message 4 of 6
Regular Contributor

Re: Scoring system? Confused

I went today to General Motors and they use GMAC but I'll know Monday if I qualify.
Message 5 of 6
Regular Contributor

Re: Scoring system? Confused

ok I got approved but not through any bank only through their in house financing etc.. I took the loan it was a good deal for me, now they asked me if I wanted to have it report to the credit buearu's every month or not?


should I do this ? 


Message 6 of 6