Twisted Credit Scores from Chase

[Anonymous]

So yesterday after years of rebuilding my credit (dumb teen years) and hard work i went and purchased a used car yesterday. This car also happens to be my dream car. But what gets me is the interest rate i was given. Now i have the score monitor and i also purchased the Transunion score and report before i did this. My Transunion is 686 and i just got an update from Equifax that my score is now 666 with them....yet i was told by the dealer yesterday when the ran everything that my scores were a 481 and 502. I flat out told the guy this was a lie and i showed him right there both of my credit scores. Is there something wrong with this picture here. Now even still my Experian is a 600 but im confused on how they came up with those numbers. Is there anything i can do about this? Im from IN so i dont know if there are any laws about this but i feel im being taken advantage of. Now i do have some minor collections...3 total...all total 534.....but the interest rate on this thing is insane but i still got the car. So anyone have any advice??

[llecs]

Where did you pull your TransUnion score from? I ask because there are only two places in the world you can buy your TU FICO and that's via myFICO or from your lender. Other sites like transunion.com sell scores but they aren't FICO scores and lenders don't use them. Aside from myFICO.com or your lender, there are a select few banks and CUs out there that can provide your TU FICO as a benefit (e.g. your Wal-Mart CC or Partners First).

Aside from your TU FICO, the same question can be raised for your Equifax FICO. If the update for 666 came from myFICO, then I'd guess that would be ScoreWatch. If that's the case, then that's your EQ FICO and used by many lender. If the EQ alert wasn't from ScoreWatch, then the EQ score you have will not be a FICO score. The only product that offers an EQ FICO alert is ScoreWatch. Other products out there offer EQ scores and alerts, but they aren't FICO-related and lenders don't use those scores. 

Also, if your lender ran your credit (as opposed to applying at a bank or CU), then they also probably pulled an auto-enhanced FICO. The scores from here are Classic FICOs. However, that's an awefully big difference in scores. I suspect the first scores you pulled aren't FICOs.

I'd walk away from the deal if you didn't sign anything yet. If you accepted the high rate, then pay extra on the loan to cut back on that interest cost, focus on repair, and maybe refi at a later date.

[Anonymous]

Every score and report i buy is ALWAYS off of myfico.com. I never trust anyone else on it. And yes it is from scorewatch. In the state of IN u have 3 days to return the car and void the deal. So my question is, should i speak to a credit union and bring in both of my recent scores and reports from myfico?

[llecs]

I'd do that, absolutely. While another bank or CU will pull your credit again, the process will go smoother.

[MiJayhawk]

Same exact thing happened to me. I don't understand it either!

[Anonymous]

I know this is your dream car and you should be absolutely rewarded for the job you have done improving your scores, but you are clearly uncomfortable with the difference in scores and how the deal went. If you feel you deserved better, return the car while you have the chance and look at alternative financing before stepping onto the car lot again. You should always have your own financing established prior to car shopping in case a situation like this happens. See what other banks are willing to give you. See if they are pulling the same score.

[MyCreditSucksTheMost]

I agree with everything said, return the car, and if they are unwilling to work with you than go elsewhere.

I just recently got my first auto loan and went through a similar fiasco, after bringing to light my true fico scores and telling them we had no deal, they than "fixed" their mistake and lowered the APR by 3.5%.