08-17-2012 06:26 PM
There are some things that any individual can do before they fill out a credit application. First, find out which credit bureau(s) the lender is going to pull from. Ask them what minimum fico score is needed to get a specific tier rate. For example to get a tier 1 rate or the best interest rate both Toyota Financial Services & Utah Community Credit Union require a minimum score of 720. Others may be a 740 or a 750. Then pull a report through myfico with the exception of Experian which you will not be able to pull. Even if you are not at a tier 1 chances are you can still qualify. Do not use the advantage scores. Upon talking to different lenders this is an issue that is a problem. These are also known as the fako scores.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO