Difference from myfico.com score and applying for auto loan at credit union

[Anonymous]

I have been a customer of myfico.com for about a year. i have seen my credit score raise dramatically and was really happy when it jumped from 474 to 688 in a year. Talk about exciting. So i figured i would finally try for a auto loan since my credit got cleaned up and i have been patienly waiting for it to be high enough for a lower interest score. Come to be suprised at receiving a yes but wtih 30% down  due to low credit score at 633!!!! How can my credit here say 688 and ran at my credit union come up at 633. Now im afraid my score is going to go down due to a hard hit to my credit. How can i get my TRUE credit score that way i will know when i am eligiable to run it again and not have to worry about it being too low?? They told me the lowest my score can be is 640 for only 10% down which im not far off but afraid to run it too soon and still be declined. Is there one true score that is picked up everywhere that i can find. I though the score here would be the correct one or the one close enough to know where i stand. I guess i was wrong. Does anyone know where i can go or do?

[tbone74]

When you pull them, what are your myFICO TU and EQ scores?  What CRA did the 633 score come from?

[JoeBJay20]

As the PP stated, which report did they pull?  If it was EX, that could be the accurate score.  Go back and find out which report was pulled, then you can decide where to go from there.  Search around for other financing, see what lenders use the report that has your highest score.  The hard pull itself will only have a minor effect on  your score, and all pulls within a 14 or 30 day period associated with getting an auto loan are scored as one hard pull.

It is also possible that your CU requested an auto-enhanced credit score, which places more weight on past auto loan history.  If you were previously late on an auto loan, that would be reflected in the lower score. 

[Anonymous]

The one i pull for the myfico.com is Equifax. I believe the one the cu pulled is from Experian. But knowing that there is that much of a difference between them two is crazy. I am also a first time buyer. So the only things i have on my credit is credit cards.

[JoeBJay20]

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@Anonymous wrote:

The one i pull for the myfico.com is Equifax. I believe the one the cu pulled is from Experian. But knowing that there is that much of a difference between them two is crazy. I am also a first time buyer. So the only things i have on my credit is credit cards.

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That's not crazy at all.  It's not that uncommon to see score differences greater than 100.  Each CRA has its own unique algorithm for calculating your score, so your scores could be different, even if you you had identical information in the reports.  I'm guessing the difference in the score is the result of something negative being in your EX report that is not in your EQ report.  If you carefully go through both reports, you should be able to locate the differences.

[Anonymous]

I agree with JoeBJay20, to add to that, the big three are now using that Advantage scoring system were you can see a difference between 50 to 100 points.  Continue to shop around, 633 with no baddies I'm sure there is a dealership that will get you done for way less than that.  Also your score shouldn't tank that much due to the fact that inquiries only account for a small portion of your score.  Shopping around for a car and visiting 3 or 4 dealerships were they pull your credit or even house shopping where mortgage lenders do the same aren't going to impact you.  It's only frowned upon when you have many many inquiries for different types of credit, it makes it look like to potential lenders that you are desperate for credit.

[stagefoursurvivor]

It is ridiculous!

Myfico Eq dropped from 567 to 501 after getting 3 derogs removed BUT, Eq via USAA CCMP shows 703 and EX is 723 on USAA.

Regardless of FAKO/FICO, it's patently absurd there is this gargantuan discrepancy.

[JoeBJay20]

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@stagefoursurvivor wrote:

It is ridiculous!

Myfico Eq dropped from 567 to 501 after getting 3 derogs removed BUT, Eq via USAA CCMP shows 703 and EX is 723 on USAA.

Regardless of FAKO/FICO, it's patently absurd there is this gargantuan discrepancy.

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You can never directly compare FICO and non-FICO scores, they have completely different scoring algorithms that place different emphasis on different aspects of your credit file, and different scoring ranges. 

As far as your score drop for having derogs removed, did anything else in your report change, like utilization? It's not likely that your score dropped that much from being rebucketed. 

[Anonymous]

Thanks for that. I just know if i wait and get my score up to 640 and above i will be good to go. Now my question is how do i see if i gone up? I mean going up here doesn't really give me hopes that it went up with Experian. Is there somewhere i can go to check my score with them or just wait it out for 6 months, pay on time and hope i go up 7+ points?