Recently pulled scores show higher than expected?

[starting_over30]

I just recently pulled my 3 scores and noticed all are higher than what I was told when I recently applied for credit to buy a car. If I am correct I believe all 3 dealerships said the reports were coming from Experian showing about a 500 rating. However, my 3 numbers are:

TransUnion - 560

Equifax - 570

Experian - 551

I bought a car late last month so that wasn't long ago at all and I'm a little confused as to why it's showing higher than what I was told from 3 different dealerships, (Honda, Toyota, and Chevrolet) All 3 were saying it was right around 500.

[John060675]

It sounds as if they used an auto enhanced FICO score, which we (as consumers) cannot access.  I have read several times that auto dealers sometimes get both scores (FICO and auto enhanced FICO) and use the lower ones to get the consumer to pay at a higher interest rate.  Not 100% sure if this was the case in your situation, but it might be.  I would call them back and ask which score they used.

[starting_over30]

I was thinking that too, but my score was so bad that nobody would take me.  In the end I was financed in house from a dealership directly instead of using an outside bank.  It really wouldn't have been in their interest to do so this way.  Anyway that sounds like maybe that's exactly what they did. 

So does that mean that their score is more accurate than the scores I just pulled?

[MarineVietVet]

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@starting_over30 wrote:

I just recently pulled my 3 scores and noticed all are higher than what I was told when I recently applied for credit to buy a car. If I am correct I believe all 3 dealerships said the reports were coming from Experian showing about a 500 rating. However, my 3 numbers are:

TransUnion - 560

Equifax - 570

Experian - 551

I bought a car late last month so that wasn't long ago at all and I'm a little confused as to why it's showing higher than what I was told from 3 different dealerships, (Honda, Toyota, and Chevrolet) All 3 were saying it was right around 500.

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It sounds like none of these are FICO scores. If you got them from any kind of 3 in 1 monitoring service then they are most certainly not FICO scores.

One thing I will ask is where did you get your scores? No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

At one time you could also purchase your Transunion score at transunioncs.com but that site seems to have stopped doing that. Equifax will still sell you a FICO score but you have to look very hard to find it. You can get to it here: www.equifax.com/web-myfico-products/

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[John060675]

No, they are two separate things.  The FICO score, from my understanding, is used for everything else (homes, personal loans, etc.).  The auto enhanced FICO loan is just used for auto loans.  This score puts more weight on your previous auto loans.

I would guess that you had a missed payment or two on an old auto loan, which knocked your auto enhanced FICO score down.

[starting_over30]

TransUnion and Equifax were purchased through this site.  Experian was purchased directly.

Unfortunately I don't "just" have a missed auto payment.....more like defaulted auto loan that is still outstanding.  There are a few other negatives, (some that are incorrect and I'm disputing), but that auto loan default is the big kahuna killing me right now.  I do plan on paying this debt off, but I was wondering how much that would make a difference on my credit scores?  Currently it's a charged off debt of about 6k and have been told in the past from the lender they would accept about half that for a settlement.  I know it'd still be a negative, but I'd imagine a much less harmful negative if it at least shows being paid.

[MarineVietVet]

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@starting_over30 wrote:

TransUnion and Equifax were purchased through this site.  Experian was purchased directly.

Unfortunately I don't "just" have a missed auto payment.....more like defaulted auto loan that is still outstanding.  There are a few other negatives, (some that are incorrect and I'm disputing), but that auto loan default is the big kahuna killing me right now.  I do plan on paying this debt off, but I was wondering how much that would make a difference on my credit scores?  Currently it's a charged off debt of about 6k and have been told in the past from the lender they would accept about half that for a settlement.  I know it'd still be a negative, but I'd imagine a much less harmful negative if it at least shows being paid.

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At least you know the TU and EQ scoes are FICO's. What you buy directly from EX is called a "Plus" score and is useless for knowing what your true EX FICO is. On their website EX admits that the Plus score is not sold to lenders.The fact that it is close to your FICO scores is just coincidence.

It sounds like an auto enhanced score was pulled and with your bad history with car payments it was weighted more heavily than your normal FICO scores.

Here is a good thread talking about FICO Auto Enhanced Scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".