Reply
Established Member
tryingforgoals
Posts: 21
Registered: ‎04-23-2013

Wells Fargo Auto Loan

So I applied for a Wells Fargo Auto Loan and got denied. My score on the paper was TransUnion 593 [FICO Risk Score Classic '98], that was on April 17 2013. I checked my TransUnion score on here and it was a 632. That was on April 20, 2013. From my understanding, myFICO uses TU98 as well. Did my score jump that high in 3 days or  is something different here?

Capital One Journey Card(5/2012):$500 Discover It Student Card(4/2013):$500 NewEgg Preferred Account(5/2013):$2000


Starting Score: TU:632(4/20/13) EQ:516 (3/27/13)
Current Score: TU:676(5/20/13) EQ:617(SW Alert 5/9/13)
Goal Score: TU & EQ: 700+


Take the myFICO Fitness Challenge
Valued Contributor
thom02099
Posts: 1,318
Registered: ‎08-30-2011

Re: Wells Fargo Auto Loan


tryingforgoals wrote:

So I applied for a Wells Fargo Auto Loan and got denied. My score on the paper was TransUnion 593 [FICO Risk Score Classic '98], that was on April 17 2013. I checked my TransUnion score on here and it was a 632. That was on April 20, 2013. From my understanding, myFICO uses TU98 as well. Did my score jump that high in 3 days or  is something different here?


In addition to there being different models of TU reports, there are also "enhanced" versions.  The one that was pulled by WF was probably an auto enhanced score, used by many lenders to assess credit history, but weighted more heavily toward any current/past auto loans that a consumer has.  The TU score here is the consumer version of TU98, which is pretty vanilla as far as credit reports go.  No enhancements for auto, mortgage or credit card, which are the most frequently used enhancements. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Wells Fargo Auto Loan

OP, was there a score range? Ditto to the auto-enhanced possibility. A score range can pinpoint the version if enhanced.

 

Did you have a report from the lender? I'd look for differences.

Established Member
tryingforgoals
Posts: 21
Registered: ‎04-23-2013

Re: Wells Fargo Auto Loan

I think the score range was 330-800, it wasn't the 300-850 like on myFICO. Same with Navy Federal, except my Navy Federal and myFICO EQ matched, but the score range wasn't 300-850. I have to double check when I get home.

Capital One Journey Card(5/2012):$500 Discover It Student Card(4/2013):$500 NewEgg Preferred Account(5/2013):$2000


Starting Score: TU:632(4/20/13) EQ:516 (3/27/13)
Current Score: TU:676(5/20/13) EQ:617(SW Alert 5/9/13)
Goal Score: TU & EQ: 700+


Take the myFICO Fitness Challenge

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
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+