@Anonymous wrote:
Hi, I'm new here, so apologies if this is a redundant topic that has been covered. I'll try my best to keep it as short and succinct as possible!
Anyways, I decided to purchase a second car and so I applied for a new auto loan on Nov 2015 through Ally, the bank through which I've been making payments on my first car since 2014. After receiving a letter of denial at the dealership from Ally stating that my FICO Auto Score at the time of the inquiry was 642, I began tracking Credt Karma in desperation to raise my credit scores for the past few months. My CK currently shows me at 655 (TU) and 665 (EQ). My Ally Auto Enhanced FICO shows me at 642, exactly what the dealership pulled. I opened a Discover Secured Card this month and my first statement shows my Discover FICO score at 710! Hmmmm...
After researching and recognizing this forum's opinions against FAKO's, I decided to purchase myFICO today. My FICO 8's on this website are 710 (TU), 734 (EQ), and 765 (EX) - 50 to 100 points higher than CK! And, my auto enhanced FICOs are around 710-750 on all versions! HMMMMMMMM!!!!!
It almost feels worse to know that myFICO, the website that every article about credit scores claims is the only one that will match what lenders pull, shows my scores as higher than what I thought - especially because Ally, the bank that I am currently making auto payments to, had me 100% certain that my FICO score would be what they gave me and what they show on my account on their website. This has left me so confused, and I honestly don't know what's right.
If myFICO's scores are really the real FICO scores that lenders use, I can't understand how Ally shows me at 642 while myFICO shows me consistently in the low-mid 700s. Even though I'm holding off on buying my second car, I'm thinking about having a different dealership run a credt check - through Ally as well as other banks. What do you guys think?
(I'll definitely keep you guys updated once I return from this mission.)
Unless I'm mis-reading what you're saying, your answer here is...TIME.
You got the Ally score in November 2015. It is now January 2017. Fourteen months later. It is certainly within the realm of possibility that your scores have improved by what you've posted, within a fourteen month period. And if so, good on you ! !
The auto enhanced FICO score that you pulled is way off from the Ally auto enhanced FICO score. What was the date on that pull? And is the Ally auto enhanced score the exact same flavour of auto enhanced FICO score you got here? You could be comparing apples and oranges. And forget about any scores that CK provides. It's for trends only, but does provide the actual reports so you can look at the details. If you put dates with all of these various data points, it would certainly help to understand what is going on here.
Having another dealership run your credit report is, of course, your decision. But if it were me, I certainly would not do it simply as a curiosity factor. If you want and need a 2nd car, then apply for it. If you don't need that 2nd car, what's the point of generating multiple hard pulls to prove a point? Since you already have a relationship with Ally, see if they will simply do a soft pull of your credit to see where you are, or ask them if that pull that they did previously, has some internal factors, beyond FICO, that are weighing in the score.
Whatever you decide those FICO 8's that you cited as recently pulled, are not to be ignored! Those are a wonderful improvement, so you must be doing something right!
