Re: Auto Credit and Scoring
03-01-2011 10:51 PM
If I apply for a loan DIRECTLY at the dealership, I know they'll pull FICO Auto. But if I apply DIRECTLY with the bank BEFORE visiting the dealership, such as US Bank, Wells Fargo, etc., are these bank ALSO pulling FICO Auto or will they pull ONLY FICO?
Note that I am referring to convential banks that does not lend ONLY Auto Loan, such as CitiFinancial Auto (now Santanders).
Most people do not realize there is a difference between your normal FICO score, and the score you are graded on when you apply for auto credit. Your normal credit score is simply referred to as "Classic FICO Score (also referred to as your BEACON score)". The auto score is usually referred to as your "FICO Auto Industry Option". This score it not available for you to purchase and only dealers\finance companies are able to pull it.