topic Re: 30 point difference from what the finance guy's equifax says and myfico says in Auto Loans

30 point difference from what the finance guy's equifax says and myfico says

vollybal — Fri, 23 Jul 2010 23:31:44 GMT

Hey everyone,

I am looking for a new car and the issue is that the dealer's finace guy told me a credit score for equifax and of course I now what mine is from myfico. Well he comes back and tells me a number and It is about 30 points difference from what my fico says. Problem is that the finance guy's number is the lower of the two numbers. Is there anything I can do?

I have found a great car but without the higher number I am not really going to be able to get everything I want for it in the way of the right interest rate.

Thanks,

Michael

Re: 30 point difference from what the finance guy's equifax says and myfico says

Anonymous — Fri, 23 Jul 2010 23:44:56 GMT

The quick and easy answer to your question is there are 2 or 3 different scoring models for each different credit bureau. They are pulling a different version than is available on here. You have the two or three editions and then there is even an auto enhanced FICO score. I am not sure on which version myFICO provides but someone will be along shortly to explain the different versions I am sure. But that is the reason for the difference. Not much you can do about the report they pull as that is the version they have elected to purchase and use.

Re: 30 point difference from what the finance guy's equifax says and myfico says

dznen1 — Sat, 24 Jul 2010 00:53:02 GMT

Did the finance guy show you the scores? I have read that "some" will tell you a score that is low so that they can then charge you a higher interest rate. Just saying.....

I'd at least ask which cr he pulled from.

Re: 30 point difference from what the finance guy's equifax says and myfico says

vollybal — Sat, 24 Jul 2010 01:17:52 GMT

Thanks for the reply. Basically he told me it was from equifax. Did not show me the score or report. The thing is also that without those extra points I was not able to qualify for a car loan period. So maybe I was just not suppose to get that car anyways? Oh well thanks again for the replies so far.

Re: 30 point difference from what the finance guy's equifax says and myfico says

dznen1 — Sat, 24 Jul 2010 01:24:04 GMT

Can you not try bank or cu. I don't know if I'd just accept one persons word, after all there are other lending institutions, That seems like such a huge difference.

I won't tell you to push it because maybe it's not the car, then again......

Re: 30 point difference from what the finance guy's equifax says and myfico says

Anonymous — Sat, 24 Jul 2010 03:49:03 GMT

Dealer is lying and is trying to get you into a high APR loan!!! I would run not walk away from that deal. There is a good chance you can find the exact car somewhere eleselse who's dealer won't lie to you about your credit score.

Re: 30 point difference from what the finance guy's equifax says and myfico says

Anonymous — Sat, 24 Jul 2010 04:47:05 GMT

The dealer has likely pulled an auto enhanced FICO which weighs your previous auto loans more heavily than the regular scoring model. Do you have any baddies on your CR with previous auto loans? Also, ask to see the score he has pulled, if he has nothing to hide then he will show it to you.

Re: 30 point difference from what the finance guy's equifax says and myfico says

Lel — Sat, 24 Jul 2010 05:10:29 GMT

@Anonymous wrote:
Dealer is lying and is trying to get you into a high APR loan!!! I would run not walk away from that deal. There is a good chance you can find the exact car somewhere eleselse who's dealer won't lie to you about your credit score.

I don't think this is the case - like the OP said in his followup post, with the score from the dealer, he wasn't able to get any loan whatsoever. I don't think the dealer would lie about a score that would result in no sale at all. The most likely explanation, as already suggested, is that the lender used an auto-industry specific FICO score that generated a number that is different from the score from here.

But having said that, lying about one's credit score is a well-described tactic that some less scrupulous dealers use to saddle buyers with loans with lousy APRs.