topic Re: Is MyFICO score for Auto Lending = score pulled by dealership? in Auto Loans

Is MyFICO score for Auto Lending = score pulled by dealership?

striders — Sat, 02 Jan 2016 04:38:10 GMT

I purchased MyFICO 3B report for all CRA, which include Auto Lending score on 12/31. The next day (well, today actually), 01/01, I visited a dealership and they pull another report. The score between the report from MyFICO.com Auto Lending and the one pulled by the dealership is vastly different:

MyFICO Auto Lending Experian: 709

Dealership Experian : 669

How can the number changed by 30 points in just 24 hours?! I have no significant change to my credit (no new credit card, no new inquiry other than from the dealership and the finance company, no late payment, etc.) for the last 12 months.

Is the dealership using another scoring system that is totally different than MyFICO?

Re: Is MyFICO score for Auto Lending = score pulled by dealership?

shizzo_ii — Sat, 02 Jan 2016 07:16:37 GMT

* 40 points

Re: Is MyFICO score for Auto Lending = score pulled by dealership?

striders — Sat, 02 Jan 2016 17:26:25 GMT

@shizzo_ii wrote:
* 40 points

Oops, yeah.. even worse.. 40 points difference in 24 hours!

Do you know if this is because dealers does not use the FICO Auto Score sold here?

Re: Is MyFICO score for Auto Lending = score pulled by dealership?

Appleman — Sat, 02 Jan 2016 18:45:27 GMT

There are a great number of scores available to the dealers, It could certainly account for the variation. You could ask which scoring model they utilized. I am sure we would all be interested.

Re: Is MyFICO score for Auto Lending = score pulled by dealership?

striders — Sat, 02 Jan 2016 23:39:47 GMT

@Appleman wrote:
There are a great number of scores available to the dealers, It could certainly account for the variation. You could ask which scoring model they utilized. I am sure we would all be interested.

I got a copy of my credit score report, which show that they got it from TransUnion and Experian. It did not say FICO anywhere, so I asked them where they got it from. They said it's the "standard" credit check application provided by the car manufacturer. I don't know if this is their BS to get higher interest rate for my loan, but I was already pre-approved by the manufacturer.

However, looking at the 3B reports purchased from myFICO, that report have multiple score. FICO, new auto FICO and old auto FICO. The diff between old auto FICO and new auto FICO is about 20 points, whilst the dealer's one is 40 points with the new auto FICO.

Damn, this is so confusing...