topic Re: Walmart FICO vs. Transunion FICO Interesting in Credit Cards

Walmart FICO vs. Transunion FICO Interesting

vollybal — Mon, 12 Mar 2012 16:34:44 GMT

So WE went and bought an SUV this weekend to lower our payments and get something new(have better credit scores since the last car loan). Anyways, when We went into the dealership I really wanted them to use my EQ but they pull TU. THey came back and told me it was 585!?!?! WHAT!!?!?! That is way lower than I thought it was. So then I asked them if it was auto enhanced and they said no it was a true TU score. Ok, not the score I wanted as my two others are 620+...Well I prefaced with that to see that today I logged into walmart and checked my TU score with them and it was updated for this month so I expected to see something close to the 585 but OH NO IT WAS 643!?!?! Ok I can see if it was a little off but over 50 points difference...Really makes me think that the scoring system that Walmart is using is not a true FICO score.

Has anyone else see such a difference in their True FICO and the Walmart's website TU scores?

Thanks!

Re: Walmart FICO vs. Transunion FICO Interesting

tcbofade — Mon, 12 Mar 2012 16:36:59 GMT

You're going to take the car dealers word for it?

I've seen many, many, many car dealers "mis inform" buyers about their credit score...it helps pad the interest rate on your new loan.

I'll take the Walmart TU08 score over anything a car dealer offers.

Re: Walmart FICO vs. Transunion FICO Interesting

Anonymous — Mon, 12 Mar 2012 16:37:55 GMT

Probably different FICO models. Walmart is suspected to be TU08. The lender could have used an older model.

Re: Walmart FICO vs. Transunion FICO Interesting

littlesister — Mon, 12 Mar 2012 16:38:44 GMT

My walmart score is 5 points lower then my fico score from here.

Re: Walmart FICO vs. Transunion FICO Interesting

LS2982 — Mon, 12 Mar 2012 16:41:33 GMT

@vollybal wrote:
So WE went and bought an SUV this weekend to lower our payments and get something new(have better credit scores since the last car loan). Anyways, when We went into the dealership I really wanted them to use my EQ but they pull TU. THey came back and told me it was 585!?!?! WHAT!!?!?! That is way lower than I thought it was. So then I asked them if it was auto enhanced and they said no it was a true TU score. Ok, not the score I wanted as my two others are 620+...Well I prefaced with that to see that today I logged into walmart and checked my TU score with them and it was updated for this month so I expected to see something close to the 585 but OH NO IT WAS 643!?!?! Ok I can see if it was a little off but over 50 points difference...Really makes me think that the scoring system that Walmart is using is not a true FICO score.

Has anyone else see such a difference in their True FICO and the Walmart's website TU scores?

Thanks!

IMO, I would be questioning what the dealer pulled then what Walmert produces because that score is coming straight from FICO.

Re: Walmart FICO vs. Transunion FICO Interesting

LS2982 — Mon, 12 Mar 2012 16:42:05 GMT

@tcbofade wrote:
You're going to take the car dealers word for it?

I've seen many, many, many car dealers "mis inform" buyers about their credit score...it helps pad the interest rate on your new loan.

I'll take the Walmart TU08 score over anything a car dealer offers.

BIG +1!!!

Re: Walmart FICO vs. Transunion FICO Interesting

vollybal — Mon, 12 Mar 2012 16:56:55 GMT

I actually went to 2 dealers and they both pulled the same number and showed it to me... I even asked if it was a true FICO and they told me this is the number we get straight from TU. Sure Enough just now I bought the MyFICO TU and it is 585!?!?! Man These two scores are so far off!! Plus what makes this worse is that We jsut moved from NC where they like EQ and I know that score is nice but now we live in chicagoland area and they are all telling me that they like TU...Well it is a never stopping process...I do know why my TU is lower than my other two bereaus as the TU was told to remove a paid collection from the collection place and they removed it from the EQ and EX but not on TU...I even called TU and they told me they would look into it and they came back saying that it is correct!!! I waited the time and I am now disputing it again and I guess we will see what happens...Really hoping they remove it this time!

Thanks!!!

Re: Walmart FICO vs. Transunion FICO Interesting

LS2982 — Mon, 12 Mar 2012 16:59:18 GMT

@vollybal wrote:
I actually went to 2 dealers and they both pulled the same number and showed it to me... I even asked if it was a true FICO and they told me this is the number we get straight from TU. Sure Enough just now I bought the MyFICO TU and it is 585!?!?! Man These two scores are so far off!! Plus what makes this worse is that We jsut moved from NC where they like EQ and I know that score is nice but now we live in chicagoland area and they are all telling me that they like TU...Well it is a never stopping process...I do know why my TU is lower than my other two bereaus as the TU was told to remove a paid collection from the collection place and they removed it from the EQ and EX but not on TU...I even called TU and they told me they would look into it and they came back saying that it is correct!!! I waited the time and I am now disputing it again and I guess we will see what happens...Really hoping they remove it this time!

Thanks!!!

myFICO TU is TU98 FICO. Walmart's TU FICO is TU08. The big difference between the 2 scores is how your overall utilization is factored. TU08 heavily favors less usage.

Re: Walmart FICO vs. Transunion FICO Interesting

Anonymous — Mon, 12 Mar 2012 17:19:48 GMT

That is why it is always better to secure your own car loan prior to going to the dealership.

The dealership will hammer you with the interest rate.

I hope your interest rate isn't too bad.

Re: Walmart FICO vs. Transunion FICO Interesting

Anonymous — Mon, 12 Mar 2012 17:21:52 GMT

Is getting a loan with that score actually going to still save you money if you switch to the SUV? (I remember your previous post as well).

I just hope you don't get nailed with a 20% APR and then actually end up spending more than what you are already spending when the whole point was to save.

Re: Walmart FICO vs. Transunion FICO Interesting

Anonymous — Mon, 12 Mar 2012 17:28:37 GMT

@Anonymous wrote:
That is why it is always better to secure your own car loan prior to going to the dealership.

The dealership will hammer you with the interest rate.

I hope your interest rate isn't too bad.

+1 are you a member of a credit union? if so apply there first BEFORE going car shopping

Re: Walmart FICO vs. Transunion FICO Interesting

Anonymous — Mon, 12 Mar 2012 17:31:00 GMT

I won't be purchasing a new vehicle until next year, but when I do I will be using the USAA car buying service. Plus they have very good rates on their car loans.

Re: Walmart FICO vs. Transunion FICO Interesting

vollybal — Mon, 12 Mar 2012 17:38:01 GMT

Yeah, I saved a Ton of money in interest as I talked to the dealer and the apr on the previous car was @18%. I looked at the paperwork and I saw 13% and then I told the finanace guy who they were using and he told me Cap One. I then told him that I think I will secure my own loan and told them I will call them if I want the SUV...I walked out and went to lunch...during lunch the sales person called me telling me that we need to work out a deal and if I can come back in, they will work with me on it...I told him unless they can tell me a solid APR number I am not interested in their vehicle...That is why I went to two dealers...they both had the same SUV and I was going to head back over to them to see what they had to offer as I wanted to deal with the first dealer as I like them just think it was high....So as I was ready to leave from lunch, the sales manager called me and told me he had great news. I called him back as it was a VM and he told me that he called in a huge favor(YEAH RIGHT) and that now the APR is at 8.99% and the monthly payments would drop over $100/month...He did say that I would have to up my downpayment to $1000. I told him that I will be in shortly but I wanted to see the numbers and who was fincancing it. I got in there and the sales mgr came over and introduced himself to me and had numbers and papers in hand to show me. Sort of impressed...Wondering at this point if they have had a bad month or what. I looked it over and they messed with the numbers on the trade and the SUV price but it came out the same as before....He then told me that the finance mgr is good friends with Wells Fargo and used a favor(again I am sure it is BS) and that they would do it with a $1000 down...I am thinking that they were padding the interest a bit to lower it that much. I also was told that the major problem with the apr/approval process was that I have a auto repo from 2005 still on there and that was the major obstacle. Ok well it will fall off in Oct. So maybe I needed to wait but wanted to get this done...Well, I did take that deal. Funny thing was that Wells farge called for the welcome call this morning and they asked a few things and told me thanxs for the business and then FICO alert came in and on my EQ, NOT my TU, I see Wells Fargo checking my credit...So looks like they used my EQ after all.

Re: Walmart FICO vs. Transunion FICO Interesting

Anonymous — Mon, 12 Mar 2012 17:41:23 GMT

I called him back as it was a VM and he told me that he called in a huge favor(YEAH RIGHT)

I'm shocked that you didn't believe him! After all, he's just trying to be a friend.

Re: Walmart FICO vs. Transunion FICO Interesting

LS2982 — Mon, 12 Mar 2012 18:24:11 GMT

I really would have waited for that 2005 repo to come off, you could have saved a lot in interest!

Re: Walmart FICO vs. Transunion FICO Interesting

Anonymous — Mon, 12 Mar 2012 22:49:13 GMT

Also you have to remember that there is an auto-enhanced FICO score that isnt available for purchase. My auto enhanced score was 660 when it was pulled last month, walmart TU08 Fico is 615 and I havent checked my recent FICO here but three months ago it was 662 im guessing it is lower since I dropped my AAoA by adding a few new accts.

Re: Walmart FICO vs. Transunion FICO Interesting

trumpet-205 — Mon, 12 Mar 2012 22:57:16 GMT

Keep in mind there are like 30+ variations on FICO score. There is no such thing as "true" FICO score per say. Dealership is definitely using a scoring model that emphasize loan histories more than credit card histories.

Also it is 99% better to secure a loan from bank/credit union prior car shopping rather than getting a loan from dealership.

Re: Walmart FICO vs. Transunion FICO Interesting

bichonmom — Mon, 12 Mar 2012 23:13:53 GMT

It's likely an auto-enhanced version of FICO that you got from both auto dealerships. My Walmart FICO matched exactly with the FICO that my CU pulled for my CLI. Most car salesmen aren't going to be knowledgable enough about the different versions of FICO and what they mean, or what they emphasize in their scoring model.

Re: Walmart FICO vs. Transunion FICO Interesting

LS2982 — Mon, 12 Mar 2012 23:16:38 GMT

@trumpet-205 wrote:
Keep in mind there are like 30+ variations on FICO score. There is no such thing as "true" FICO score per say. Dealership is definitely using a scoring model that emphasize loan histories more than credit card histories.

Also it is 99% better to secure a loan from bank/credit union prior car shopping rather than getting a loan from dealership.

That will be my next course of action when I get another vehicle!