topic Re: Wells Fargo Auto Loan in Understanding FICO® Scoring

Wells Fargo Auto Loan

tryingforgoals — Sat, 11 May 2013 14:41:25 GMT

So I applied for a Wells Fargo Auto Loan and got denied. My score on the paper was TransUnion 593 [FICO Risk Score Classic '98], that was on April 17 2013. I checked my TransUnion score on here and it was a 632. That was on April 20, 2013. From my understanding, myFICO uses TU98 as well. Did my score jump that high in 3 days or is something different here?

Re: Wells Fargo Auto Loan

thom02099 — Sat, 11 May 2013 19:57:07 GMT

@tryingforgoals wrote:
So I applied for a Wells Fargo Auto Loan and got denied. My score on the paper was TransUnion 593 [FICO Risk Score Classic '98], that was on April 17 2013. I checked my TransUnion score on here and it was a 632. That was on April 20, 2013. From my understanding, myFICO uses TU98 as well. Did my score jump that high in 3 days or is something different here?

In addition to there being different models of TU reports, there are also "enhanced" versions. The one that was pulled by WF was probably an auto enhanced score, used by many lenders to assess credit history, but weighted more heavily toward any current/past auto loans that a consumer has. The TU score here is the consumer version of TU98, which is pretty vanilla as far as credit reports go. No enhancements for auto, mortgage or credit card, which are the most frequently used enhancements.

Re: Wells Fargo Auto Loan

llecs — Sun, 12 May 2013 03:21:48 GMT

OP, was there a score range? Ditto to the auto-enhanced possibility. A score range can pinpoint the version if enhanced.

Did you have a report from the lender? I'd look for differences.

Re: Wells Fargo Auto Loan

tryingforgoals — Sun, 12 May 2013 15:32:12 GMT

I think the score range was 330-800, it wasn't the 300-850 like on myFICO. Same with Navy Federal, except my Navy Federal and myFICO EQ matched, but the score range wasn't 300-850. I have to double check when I get home.