Dealer says MYFICO isn't right? Totally confused!

[Anonymous]

OK so I am totally confused. I went to the local Honda dealer today. My scores on here are all 550s and I wanted to talk to them about what I would need to get financing (I've bought 3 autos there over 15yrs, latest one totaled 3 weeks ago). He said we have to wait until my insurance pays off my totaled vehicle (which is in process now) and that updates. But he also showed me a printout from transunion that said my score is 500. I said that can't be right it was 550s when I looked this morning. He said "Myfico isn't really worth anything because its not really what your score is. It's a guess." WTH??? So I'm totally confused now and could really use some advice. There are 3 collection items I didn't know about which I am taking care of this week. Capital One also shows we were 60 days late for 3 months which we weren't so I already called them to get that corrected. But now I'm totally confused. I appreciate any advice you all can give!

[Anonymous]

There are multiple autoloan scores. The main being FICO Autoloan 8, 4 and 9. Your dealer could've pulled your FICO Auto 9, while you printed the FICO Auto 8 from MyFico. I would go back into your account and under the "Scores" tab, check to see if any of the different scores match what he told you.

It's also worth noting that any scores beyond the traditional FICO 8 do NOT update in real time. They are only updated when MyFICO pulls a new credit report (monthly, quarterly or ad hoc based on your subscription preferences).

[Glen_M]

Considering that myfico is owned by Fair Isaacs (the owners of the FICO scoring systems and trademark), the scores will be about as accurate as anyone could hope for.  It is just a question of knowing precisely which score you are looking at, because they have many different models, and also knowing which credit reporting agency is putting their file of information through that mathematical model, and precisely what day/time their report is being calculated.

If you aren't actively managing your score, it can easily fluctuate a large number of points from one day to the next; and the score generated from one CRA may be wildly different than from another if they have different account details on record; and older score models generally have harsher penalties for some negative items than a series 8 or 9 score may give.

One good thing about this is that the print out he gave you may qualify you for a free credit report from TransUnion if it indicates you were denied credit becasue of something it contained.  That can give you some actionable items to pursue that will help improve your score.

[Anonymous]

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@Anonymous wrote:

OK so I am totally confused. I went to the local Honda dealer today. My scores on here are all 550s and I wanted to talk to them about what I would need to get financing (I've bought 3 autos there over 15yrs, latest one totaled 3 weeks ago). He said we have to wait until my insurance pays off my totaled vehicle (which is in process now) and that updates. But he also showed me a printout from transunion that said my score is 500. I said that can't be right it was 550s when I looked this morning. He said "Myfico isn't really worth anything because its not really what your score is. It's a guess." WTH??? So I'm totally confused now and could really use some advice. There are 3 collection items I didn't know about which I am taking care of this week. Capital One also shows we were 60 days late for 3 months which we weren't so I already called them to get that corrected. But now I'm totally confused. I appreciate any advice you all can give!

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I'm a little confused here myself.  If you pulled your reports before going to the dealer, I'm not sure how you couldn't be aware that there were 3 collections on there.

You should ask what model that they use.  I'm sure someone there would know.  

[Anonymous]

I agree with “overmedicated”.

regardless of the score, if you’re both pulling TransUnion you should also see the 3 collection accounts.

I think MyFico only gives monthly reports. Is it possible the report you pulled had not been updated in close to a month. Still sound a odd that 3 collections would pop up between pulls all at the same time. We’re you completely unaware about these 3 collections?

[Anonymous]

APPROVING BANK:AUDI financial
BUREAU PULLED: EXP and TRANS
CREDIT SCORE:635

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE:NY
NEW/USED:USED
YEAR OF VEHICLE:2017
MAKE:AUDI
MODEL6
MILEAGE:11900
FINANCE/LEASE:FINANCE

PURCHASE PRICE:56995
AMOUNT OF LOAN:62500 [includes negative equity]
TERM CONTRACTED:72
APR/LEASE RATE:4.99
MONTHLY PAYMENT:1100
ANNUAL INCOME:138000
DEBT TO INCOME RATIO:45
MISCELLANEOUS COMMENTARY:The scores on MyFICO were exactly what audi financial used. I drove home s6 today. Don't let these guys scam you.

[Anonymous]

I found the collection items when I checked. Sorry didn’t clarify that. So I’m working on those items and Capital One is supposed to be researching why it’s showing we were late when we weren’t. But now today I looked and the totaled van is showing paid in full AND my score dropped 20 points!! I thought that would help. 

[Remember0]

Scores often drop when there is no open installment loan. That's why a lot of members here do the share secured loan trick.

Regardless are your only baddies the COF lates and med collections? If so once you get those removed that will help a lot but you may need a car before they can be removed perhaps.

What is your util out of curiosity?