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So I had my mortage lender friend pull our scores for me and they are totally higher that I thought. Now, do mortgage and auto lenders use pretty much the same scoring model for installment loans?
Myfico was the same as this site but my EX was 689 (589 on experians site) and my TU was 714 (784 fako on TU site).
My husbands TU was also higher that we thought 679.
I am looking to buy or lease asap so what are your thoughts? I do have a perfect auto and cc history and a couple medical coll.
I hear auto lenders more often than not use an auto enhanced scoring method. If you got good installment history expecially good auto loans, then your auto-enhanced witll proabably be higher.
Right, which is what I was hoping. I was browsing the forums to see how much more an auto enhanced could be than the normal score shown here and on the other sites. This mortgage lender pull made me very happy! I am having a rapid rescore done now so I don't have to wait 30-90 days for the bureaus to update. Car shopping starts in about a week! YAY!
Everything I read from previous posters was that their auto score was lower than their normal score.
90% or more of lenders use FICO score, and each lender may use all different versions of FICO. There are more than 40 versions of FICO so you never know which lender uses which version, so your score will vary by who pulled it and what version they used.
Buy a car, dont lease. Lease is just a long term car rental.
If there's one thing that I've learned over the last 9 months, it's that you might be able to predict a rough estimate of your scores, but ultimately what the bank ends up with will vary. The credit bureaus do not provide scores to the banks, they provide the information held within your credit report. The banks use a scoring system (like OP said, there are over 40 models) to process the report information and give them a score. You could go to two banks on the same day and you will most likely see them "pull" different scores.
Also, in October I had a 649 TU score (not the greatest!) and my CREDIT UNION (NOTE: NOT BANK) gave me a $15,000 loan with a 4.24% rate and 60 month term for a total of $285 monthly payments. I bought myself a kick a** 2010 Mercury Milan Premier with 33,000 miles. If you are trying to get approved for an auto loan with less than perfect credit I can't stress using a credit union enough. You may still have to look around a little; we were rejected by the first one (although this was using an online application) but we showed up in person to the second one and they were fantastic! HOWEVER, the opposite is true for a mortgage.. CU's typically have strict guidelines with mortgages and I had great success using a referral to a mortgage broker who can shop around for your loan.
These are obvoiusly my experiences and will not necessarily be true for others, but I wanted to share what I've learned.
And yes, as the OP said --- DO NOT LEASE. Leasing is for nitwits and people with too much money.
@summerhunny11 wrote:So I had my mortage lender friend pull our scores for me and they are totally higher that I thought. Now, do mortgage and auto lenders use pretty much the same scoring model for installment loans?
Myfico was the same as this site but my EX was 689 (589 on experians site) and my TU was 714 (784 fako on TU site).
My husbands TU was also higher that we thought 679.
I am looking to buy or lease asap so what are your thoughts? I do have a perfect auto and cc history and a couple medical coll.
1. Don't ever have your mortgage friend pull your credit again for you unless you want a mortgage... those are real INQs that count against you!
2. What are you looking at buying or leasing?
3. Do you have something now? what's on your reports bringing them down a bit?
I'm sorry. You missed some previous posts about why my lender pulled my score. I didn't have him pullit for fun. He is doing a rapid rescore for me and I am getting an auto loan withing two weeks. So, I will be fine with the mutiple pulls.
I have two negatives on my report and we are not sure why my husbands exp and tu are not reporting a score.
We're working on it.
@summerhunny11 wrote:I'm sorry. You missed some previous posts about why my lender pulled my score. I didn't have him pullit for fun. He is doing a rapid rescore for me and I am getting an auto loan withing two weeks. So, I will be fine with the mutiple pulls.
I have two negatives on my report and we are not sure why my husbands exp and tu are not reporting a score.
We're working on it.
sorry Carry on then
I'm very excited to see what I can get.I have one credit union to go to before I head down to the dealerships. I can't wait to see how my score bump after I get my rapid rescore back. I am just happy that my score were a lot higher than I thought and saw on EX and TU sites =)