@hunter399 wrote:
@4sarahg wrote:
In response to your message, I have not updated my FICO Challenge scores but here is some info. VW creditors only pull your Transunion score for the loan. As of last week my score is in the 700's but this I know for sure is that you need a 700 or higher in order to qualify for a 0% interest loan. If and when you are ready to purchase a vehicle check your scores ahead of time and ask the salesman which one they use to check your credit if TU EXP or EQ. Good luck with your endeavors.
This is slightly misleading .......
When buying a car, you will usually have your credit pulled twice. This practice is used by the dealer as a negotiating tool.
1) DEALERSHIP runs your credit, usually pulls all 3, with scores.
2) LENDER will then pull your credit AGAIN. Each lender the dealer submits too will probably also pull your report(s).
If you KNOW your credit is a-tier, demand that the dealer not run your credit, and submit direct to the factory bank.
Also to add: Auto Finance Companies usually use an AUTO ENHANCED score, that has different factors in the equation and uses different risk modeling. That score is not for sale to the general public and is NOT the FICO score you can buy here.
Each Score pull costs the dealership money, most pull from the bureau they think will be the best fit for you, and then pull another if appropriate.
Starting Score: 620