Wide FICO Variance Advice

[DanielPlainview]

After years of working to improve my credit because of bad decisions I made in the early 2000's I am ready to buy my first new car (an affordable compact with 2K ready to put down).  I have never financed one before. Due to the variations between the three credit bureaus it is important to me that lenders only check my Equifax score (if possible).  I'll clue you in on the scores:

TU: 614

EQ: 673

EX: Probably between the two but on the lower end (I last checked it in January)

I just paid off my credit card so all of those are likely to go up between 10-35 points within in the next 2-4 weeks. The main reason for the difference is my student loan debt.  In 2006 I was allegedly 30 days late on my loans twice and this seems to be holding my TU and EX scores back quite a bit.  EQ doesn't show them as ever being late (which from my point of view is correct).  

Income and employment are good and stable (government job) so I am fairly confident I'll be approved. Since I'm an auto loan novice I am just wondering if any of you have advice regarding how to handle this FICO score variation when applying for financing.  For now I plan to apply with the MD state employee's credit union and the dealer (Ford or Honda).  I would like to get the best rate and terms possible. 

Many thanks in advance!

[Anonymous]

Well, alot of places will pull all three.  You have no real control over this.  You can ask ahead who pulls what but even that is not a guarantee.  This is especially true at the dealer as they would prefer to pull all 3 so they can shop the loan as necessary and will want not only the best score, but may need all three for certain lenders. 

[Anonymous]

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Income and employment are good and stable (government job) so I am fairly confident I'll be approved. Since I'm an auto loan novice I am just wondering if any of you have advice regarding how to handle this FICO score variation when applying for financing.  For now I plan to apply with the MD state employee's credit union and the dealer (Ford or Honda).  I would like to get the best rate and terms possible. 

Many thanks in advance!

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Dealerships get charged per bureau they pull per person.

Most dealers will, based on the information you give them, pull the bureau that the bank they feel will be more inclined to finance you uses.

Most banks have their "particular" bureaus they use.

For example: Dealership may pull TU initially, see that you may not qualify for the best through the manufacturer finnance arm and THEN pull another bureau to see what that says- to see if that score is any better or if it gives better info

Some dealer ships DO NOT pull all 3 as they do not have a relationship with a  bank that uses say Equifax.

Message Edited by usmc58555 on 03-12-2009 06:14 AM

[moondog7324]

 My experience with Credit Unions is they tend to pull EQ- so you are good. What you see with the Auto dealers- they shop they loan to multiple lenders and they pull (the lenders) from different reporting agencies. As long as they are within a reasonable time- i think it's 2 weeks- the multiple inquiries won't hurt as bad as if they were spread out.