Fico Score vs True Credit from Transunion

[Anonymous]

Hi all,

New to the forum.

I have a 4 year credit history and had quite high balances on my CC's. In april of this year I started to pay off the debts.

Currently I have 2500/5000 on citi card

0/1000 on chase card

130/500 on another chase card

110/500 on capone card

I checked my credit report and score from the 30 day free trial from transunion's trucredit  are TU - 675, Ex-730, EQ - 680

How are these scores different from FicoScores and which scores do I need to know these that I already have or FicoScores.  Also, how much is fico score for and is it only 1 time. 

We are planning to buy a used car (Acura MDX) around $30,000, will we get approved through a Credit Union or Dealer?

We have no other loans just the CC balances, income is around 3600/month.

I looked at the Toyota website and they have a credit score tier and if we take our lowest score we are in the third tier. We can wait if we have to, but want to make sure that when we go we get approved.

Kindly Suggest.

[llecs]

Welcome!

There are two types of scores: FICO and non-FICO scores (we call them FAKOs here). The scores sold via TC are FAKO scores. More specifically, they are Vantage scores developed by the CRAs in an attempt to compete with FICO. FICO's score range is 300-850 and Vantage's is 501-990 or something very close.

Other than myFICO.com, you can also get your EQ FICO from Equifax.com or from your lender. Other than myFICO.com, you can also get your TU FICO from transunioncs.com (note the -cs) and from your lender. Finally, as of last year, Experian no longer allows consumers to pull their own EX FICO score, but you can get it from your lender or on your checking statement if you happen to have a checking account with a CU in PA called PSECU. Any other score from any other source are not FICO scores, but a knock-off we call FAKOs.

[llecs]

I meant to add...

You can purchase individual scores for TU and EQ via the FICO® Standard link at the bottom and that's $15.95 per each pull. While we can't post FICO discount codes on these forums, I can tell you to google "FICO discount codes" first or check out twitter.com/myfico as they often post new 20%-30% off codes you can use.

Chances for approval? I can't speak to the FAKO flavor, but many CUs will look at a FICO score so you may want to pull that first. Also, many lenders will use an automobile-enhanced FICO score geared more towards that industry so the score your lender may pull would likely differ from the score pulled here if on the same day. However, if you have a FICO score you can compare your score to others listed within the Auto Loans board and have a better idea on chances for approval. Lenders will also consider your debt-to-income ratio which isn't a part of FICO scoring. When applying, I suggest going with a CU over the dealer.

If you'd like to pursue the auto approval aspect more, then let me know and I'll (or someone) will move this to Auto Loans.

[Anonymous]

So, the scores that I got are basically useless. I have to get FICO scores and they are the true scores. Also, i spoke to my CU and they said they use. Experian.So hwo do I get the experian score, the one I already have or I have to get it from experian. 

Also, for debt to income ratio, I have to take my minimum credit card payments right for each month.

let me know if this is the right calculation

4 credit card minimum monthly payments - $250

Rent - $1100

Monthly Gross income - $5000

So DTI ratio will be 1100+250/5000

Kindly suggest.