do dealerships pull most recent scores?

[Anonymous]

I have been in the process of repairing my credit and need a nee vehicle unfortunately. When the dealership as well as gm financial pulled my credit they said it was a 570 which i was a bit surprised. My current fico score are tu 670 eq 615 ex 616. They are still climbing so im not too worried but i have a fee baddies falling off to bring the other two scores to 670 along with my utilization going down fast. Do i need to wait for a period of time after an increase before i apply?

[Ardecko]

In the general case, no, scores are always fresh*. The only thing you might need to wait for is each CRA to show updated data. (TU is slow for me, lagging behind several weeks.)

It's more likely that you pulled a FICO 08 (or something bogus) and they pulled a different type of score that they feel is more relevant to their industry. Different scoring models yield different scores.

*Some lenders will pull a score and consider it fresh enough for them to reuse for 30, 60, 90 days. The probably does not apply to your situation.

[Blodreina]

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@Ardecko wrote:

In the general case, no, scores are always fresh*. The only thing you might need to wait for is each CRA to show updated data. (TU is slow for me, lagging behind several weeks.)

It's more likely that you pulled a FICO 08 (or something bogus) and they pulled a different type of score that they feel is more relevant to their industry. Different scoring models yield different scores.

*Some lenders will pull a score and consider it fresh enough for them to reuse for 30, 60, 90 days. The probably does not apply to your situation.

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+1...if you made payments, they won't be reported until the account's next statement date.  And even then, it typically takes a few days after that.  I also agree it's likely that they pulled a FICO8 Auto score or something.  If you have the monitoring subscription here, you might be able to go through the score versions to see if anything matches what they pulled.

[Anonymous]

They use a beacon score which is an older version of the fico system, I cannot remember which one. Dv

[JGGM]

I work at a GM dealership and I can say, for us at least, the most used report is Equifax Auto 5. I have compared it to my Fico EQ auto 5 and its identical. Most of our lenders require EQ as the bureau used. There are some exceptions....for instance TD Auto Finance will allow TU, and some local credit unions will let us submit the hughest score the customer has across all 3 bureaus. 

[Anonymous]

BMW Fi will pull all 3 and use the top score. Not sure which version of FICO it is tho.

Most other dealers near me use EQ Auto 5 consistently.

[heyryan]

As others have already mentioned, all 3 have "auto enhanced" FICO 8 scores, plus there's EQ Auto 5, TU04, and EX02 Auto (which is what the Ford dealership I went to in CA pulled).

They can vary pretty wildly as they weigh various factors differently - for example, my EQ05 score is usually 50-70 pts below my EQ08 score. (Best guess is that it weighs new CCs or student loans more heavily than others)

If they showed the range of scores, that can help you narrow it down as well. Here's a great post that breaks them down a bit:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

[Anonymous]

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@Anonymous wrote:
I have been in the process of repairing my credit and need a nee vehicle unfortunately. When the dealership as well as gm financial pulled my credit they said it was a 570 which i was a bit surprised. My current fico score are tu 670 eq 615 ex 616. They are still climbing so im not too worried but i have a fee baddies falling off to bring the other two scores to 670 along with my utilization going down fast. Do i need to wait for a period of time after an increase before i apply?

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Definitely wait. 

You mention your utilization is going down fast which leads me to think you're in decent shape cash flow wise. I'd pause on throwing $$ at the credit cards, scrape together $2k as fast as you can and buy a car for cash.

Pay everything off, build an emergency fund, wait for the baddies to fall off and then revisit a potential car loan.

You might not even want to do it at that point. I love cars more than most but am never paying thousands in interest to drive something I don't have the cash for ever again. 

[Anonymous]

Dealerships typically pull the CB that the majority of their lender's use. This is based on region, in my region 75% of lender's use TU auto 08 for auto lending. Many lender's such as Ally, will pull EQ but have the ability to pull all 3 CB's to decision an application.

It really depends on the region and lender itself, as they all have their own specific underwriting guidelines.

Wells Fargo in my area will pull TU and TU only, Ally will pull EQ but if the applicant scores higher on one bureau than the other they have the option of pulling the highest score, Cap One always pull's all 3 CB's, and so on and so forth.

I would say that your listed scores are probably traditional FICO 08 scores or even possibly CK FAKO scores, if you pull your CR here on myfico, you have the ability to view your Auto Enhanced TU/EQ/EX scores.

[BurgeoningHope]

If you have the cash available, maybe you could grab something off of Craigslist or similar to get you through for a few months.Use it as a trade-in sometime next year when your scores should get you a MUCH better deal?