@Sbrooks1 wrote:
Guys, I apped at cap one auto and was denied as currently a pending or recently processed application w cap one??? Also, my auto finance credit score from EQ per the HP is 609, my fico has my EQ 8 at 656. WHy the big difference , obviously the auto score is way off, now my new 9 is a 607 so makes wonder is cap one using the new 9
Auto vs fico 8 score are 2 different models. There are around 9 different auto scores across all 3 CRA's. There was actually a news story on about this last month on how there are literally 100's of different scoring models and how consumers are getting upset when they go in for a loan only to have a high interest rate, denied for a loan, etc. When I went to my CU my score was much lower too. I had to look at my SP's on my EQ report to see what it was coded as. My CU bases all their loans on a mortgage score doesn't matter if it's auto, personal, or a mortgage.
every since then I ask a lender what scoring model they use and then look at my scores for that model. They are normally knowledgable to tell me or call the finance department. If they don't know then I just don't app with them.
