credit score

[Anonymous]

I have been monitoring my score for two years. I recently purchased a vehicle. I was shocked that my credit score was 150 points lower than  on my fico. i called myfico to ask why and they told me that they use a different scoring system. Does this make sense and what the use of using myfico.

[marty56]

Welcome to the forum.  Did the dealere show you your report or did they tell you what your score was.  They have been known to lie about it.  Most lenders use FICO scores which you can purchase here.  There are 2 version of TU FICO scores and this site offeres the older one I believe.  Also there is aan auto enhanced FICO score which takes into account payments on auto loans so if you had some problems there in the past, the score could be lower but IMHO not that much lower.

Which score where they talking about and what was the score they told you you had vs the one you got here.  Also did anything change on your credit report?

It is possible but unlikely that they used what is called a FAKO (non FICO) score.

[MattH]

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@Anonymous wrote:
I have been monitoring my score for two years. I recently purchased a vehicle. I was shocked that my credit score was 150 points lower than  on my fico. i called myfico to ask why and they told me that they use a different scoring system. Does this make sense and what the use of using myfico.

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Have you had issues with a car loan in the past?  Most auto dealers use a special "auto-enhanced" version of the FICO algorithm that places greater emphasis on past automobile finance history and is not available to consumers.  Some posters on this board who learned their auto-enhanced scores from dealers have reported that people who have not experienced issues with car loans will generally see their auto-enhanced scores come pretty close to the scores pulled here.  The scores pulled through myfico.com are what nearly all mortgage lenders and many credit card companies use.  There are three versions of the classic FICO score, one for each of the three main credit-reporting agencies, and until a couple of weeks ago all three could be purchased here at myfico.  But recently Experian stopped allowing consumers to pull their Experian scores, probably because they want to make money selling their "Vantage" and "Truecredit" scores instead, but since extremely few lenders use those scores we on these boards call them FAKO scores.

Poke around these boards and you will learn more about these and other varieties of credit scores.

[Anonymous]

I totally disagree. The 2 dealerships both showed me my credit scores. The only reason I got a car loan was because I was a loyal customer for 18 yeasr with not 1 late payment from one of the dealers. I personally called myfako and they told me they had no answer. I fully understand you have to promote your product but get your fact straight. I ran my cr on the same day and it was 150 pts higher. This is very misleading.

[haulingthescoreup]

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jerryg7471 wrote:
I totally disagree. The 2 dealerships both showed me my credit scores. The only reason I got a car loan was because I was a loyal customer for 18 yeasr with not 1 late payment from one of the dealers. I personally called myfako and they told me they had no answer. I fully understand you have to promote your product but get your fact straight. I ran my cr on the same day and it was 150 pts higher. This is very misleading.

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No one here (with the exception of the FICO admin) work for Fair Isaac, so none of us are "promoting our product."

What people are trying to explain is that if you pulled your credit report directly from TransUnion or Experian, the score that came with it is NOT a FICO score. It's what we call a FAKO --a Vantage score, a PLUS score, a TransRisk score, etc.

Also, there are three different FICO scores, one for each CRA (Equifax, TransUnion, and Experian.) We've had members with 150-point differences among their genuine FICO scores, due to the presence (or absence) of a significant derogatory element on a report.

What the others were trying to ask is which report and score exactly did you pull and from where, and which report exactly did the dealer pull, if you happen to know.

Many FAKO scores are higher than FICO scores, as their score ranges are higher. But the main issue is that they're derived from completely different score formulas, so the same info on a credit report can result in completely different "credit scores."

[Anonymous]

Maybe the new version of FICO 08 was pulled by the lenders. It is not available for consumers to purchase yet. If  08 was pulled & you are an authorized user on many accounts or accounts that arent your spouses or parents , that could account for a big difference. Also FICO 08 supposedly will hurt a person scores more if they have more than baddie. It could be many things. No one here is trying to rip you off. We are all here to learn & better our credit. We learn from the other members & then we teach what we have learned also. If you would post from what credit reporting agency  the lender pulled your scores from & from what credit reporting agency you pulled from someone here could offer you an answer.