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So i've been looking into buying a car. So i've been checking around trying to figure out what my score is. Man, that has been an adventure. First I realize that fcr is pretty useless to figure out your exact fico score.
The financing place i' looking at mentioned they use Beacon score. Researched that and people used to say it was completely separate, now people say Beacon and FICO are the same thing. I've checked MyFico and Equifax's own site for my credit check. There's a 40 point difference in the two for Equifax specifically. Which one should I go by for this scenario?
Hi Mysta! Welcome to the myFICO forums!
Your Equifax Beacon score is a true FICO score. Understanding Your FICO Score is a good place to start educating yourself about the different types of FICO scores.
Mysta wrote:So i've been looking into buying a car. So i've been checking around trying to figure out what my score is. Man, that has been an adventure. First I realize that fcr is pretty useless to figure out your exact fico score.
The financing place i' looking at mentioned they use Beacon score. Researched that and people used to say it was completely separate, now people say Beacon and FICO are the same thing. I've checked MyFico and Equifax's own site for my credit check. There's a 40 point difference in the two for Equifax specifically. Which one should I go by for this scenario?
Just to be sure that we're on the same page-- You purchased an Equifax score from this website (myfico.com), and from the Equifax website, on the same day, and there was a 40 pt difference between the two scores?
Edited because I just saw your 2nd post. Did something change in the 2 week period between score pulls? Did lower balances report? Did a baddie drop off?
@Anonymous wrote:Hi Mysta! Welcome to the myFICO forums!
Your Equifax Beacon score is a true FICO score. Understanding Your FICO Score is a good place to start educating yourself about the different types of FICO scores.
@Mysta wrote:So i've been looking into buying a car. So i've been checking around trying to figure out what my score is. Man, that has been an adventure. First I realize that fcr is pretty useless to figure out your exact fico score.
The financing place i' looking at mentioned they use Beacon score. Researched that and people used to say it was completely separate, now people say Beacon and FICO are the same thing. I've checked MyFico and Equifax's own site for my credit check. There's a 40 point difference in the two for Equifax specifically. Which one should I go by for this scenario?
Just to be sure that we're on the same page-- You purchased an Equifax score from this website (myfico.com), and from the Equifax website, on the same day, and there was a 40 pt difference between the two scores?
Edited because I just saw your 2nd post. Did something change in the 2 week period between score pulls? Did lower balances report? Did a baddie drop off?
Message Edited by LilMirth on 02-15-2010 02:26 PM
Correct, on the first part, same day was 40 point difference. TransUnion and Equifax are the same on myfico and on Equifax my Equifax score is 41 points lower.
The second post is a 'what if' scenario.(Trying to balance wanting the car before it's sold and waiting for my score to raise from a pretty significant payment to a card a month ago)
Mysta wrote:
Also, are hard pulls immediately reflected on your Credit Report? Aka, if I applied for a auto loan, didn't get the financing I wanted, waited, and reapplied within the two week period(Say after score went up). Would the first inquiry have made a negative impact on score?
Inquiries are a very small percentage of your credit score, and they usually show up immediately. So, you've already taken the small hit for new seeking new credit IF you lost any points at all. The good news is that reapplying within that short window will have those INQs count as one (unique to mortgage and auto loan shopping).
After looking into the Equifax score more, it appears to be a new score system. Equifax Risk Score, AKA Beacon 09? According to what I've read one of the changes is penalizing more for higher credit card utilization and carrying large balances. This would make sense for it being so much lower. Since one of my cards is low limit and I had it highly utilized for about 5 days before I paid it down significantly, waiting for that to tick down to what it is currently at like 30% utilization. So hopefully both measurements of scores will increase a bit with that bringing down my utilization. I suppose waiting to apply until after that is finally reported might be the best option. And hopefully the Financing place i'm currently looking at applying to will be using the currently used Beacon and not the newest one.
Just hope Capital One will get on the ball and report my new balance, been almost a month.
@Anonymous wrote:
@Mysta wrote:
Also, are hard pulls immediately reflected on your Credit Report? Aka, if I applied for a auto loan, didn't get the financing I wanted, waited, and reapplied within the two week period(Say after score went up). Would the first inquiry have made a negative impact on score?Inquiries are a very small percentage of your credit score, and they usually show up immediately. So, you've already taken the small hit for new seeking new credit IF you lost any points at all. The good news is that reapplying within that short window will have those INQs count as one (unique to mortgage and auto loan shopping).
Also, thanks for your help! Feel free to add any more knowledge
Mysta wrote:After looking into the Equifax score more, it appears to be a new score system. Equifax Risk Score, AKA Beacon 09? According to what I've read one of the changes is penalizing more for higher credit card utilization and carrying large balances. This would make sense for it being so much lower. Since one of my cards is low limit and I had it highly utilized for about 5 days before I paid it down significantly, waiting for that to tick down to what it is currently at like 30% utilization. So hopefully both measurements of scores will increase a bit with that bringing down my utilization. I suppose waiting to apply until after that is finally reported might be the best option. And hopefully the Financing place i'm currently looking at applying to will be using the currently used Beacon and not the newest one.
Just hope Capital One will get on the ball and report my new balance, been almost a month.
I believe the "Risk" score is actually a TU FICO Classic score. I think it was a term to replace "Emperica". Did it say "Risk Score" anywhere?
Mysta wrote:
After my score it says "This credit score is an Equifax Risk ScoreSM, which ranges between 280 and 850. Higher scores are generally viewed more favorably."
Was it from the Equifax Identity Report? That runs off a scale from 280 to 850 but doesn't score credit and considers indentity info, address changes, risk for ID theft, etc.. This score isn't a FICO score.