Capital one fico.... myfico????

[ryanr623]

According to myfico.com, my equifax FICO is 638. I recently got approved by Cap1 for a car for 20,000, up to 72 months, zero down, 9.5% interest.

When i got my blank check packet, it indicated that my transunion FICO was 552!?!?!? How can it be 83 points lower then my EQ FICO?

[tobee43]

the big three are notorious for doing just that...being so way off....don't beat yourself up about it...just take the money and run if you really truly need a car now....9,5 is high, but better than i hear many get first out of the gate in a bk.....

good luck to you!

[ryanr623]

Thanks. Yeah i've been out for 11 months, and was happy to hear my FICO was up to 638, when it used to be anywhere from 542-580. Now i get this and it says that transunion is 552 and im super depressed. I dont understand. Ive never missed a payment since BK..... and even never missed any payments before either. WTF? Did it go back down or are they using a different scale?

And do most dealers use equifax or transunion?

[IBroke]

Thanks. Yeah i've been out for 11 months, and was happy to hear my FICO was up to 638, when it used to be anywhere from 542-580. Now i get this and it says that transunion is 552 and im super depressed. I dont understand. Ive never missed a payment since BK..... and even never missed any payments before either. WTF? Did it go back down or are they using a different scale?

And do most dealers use equifax or transunion?

Dealers mostly use an "Auto-enhanced" Fico-score that focuses more on your auto-loan history. Unfortunately, this score is only available to the dealer. It also varies when it comes to the question which bureau they use.
Since you haven't missed a payment - did you check the currently reported usage-ratio on your credit-cards? That can be a score killer - even when you're current. You might want to use the score-simulator on myfico..

[tcreegan]

Hi again Ryan,

...hit you in your other post...most likely cause is TransUnion errors. Dealers like a combo-score, used to average the big three but Experian went out on a limb and quit the FICO business for their in-house score calculation. Take your scores and Cap 1 offer to the dealer and see if they can beat it. Some folks say Ford is pretty good...

If you hit something really good, let us know what you found!

Tom in Colo

[tobee43]

Thanks. Yeah i've been out for 11 months, and was happy to hear my FICO was up to 638, when it used to be anywhere from 542-580. Now i get this and it says that transunion is 552 and im super depressed. I dont understand. Ive never missed a payment since BK..... and even never missed any payments before either. WTF? Did it go back down or are they using a different scale?

And do most dealers use equifax or transunion?

really "time" is what helps the most with credit...even on time payments many creditors look at a bk....and say NOway....which if you think about it, is rather foolish since one can only go bk every 8 years or so....i would likely think many of us now are better credit risks than most!!

again, i wouldn't concern yourself...take the loan IF and only IF you need it!

[ryanr623]

Now WTF..... I just applied at a dealer and they pull experian. Experian came back 665.

Soooooooo

665 - 638 - 552?!?!?

EDIT: I just found out why. I checked my credit report and my car finance company doesnt report to transunion. Great, so when people pull transunion they will not see the 2 years of excellent payment history. Any way to get them to report to them?

[tcreegan]

Any way to get them to report to them? You bet! Ask them in a nice polite letter.