The Credit Score Car Dealers REALLY Use
Wednesday April 4, 2007
As if car dealers didn't already have enough secrets, here's another to add to the ever-growing list. If you're a savvy auto loan shopper, you check your credit score before walking into the dealership. With your credit score in hand, you're prepared to get the best loan terms possible. There's only one thing that could go wrong with that strategy. Your car salesman might be using a different credit score to approve your auto loan, one that you don't have access to.
Your FICO score has versions other than the one you're given through providers like MyFico.com. Different lenders can request your FICO score with Industry Options. One of which is the Auto Industry Option used by auto lenders to approve your car loan. Right now, you can't see your FICO score with the Auto Industry Option because it isn't offered to consumers.
If this is something you'd like have access to, write to the Fair Isaac Corporation expressing your interest. An increased consumer demand might encourage the offering of the FICO score Industry Option versions used by various lenders.
Your FICO score has versions other than the one you're given through providers like MyFico.com. Different lenders can request your FICO score with Industry Options. One of which is the Auto Industry Option used by auto lenders to approve your car loan. Right now, you can't see your FICO score with the Auto Industry Option because it isn't offered to consumers.
If this is something you'd like have access to, write to the Fair Isaac Corporation expressing your interest. An increased consumer demand might encourage the offering of the FICO score Industry Option versions used by various lenders.
Comments
Please tell me a bit more about this. I have worked in auto sales for ten years, and I have never heard of this one. I am also owner of the web site http://www.uncoversales.com
ya I found this out the hard way. I went to experian.com and paid $6 for my credit score. (655) My car was just totalled and I need to get a new one.
With this information I went to Wondries Chevy and they told me they didnt know any info about my interest rate just the payments they could get me.
Sooo against my better judgement (and under severe stress) I agreed to get the car.
Then they have me sign this paper saying that my credit score is 580 from experian.
I asked what was up and they said they run it on a different level.
I had also explained my issue and they told me it was no problem (about the car and my credit low cuz of my outstanding loan).
Turns out it was a problem. I need to wait until my loan is paid off before I try getting a car so I can have a higher score.
Yes I just went to a car dealership after cleaning up my credit report. It was reported my lowest score is a 680 but the dealership told me it was only 481. I know for sure I checked my credit report and waited for everything to be perfect.