Because the credit score that you pull from one of the online services, have a different scoring system. Sometimes credit report government free North Carolina the scores can be comparable while other times there can be a significant difference.
You go into the car dealership with your with your chest out thinking you have that elusive 700+ score that everyone tells you that you need credit report government free North Carolina to have in order to get a low interest rate.
When it comes time to crunch numbers, you’re told that your interest rate is 9%. Of course you blow a head gasket (no pun intended of course) because you’re thinking with your 710 credit score your rate credit report government free North Carolina should be in the 4%-5% range.
When you ask your salesperson why the interest credit report government free North Carolina rate is so high, you’re told credit report government free North Carolina that the rate is based on your credit score. Of course you respond back telling your salesperson about your 710 credit score that you have. The salesperson in turn tells you that your score credit report government free North Carolina isn’t a 710 it’s a 650! Now a 60 point swing in a credit report can equate to several points in an interest rate. the credit report It could be credit report government free North Carolina the difference between a 5% rate versus a 9% rate (or more). How much would that cost you in finance charges (that scenario could be my next Hub)? But the question that you have running around in your head that you want answered is why the 60 point swing? Your argument is you just got your credit score from an online credit reporting service the other day.
Well the answer is quite obvious if credit report government free North Carolina you sit down and think with a little rational. You went online to some www.yourcreditscore.com web site and got your credit score. When you went into the car dealership, and they pulled your credit they didn’t go to that same site.
That being the case, do you think since the car dealership used a different service to pull your credit that your score could be credit report government free North Carolina different? free credit report online canada You would think it should be the same or worst case scenario close. When you go online and have your credit pulled you’ll receive what I would call a generic credit score. After all, it’s a score based on your whole credit history. Meaning it takes in effect how you’ve paid anything and everything you’ve had credit with; from auto loans, to mortgages, to credit card, to student loans, to personal loans. If your credit file is deep with all the above types of credit, and you had a 30 day late payment on a car loan your overall credit score wouldn’t be tarnished much assuming that everything else on there was perfect. When a car dealer pulls your credit they are pulling what’s called and Auto Finance Score.
In other words, the credit score that they get from one of the three credit reporting services (Equifax, Transunion, Experian), is an auto finance score based more on your pervious auto loans. So in the scenario above, if your credit file was perfect with all your creditors, but you had a 30 late payment on a car loan your auto finance score will take a big hit. The bottom line is there are two different scoring systems. When you go online you’re not getting an auto finance score. You’re getting an overall credit report government free North Carolina FICO score which is different than an auto finance score. www.free-annual-credit-report.com  Banks that make credit report government free North Carolina car loans want to know more about your pervious car credit than how you paid back a student loan. There are other factors that make up an auto finance score that are different credit report government free North Carolina than an overall FICO online credit report score, but since I’ve never worked for a credit reporting company I don’t know of the exact formula they use. Like I said earlier…don’t waste your time buying a credit report online if you’re getting ready to purchase a vehicle. Let the car dealership pay for credit report government free North Carolina it by pulling your credit. Once they do, they will tell you (or show you) what your auto finance score is.
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