We are looking into purchasing a new car in the next few months. We looked up our credit score and saw that the 3 credit reporting agencies had 3 different scores ( 723,716,693). Which score do lenders use when determining interest rate for an auto loan- the highest score or the lowest or do they take all 3 into consideration?
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It depends on the lender. Some may use all three, taking an average or the mid score. Some only use one credit bureau. But they use FICO scores. I bet that 693 is Equifax.
Equifax site uses FICO. TransUnion and Experian sites sell you Vantage (scale to 990 vs FICO’s 850). You can get FICO scores for TransUnion and Equifax at MyFico.com. Consumers can no longer get FICO scores for Experian. Third party monitoring services use Fakko scores.
Depends on the Lender. When purchasing my first home years ago they took the mid score. Have heard other take a mean / avg, others the low.
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It is more important in my opinion to check your credit report on a consistent basis than it is to check your score. As your score is determined by the information contained within your report. Thus the CREDIT REPORT is the critical piece of the puzzle. Reviewing your report regularly is the best way to ensure that whatever score you have is accurate. Particularly for example if your are thinking of becoming a Home Owner, at which point more than likely you will be applying for a Mortgage Loan
Reviewing your report is also important because you can spot identity theft fairly easily because you’ll see accounts or addresses that you don’t recognize. I reviewed my report a few years ago and discovered an address I didn’t recognize (along with a phone account). It took a few weeks but I had the matter cleared up. It didn’t affect my score but it’s important to keep your report as accurate as possible.
You will not be able to get your actual FICO credit score through the government website, you will need to use one of the options above.
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Specifically, how do you get your FREE CREDIT REPORT?
The nation’s credit reporting agencies have teamed up and built a website that you should use to get your free credit report. The site is http://www.annualcreditreport.com. You can also call them at 877-322-8228 and request your free credit report.
Contacting the Credit Agencies Directly
You can also call the major credit agencies directly and ask about a free credit report. However, the FCRA-mandated “Annual Free Credit Reports” are only available through the website and phone number above. In other words, you might have to pay if you contact a credit agency directly. Cannot overemphasize that the only way to get your annual FREE CREDIT REPORT is by using the organization above. If you go any other route, you may have to pay or subscribe to a private service.
http://www.putjahmosthigh.com/CREDITSCORE.htm
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.yoll.net
credit-report-score.10001mb.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.