did you know that when you check your credit score it is different than what lender wouldget?

Question

there are different catagories for each credit score
one for credit cards one for mortgage and one for auto
what the credit report companys dont tell you is that your credit score that you see is very different than what lenders see.

Answer 1

There is not supposed to be any difference. I just went through this. I found out something interesting. My score was 812.. which is high. I had NO outstanding debts NOW or before so I asked why not higher. They informed me that I had one credit card (which I do) and I owed $3,000 plus dollors on it. I explained that I get the bill each month and I have so many days too pay it off and I had not yet gotten my bill. They informed me that the best way to get an even higher bill is to pay off the credit card bill and not use it for a while during which time the credit report is being gotten... by so doing, I would show nothing besing owed on the credit report so it would have been even higher... THIS IS ASSUMING that you have not had any "bad" reports from your past.

Answer 2

I would ask you, "How did you find out?"

If U work in a Credit Company, Hey! I want to know more.

Make sure that info. is accurate.

If others say the same as U; Here, Then I'll be convinced.

Other testimonies as yours will strengthen your comment.

I would really like to know more on this, Because I have debts.

I applied last week for a loan, and they told me "Not approved"

The other day I applied for an account with Sprint, and they told me that I did approve.

I don't know what to believe!

Other answers to your comment might help me understand how this Credit issue goes.

Answer 3

Let's clear up this credit scoring issue.



There is one company the writes the programs for credit scoring, Fair Isaac Company, hence the acronym FICO. It is the ONLY credit score lenders use. Any other score that you see for sale on the web is a "Fake" score and may or may not be the same as your FICO score.



Some Car dealers use what they call an "Auto Enhanced" FICO score. It gives slightly higher points if you have a good history of auto loans then a regular FICO score and a lower score if you have a poor history of auto loans.



In fact I just traded in/bought 2 cars and my "Auto Enhanced" FICO score was 33 points higher than my regular FICO score(I checked before going to the dealer) because I have 2 active paid on time car loans and 5 paid on time closed loans/leases showing on Equifax. My wife's "Auto Enhanced" FICO score was 5 points lower than her regular FICO score because she only has the 2 active paid on time car loans and only one other paid & closed lease on her Equifax file.



Hope that clears it up for you.



Good Luck

Answer 4

there is a difference in scores. They use alot of different scoring models, so it would depend on the scoring model you got, and the one they used. Auto loans typically use auto scores, same as every other lender in America. So, it can vary, and I have seen them vary, a couple of times, by almost 100 points !

Answer 5

It shouldnt be, but they pull more than one bureau. Lenders often go with the middle score.