Because the credit score that you pull from credit report scores free Philadelphia one of the online services, have a different scoring system. Sometimes 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 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 credit report scores free Philadelphia blow a head gasket (no pun intended of course) because credit report scores free Philadelphia you’re thinking with your 710 credit score your rate should be in the 4%-5% range. When you ask your salesperson why the interest rate is so high, you’re told that the rate is based on your credit score. Of course you respond back telling your salesperson about your 710 credit report scores free Philadelphia credit score that you have. check credit history
The salesperson in turn tells you that your score isn’t a 710 it’s a 650! Now a 60 point credit report scores free Philadelphia swing in a credit report can equate to several points in an interest rate. It could be 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 credit report scores free Philadelphia 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 credit report scores free Philadelphia reporting service the other day. 3 credit report score
Well the answer is quite obvious if 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 different? 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 credit report scores free Philadelphia 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 credit report scores free Philadelphia was perfect. free credit report form 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 credit report scores free Philadelphia on your pervious auto loans.
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