Don’t head to the dealership unless you’ve checked your credit score. If you plan on applying for a car loan or lease, it’s imperative to know where your credit stands. Listed below are a few places where you can purchase your credit score. The FICO score is the most common score used by lenders, but there are others, so ask the lender which one they pull.
AnnualCreditReport.com – view your credit report for free once a year from each of the three major credit bureaus. Purchase your score (usually not your FICO score) from TransUnion or Equifax for about $7 to $10 each.
New Version of VantageScore in Use, Better Predicts Consumer Credit Repayment
A new version of VantageScore is now in use at Equifax, Experian and TransUnion. The new version of the credit scoring model was released in October 2010 and has been in a testing phase since. It was updated to reflect the significant change in consumer credit repayment behavior, said Sarah Davies, senior vice president of product management, analytics and research at VantageScore Solutions. Va[…] Read More.
What is Not Included in Your Credit Score
Most auto loan lenders use your FICO score as part of the application process to determine if you’ll qualify for a car loan and if so, at what interest rate. While some auto lenders do use other credit scores like VantageScore, the FICO score is the most widely used. We’ve previously covered what your FICO score is made up of, but there are several items that consumers might think are part of the[…] Read More.
Free Credit Scores – What’s The Catch?
One of the most important steps before applying for a car loan is to find out what your credit score is before you even head to the dealership. Car shoppers will then know where they stand when it comes time to negotiate the auto loan or lease’s financing. Most consumers have figured out by now that the advertisements about free credit scores really aren’t free. Most services give you[…] Read More.
Auto Loan Lenders May be Looking at Vantage Score, Not FICO Score
Did you know that the FICO score isn’t the only credit score available? Because it has been around for so long, its name is almost synonymous with the words “credit score”. Credit score, FICO score – same thing, right? Not at all. The FICO score is a scoring model from Fair Issac. FICO’s competitor, VantageScore, is a credit scoring model most people haven’t ev[…] Read More.
- Check your credit score
- Tips to improve your credit score
- How credit score affects auto loans
- Credit scoring agencies
- Car buyers’ personal credit stories
- Bad credit car loans
|STEP 1: Check/Improve credit score
|Tips to improve your credit score