Credit scores are an essential part of car purchasing. A poor credit score can prevent you from buying the car you want. There are several different credit reporting agencies, such as Equifax, TransUnion, and Experian. You can easily check your score with an online tool. Visit these websites to get an estimate of how high you are.
Experian
FICO Auto Score is an auto-related credit score. These scores are popular among auto lenders, as they include both the consumer's general credit history along with details of their auto credit history. TransUnion Equifax, Experian and Equifax released the FICO Automotive Score in 2016.
Although they may have different scores, all of them represent the same information. FICO 8 & FICO 9 are both the most used FICO scores. The FICO 8 is the industry standard and is used by many auto lenders and credit card companies. FICO 9, the latest version of FICO, is used by Wells Fargo as well as a few other companies. Mortgage providers use the TransUnion score, but it isn't as common.
TransUnion
TransUnion's auto score is a credit score that emphasizes auto loan underwriting decisions. TransUnion claims that it is the only one of its kind on the market. It takes alternative and popular credit data and generates an auto score for each individual. This score is used by auto lenders and subprime credit card companies to make lending decisions. It predicts, among other things, whether an individual will default on auto loans or credit cards.
The score is determined by a variety factors and can range between 300 and 855. It should be noted that it does not qualify an individual for every type of loan. However, it will allow them to better understand their credit situation and make sure they are eligible to receive loans.
Equifax
When you're looking for an auto financing, the first step is to establish your credit score. Equifax, Experian, or TransUnion are the major credit bureaus. These three credit agencies report your credit scores. Each has its own way of calculating your score. Your credit score will help lenders determine if you are a good candidate for their auto loans.
Your FICO(r) Auto Score is a report that gives lenders an idea of whether you can afford the car you want. It features a scale of 250 to 900, and the higher your score, the less risk you are to default on your auto loan. This will increase your chances of getting financing and receive a better interest rate. Your individual credit score will depend on many factors, such as income and financial information.
Wells Fargo
Wells Fargo, one of the most important financial institutions in the globe, is Wells Fargo. They offer a variety of services to their customers, including free FICO Scores. These scores are not only for Wells Fargo, they are based upon credit information from any of the three major credit agencies.
The Wells Fargo network's dealer networks can help applicants get approved for car loans. While the Wells Fargo website doesn't list these partners, you can contact individual dealerships to see if they work with them. Although this may take some time it will tell you what dealerships are willing to offer you based your credit history.