Your credit score is an important aspect of the car-buying process. A low credit score could prevent you from purchasing the car that you desire. There are several credit agencies that can help you check your credit, including Equifax and TransUnion. You can easily check your score with an online tool. By visiting these agencies' websites, you can get an estimate of your score.
Experian
FICO Auto Score is an auto-related credit score. These scores are preferable by auto lenders as they both show a consumer’s credit history and the details of their auto-related credit. TransUnion, Equifax, Experian have the FICO auto score.
Although they may have different scores, all of them represent the same information. The two most widely used FICO scores are the FICO 8 and FICO 9. FICO 8 is the industry standard. It is used by many credit card companies and auto lenders. The newest version of the generic FICO score is FICO 9 and is used by Wells Fargo and a select few others. The TransUnion score is used by mortgage providers and is not as widely used.
TransUnion
TransUnion's Auto Score is a credit score which focuses on auto loan underwriting decisions. It is claimed to be the only such score in the market. The company uses trending credit data and alternative credit data to create an auto score. This score is used by subprime credit card firms and auto lenders to make lending decisions. This score predicts whether an individual will default or not on their credit cards and auto loans.
The score is determined by a variety factors and can range between 300 and 855. It is important to note that not all loan types are eligible for the score. However, it will help them to understand their credit situation better and be eligible for loans.
Equifax
The first step in your search for an auto loan is to check your credit score. Equifax (Experian), TransUnion and Experian are the three major credit bureaus. All three of these credit bureaus report your credit score. Each bureau calculates your score in a different way. Your credit score can help lenders decide if your are a good candidate to receive auto loans.
FICO(r), your Auto Score gives lenders a good idea of your financial situation. The score ranges from 250 to 900. The higher your score, you are less likely to default on an auto loan. This increases your chances of being approved for financing and getting a better 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. The company offers a vast array of services for its customers, including free FICO scores. These scores don't just belong to Wells Fargo. They can be derived from credit information from all three major credit bureaus.
The Wells Fargo network's dealer networks can help applicants get approved for car loans. Although the Wells Fargo website does not list these dealers, you can contact them to find out if they are interested in working with them. Although this may take some time it will tell you what dealerships are willing to offer you based your credit history.