A credit score is very important in the purchase process. If it is not good, you may be prevented from getting the car of your dreams. There are many credit reporting agencies like Equifax TransUnion and Experian. There is an easy way to see your credit score. Visit these websites to get an estimate of how high you are.
Experian
The FICO Auto Score is a credit score that focuses on a consumer's auto-related credit history. These scores are preferred by lenders as they reflect both the general credit history and specific details of an individual's auto-related credit history. TransUnion Equifax Experian has the FICOAuto Score.
Although scores are slightly different, they all convey the same information. FICO 8 & FICO 9 are both the most used FICO scores. FICO 8 (the industry standard) is used by many auto lenders as well as credit card companies. The newest version of the generic FICO score is FICO 9 and is used by Wells Fargo and a select few others. Mortgage providers often use TransUnion scores, although it is not as popular.
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. The system combines trending and alternative credit data to produce an auto score. This score is used by subprime credit card firms and auto lenders to make lending decisions. It predicts, among other things, whether an individual will default on auto loans or credit cards.
The score is calculated based upon a number of factors. It is typically between 300 and 850. It is important to note that not all loan types are eligible for the score. However, it will allow them to better understand their credit situation and make sure they are eligible to receive loans.
Equifax
The first step in your search for an auto loan is to check your credit score. There are three major credit bureaus, Equifax, Experian, and TransUnion, and these three report your credit scores. Each bureau calculates your score in a different way. Your credit score will help lenders determine if you are a good candidate for their auto loans.
The FICO(r), Auto Score, is a report that provides lenders with an indication of your ability to afford the car you desire. It is a scale from 250 to 999. The higher your score the lower your risk of defaulting on your auto loan. This will increase your chances of getting financing and receive a better interest rate. However, your credit score is affected by many other factors, such income and financial information.
Wells Fargo
Wells Fargo, one of the most important financial institutions in the globe, is Wells Fargo. They have an extensive array of services for 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 is a collection of dealers that can help you obtain a loan for your car. The Wells Fargo website doesn’t list these partners. You can however contact individual dealers to find out if their dealerships work with you. Although this may take some time it will tell you what dealerships are willing to offer you based your credit history.