Your credit score is a very important part of the buying process, and a poor one can keep you from getting the car you want. There are several credit reporting agencies such as Equifax TransUnion and Experian. There is an easy way to see your credit score. These agencies offer a quick way to estimate your score.
Experian
The FICO Auto Score is a credit score that focuses on a consumer's auto-related credit history. These scores are preferred by auto lenders because they show both a consumer's general credit history and the specifics of their auto-related credit history. TransUnion, Equifax, Experian have the FICO auto 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 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. Mortgage providers often use TransUnion scores, although it is not as popular.
TransUnion
TransUnion's auto credit score focuses primarily on auto loan approval decisions. The TransUnion company claims it's the only score of this type in the marketplace. It takes alternative and popular credit data and generates an auto score for each individual. This score is used for lending decisions by auto lenders as well as subprime credit cards companies. 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. This will enable them to assess their credit score and to determine whether they are eligible to apply for loans.
Equifax
If you are shopping around for an auto loan, your first step should be to get your credit score. Equifax and TransUnion are the main credit bureaus. They report your credit scores. Each has its own way of calculating your score. Lenders will use your credit score to determine if you are a suitable candidate for an auto loan.
The FICO(r), Auto Score, is a report that provides lenders with an indication of your ability to afford the car you desire. The score ranges from 250 to 900. The higher your score, you are less likely to default on an auto loan. It also increases your chances of qualifying for financing and receiving a better interest rate. However, your credit score is affected by many other factors, such income and financial information.
Wells Fargo
Wells Fargo has the distinction of being one the largest financial institutions worldwide. 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 is a collection of dealers that can help you obtain a loan for your car. These dealers are not available on the Wells Fargo site. However, you can reach out to individual dealerships to inquire if they may be interested in working with you. This can be slow, but you will get a list of dealerships that will offer you the best deal based on your credit score.