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Posted in Auto Loans
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MsCG1021

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How come my credit score at the dealer was lower than on credit karma?
When the financing manager at the car dealership looked up my credit score it came up 100 point lower than my credit score on credit karma. I asked him and he gave an explanation but I didn't understand, something about looking at different aspects. Can someone explain?

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There are many many different scoring models, and not all the models were created equally, you need to know/find out which model is your scores (whatever you get your scores from)... 

Here in Credit Karma? They provides Vantage Score Version 3, if there is Version 3? There must be Version 2 and 1 or even perhaps "the original' Vantage Score, so right there just from one place alone, you could have 4 different scores...

If you were at car dealership? They might've use FICO "auto enhanced" scores which emphasize bit more on your previous auto loans or just use plain FICO score, but there are 49 different versions of FICO, and I am not sure if it includes the 3 that came out last year (FICO 9) one dealer could use FICO 8 and next dealer could pull your FICO 4...

On top of that? They don't all have same scoring range, while most goto up to 850, the industry specific model like auto/new account (credit cards) goes up to 900 and certain mortgage scores goes to some odd numbers like 834 or 818...

Bottom line, always try to find out what type and version of scores they use, and read the fine print or ask, when someone tells you what your scores are.

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