Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
Miffed52

0 Contributions
0 People Helped
I have a transunion score of 768. Equifax is 759. Fico score came back 668. I do not get this. Got .
Got turned down for 22,000 auto loan

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
935 Contributions
133 People Helped
Most Helpful Response

Helpful to 1 out of 2 people

The scores on Credit Karma is not a true FICO score, it is their formula using the Advantage Score based upon information on your actual credit report.   Many times, the 100 point difference is not uncommon.   Even the scores you get from your various credit card web sites is not your true FICO score.  Its their formula based on information they obtain.   There are as many different FICO scores as there are firms offering credit.   They weigh the factors based on their own unique model.   When you were declined, you received a letter indicating why you were turned down.   When you applied you were entitled to obtain a free copy of your credit report from whichever credit bureau they chose to use.   It will not include the actual score, just all the factors.   In addition to this entitlement, the auto loan firm will provide you with the reasons for their denial.  (IE: Utilization, public record, etc.)   Take this information, look to your report and work to improve that situation.   Also, keep in mind that you were denied by this one firm.   There are many firms out there offering auto loans at various interest rates.   Were you turned down for a specific type loan (IE: 0% interest)?   Depending upon where you were trying to secure the loan, some used car dealers only deal with one finance company.   A major new auto dealer that also has used cars usually have multiple firms they lean on based on your chance of approval.   If you hold a credit card from a firm what offers auto loans, check your chances with them (Chase, Capital One, USAA and others.)    I recently inquired and was told the best they could do was a maximum 15,000 loan while the auto dealer arranged for a brand new vechile with a respectable interest at three times that amount.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.