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Posted in Auto Loans
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LearningTheHardWay

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I just checked my credit scores with Equifax.........
........WOW! What a big difference. Here I was thinking that my scores were basically in the toilet and then I checked Equifax. I had to pay of course but the difference was huge. 100pts HUGE. These scores are way better than I could have hoped for and I am now feeling a bit more confident about getting a new car loan without having to jump through hoops. I have paid off 4 cars in the past with my credit Union that I have been a member of for 25 years with no late or missed payments. My credit has taken hits over the years but I am just surprised at the difference in points between Credit Karma and Equifax. I don't appreciate the fact that I had to pay to get the true scores but maybe now instead of guessing as to whether I have good enough credit as opposed to being told I have "Poor" credit the money paid was worth it. I'm wondering though........my scores on Equifax are 689, TU 709 and Experian 706....are they good enough to get a car loan for a newer car say 2014-2015 and / or a new car 2015 or better????

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I am assuming that you are talking about FICO scores, if not be sure you pull them. As far as I know Equifax does not give a FICO score with the subscription package, but they may have changed that by now, I am not sure, the only thing I am sure about is that FICO scores are the important ones. Assuming that the scores you listed are FICO, then I would say your scores are pretty decent to get approved for an auto loan, wouldn't be the best rate, but would not be bad either. Keep in mind though that more than credit scores go into a decision for a loan. Your overall credit profile is just as important as well as your debt to income ratio among other things. It is a great thing that you have 4 paid off auto loans on your reports. You may have to check with a few different lenders, but I doubt that you will have a problem as long as your debt to income ratio is good.

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