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Question By
lmyers2525

2 Contributions
11 People Helped
score on Karma credit was 624-went to the dealership and was told my score was actually 494? Advice?

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1 Contribution
78 People Helped

Dealerships lie

Helpful to 78 out of 81 people

I had been car shopping and had just gone through a divorce.  I had been watching my credit score religiously because I had to clean a lot of my ex's bad credit up.  I waited until all my scores, Experian, Trans Union, Equifax were all about 700.  Made a deal with my local dealer and when I came in to sign the papers, they told me my score was 645 and jacked up my payment $70 a month.  Needless to say I walked out.  The dealership kept calling me, pressuring me to buy the car and I just resigned myself to the fact that I was not getting a car.  

Well, since my credit had already been pulled, I went to another dealership and had them pull it again.  Figured it wouldn't hurt at this point. The second dealer was a larger dealer and they said that they pulled the same transunion and came up with a score of 690.  They told me there was no problem getting credit and they would give me a deal.  So needless to say, when the original dealership called back, I told them how I felt.   Suddenly they were able to offer my financing even lower than we had originally agreed upon.  I feel like they take advantage of people and embarrass them into signing a loan.  He told me I had 2 late payments on my previous car loan and that had reduced my credit.  The other dealer saw those as well, and said they aren't that big of deal.  It was 30 days and only 2 so they said it would not impact anything that much.  

So here is my advice.  Watch your score and know what credit reporting service the dealership pulls from.  I knew which one they pulled from because I saw the hit on Credit Karma.  If the dealershp score is more than 20 points different, I would be skeptical.  I would make them review the score with you.  And do not believe the BS about all these other scores.  The second dealership i spoke to said they do look at other things, but start with your basic credit score.  It should not be a huge surprise.  And most importantly---don't ever sign anything that changed at the last minute.  My dealershihp changed my agreement the day I went to pick up the car. I had a friend drop me off and had to call them back when they were 40 miles away.  But I can tell you that $70 a month-over the life of a loan is a lot of money!

Reply by
joeywells2

1 Contribution
12 People Helped
Helpful to 12 out of 19 people

I recently read that the dealers have a relationship with most credit companies and if they increased the interest rate on a loan, the amount would be split between credit company and the dealership, in your case $70.

I never went to a bank directly for a car loan, but going forward i will.  I encourage everyone to beware of these dealers.  They're like snakes in the grass just looking for an uneducated consumer.  Not saying you were unedcuated, because you did walk out, but you had no idea why your score suddenly dropped to 645, but you didn't let them sucker you in. 

Reply by
cjbavaro

8 Contributions
10 People Helped
Helpful to 4 out of 6 people

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I believe joeywells2 is correct. They're all like that. It's always a batter with these guys. They see SUCKER written accross every forehead that walks through the doors. You have to be very agressive with these clowns. And never be affraid to walk out.

Reply by
fasterthanlife

2 Contributions
3 People Helped
Helpful to 3 out of 5 people

That's good info to know. Wish I had known this sooner. A few years back I thought my credit score was 680 and the dealership also said it was 640 and asked for more down payment. I needed this car desperately as I was a single mom with no patience. I shoved out $400 more and regret it, because the car ended up giving me problems in the future. I wish I had taken my time when getting the car in the 1st place. Lesson learned. I have Credit Karma and Credit Sesame. My credit took a falling but working diligently to get it where it use to be. 

Reply by
Kgauvin603

1 Contribution
0 People Helped

Exactly the same thing happen to me at Autfair Honda in Manchester NH. The hilarious thing was that the “included, required” maintenance package was clearly listed as optional on the contract. The nonsense was beyond comprehension. “Let me see if I can use coupons or incentives”. He was trying to close an artificial $70 payment gap. I finally said, I don’t distrust your numbers, but please show me where mine are wrong? Payment came down and I acquiesced on the oil/maintenance package. It was 795.

1 Contribution
2 People Helped

Helpful to 2 out of 2 people

Well, first off, Credit Karma and Credit Seasame are Vantage Scores, not real FICO scores. They are for educational purposes only. 

1 Contribution
3 People Helped

Ken

Helpful to 3 out of 4 people

Batman

they are Robin u😪

1 Contribution
20 People Helped

Helpful to 20 out of 31 people

Alway take copies of your credit score too the dealershio so they don't have too run your credit then u will be stuck a whole year with a hard inquiry and a response back not approved for your car loan there gimmicks u have too be a step ahead.

Reply by
earnie13

1 Contribution
39 People Helped
Helpful to 39 out of 42 people

I sold vehicles for 18 year's, and had repeat customers.  It does not matter if you take your report to them or not, they will pull it again.

even if it was the same day, thats just the way it is, right or wrong.

Reply by
Draven13

1 Contribution
5 People Helped
Helpful to 5 out of 9 people

I think having your own credit report on hand is really good.

You can have discussions on whether they can give you the deal you want on the car you want and base it on the numbers you have on paper. It could be a NO which will make it a lot easier to walk away since there is no ding on your report from them running it, becuase you did not allow it. The deal would not go through.

When it all goes right, the Deal you want has been found, agreements are made pending verification of your report, which is totally fair for them to do, you will have successfully gone car shopping with only one pull on your report. That's a great thing.

It's a great idea, If a dealer WILL NOT work with your,  talk to you about a deal without running your report, just walk away. Don't let anyone push you into running your report. They don't care about those hits. They care about selling cars and that would be a very pushy salesmen I don't think one could trust and you should walk away.

Reply by
ViaVeritas

2 Contributions
5 People Helped
Helpful to 5 out of 7 people

Auto loans use a different Fico scoring method that we the consumer do not have access to. How exactly Fico determines our score is a closely guarded secret (considering it's our credit I don't see why this is allowed) so knowing what the exact score will be is impossible until the lender pulls it. However it's probably safe to assume it won't be far off + or - from the credit scores that you're able to access. The majority of credible dealers will disclose the minimum credit score required to receive a certain APR. For example to receive a 2.9% APR they require a 750 or higher credit score. If the 3 bureaus have you scored at 756, 748 and 750 than don't be surprised if your Fico auto score is under 750, though I doubt it would be. I highly doubt any dealer would accept a credit report that you pulled yourself regardless of whether or not it's the same report they'll use. Counterfeiting is far too easy and they're not going to risk loaning you thousands of dollars based off a potentially fake credit report just to avoid putting a hard pull on your report.

Reply by
cjbavaro

8 Contributions
10 People Helped

Most inquieries will last 2 years. They will tell you that bringing your own report will not matter because they use a differant scoring proccess. I'd like to see this other scoring that they use, I can never find it! 

1 Contribution
1 Person Helped

getting rejected for auto loans

Helpful to 1 out of 1 people

I have a 675  transunion credit score and 630 equifax accordingto CK and I am getting rejected for auto loans of only $17,000 left and right or horrible interest rates and monthly payments. Is this happening to anyone else. BOA said my credit score (unnamed btw) was only 600! how is this possible?!

Top Contributor
124 Contributions
300 People Helped
Helpful to 1 out of 1 people

Credit Karma does not give you your FICO score, they give you your vantage score.  Big difference.  Always get your FICO score before applying for any type of lending.

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244 Contributions
456 People Helped

Helpful to 25 out of 30 people

I  checked my sisters score 3 weeks ago Credit Karma said she was a 626, dealership laughed and said she was tier 1 and transunion auto fico score really was 722 and experian 735. Thats a difference from a subprime-lender to a tier 1  0.9 interest offer from toyota. Im still trying to figure out how they are so far off. Credit Karma has some serious issues to work out. I wonder with my 735 credit karma score am I really  an 850, no but i had the dealer run mine out of curiosity and had a 792 score.

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Reply by
tg101688

497 Contributions
1279 People Helped
Helpful to 17 out of 25 people

Are you sure that dealership was pulling FICO scores? Those scores appear to be Vantage Score which is a different scoring model that uses 501-990 instead of 300-850 that FICO uses. Vantage Scores tend to be 50-100 points higher than Credit Karma's scores and FICO scores which seems to match the differences with the scores you posted. In fact I've been tracking both my own Credit Karma scores and FICO scores for the last 6 months now and there only seems to be a 12+/- difference between the 2 scores.

Reply by
lmyers2525

2 Contributions
11 People Helped
Helpful to 9 out of 13 people

Well from what they told me it was a report from transunion.  Which I thought Credit Karma used so I am looking into how my score on here could be reported a 624 and according to them it's 494.  SOunds like someone is way off.  Just not sure who yet.  Thanks!

Reply by
SeanWisdom

1 Contribution
11 People Helped
Helpful to 11 out of 16 people

Scores are not universal, FIco has different calcuations depending on what you need a loan for, if you want a mortgage you have a mortgage credit socre if you want a car you have a car loan credit score, the score on credit card is closest to your credit card credit score. 

Dont think you have one universal score regardless of what kind of loan you are looking for..really surprised no one has mentioned this yet. 

Reply by
cjbavaro

8 Contributions
10 People Helped

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The Differences Between Base FICO and FICO Auto Scores

The Base FICO Score helps lenders assess your likelihood of not paying back a borrowed sum in the future. This can be related to any and all of your credit obligations including a mortgage, credit card, car loan, student loan or personal loan. Base FICO scores range from 300 – 850.

Reply by
fasterthanlife

2 Contributions
3 People Helped

Are you serious! That doesn't make me feel secure using this service! what the hell!

Top Contributor
2698 Contributions
1039 People Helped

Helpful to 7 out of 8 people

Your CK score is close to the Transunion score and you can verify this by just reviewing some of the questions in the CK advice area. 

2 Contributions
11 People Helped

Helpful to 2 out of 3 people

 Thanks, anyone know how scores can differ so greatly?

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Reply by
Klien

73 Contributions
101 People Helped
Helpful to 6 out of 8 people

because debtors, lenders, collectors don't always report to all 3 credit agencies.  So its possible to get a 700 score at transunion and say 600 at equifax for example. 

Why its best to check scores at all 3 bureaus before applying for any type of loan.  that way your better prepared. 

and like was already mentioned, Credit karma reflects Transunion's report.  Equifax or Experion could be 100 points different.

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Reply by
tg101688

497 Contributions
1279 People Helped
Helpful to 3 out of 8 people

You can read about it here http://www.creditkarma.com/article/differentscores

It is likely that dealership was pulling from a different credit bureau. You may want to check all your credit reports -- annualcreditreport.com -- to find out why theres a big difference with your credit scores as it is possible to have errors on your reports and not even know about it.

3 Contributions
22 People Helped

Credit Karma scores are incorrect

While it is true that dealerships use a different scoring tool than credit bureaus, CK is still far off from credit bureaus. I received my score of 701 from a credit bureaus, yet CK says my score is 591. Huge difference. I think they just guess. Not accurate at all. They probably are more profitable selling you cc and loans from their site while making you feel as if you have less options. It's a bit of a scam. They definitely have an agenda.

1 Contribution
1 Person Helped

Helpful to 1 out of 6 people

dealerships also try to trick you into paying more intrest. let say they run ur credit by all three credit union they will take the lowest score so that you can pay more intrest.

Top Contributor
124 Contributions
300 People Helped

In my case the dealer used the "middle" score.  Fair enough.  Have all your FICO scores prior to applying so you know the truth.  The dealers, I was told, make commission off the interest rate.  I am not sure how true this is as I have asked car dealers and some said yes and some said "that's aburd".  

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