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Posted in Auto Loans
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CCMonitoring7262016

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Transunion Score pulled 50+ points lower at car dealership
CK has the same credit score for Transunion as I found when I created (and paid) for an account on Transunion's website. When I went to a car dealership (same day) my credit score through Transunion pulled 56 points lower. Why would they be this significantly different than what I am pulling directly from the source?

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Please take a little time to read, as this has been discussed in much detail here.  Each lender will pull a different FICO score model. Although there is a push to go to the Vantage 3.0 used here, most lenders do not use it.  They want a customized scoring system based on their product and research as to what makes a high risk and low risk.   I just did a home refi and the two lenders both pulled scores higher than what is listed here (by 40-60 points), I got a car loan about 4 years ago and the dealership was telling me about 30 points lower than here.

The reason for the differences is that some will gove more wieght to certain things.  Amount of credit lines and usage maybe more important to a car loan, but length of credit and number of enquiries more important to a home loan.  These are only examples as the exact methodology for each scoreing systerm is not always known.

No matter what, you should get a letter from the company that shows what they deemed higher risk to justify the score they gave, may take a couple of weeks.

Use the score here as a benchmark (or any place you get your score), and a way for you to learn and see your score improve, or make choices about what is best for situation. Not as the end all be all when you talk to lenders.

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It's going to be down to FICO vs FAKO...

CK uses the VantageScore 3,0 scoring system and that can vary a lot from A FICO score that most lenders use.

There are multiple scoring systems. It can be frustrating but I get my reports from 6 different places...some are FICO and some are FAKO. There are a few discussions on here worth reading.

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