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Posted in Auto Loans
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Flyingifr

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What is the "Blackbook" credit scoring system used by New Car dealers?
I went to two new car dealers' sites and used the "estimate your credit score" option and I got a "Blackbook" score of approximately 700 which is 50 points higher than my FAKO scores on Equifax and TU.

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Black book

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is a credit estimator.  It's like FICO and the others but only generates a "Soft inquiry" because it does not verify all your credit info. Much the same way banks generate credit card offers to propective customers.  

Personally, I always suggest pre-qualifing for your auto loan through your own Credit Union or bank. It's like walking in and negotiating with cash when you go to the dealer. You'll know what you've qualified for in advance and what your going to pay for it (usually lower that finance companies). Plus it will prevent the dealer from "shopping your loan" preventing multiple inquiries on your credit report.

Good Luck  

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