Your credit score is a very important part of the buying process, and a poor one can keep you from getting the car you want. There are many credit reporting agencies available, including Equifax, TransUnion and Experian. Fortunately, there is a simple way to check your score. You can find out your score by visiting the websites of these agencies.
Experian
FICO's Auto Score is a credit score that examines a consumer’s auto-related credit history. Because they provide both the general credit history of a consumer and details about their auto-related credit history, these scores are highly preferred by auto lenders. The FICO Auto Score was released in 2016 and is available through TransUnion, Equifax and Experian.
The scores can be slightly different, but they all contain the same information. FICO 8 is the most commonly used FICO score. FICO 9 is the least popular. FICO 8 (the industry standard) is used by many auto lenders as well as credit card companies. FICO 9 is the most recent version of the FICO score. It is used by Wells Fargo, and other select companies. Mortgage providers can use the TransUnion Score, although it's not as commonly used.
TransUnion
The TransUnion auto score is a credit score that focuses on auto loan underwriting decisions. TransUnion claims that it is the only one of its kind on the market. It uses alternative and current credit data to calculate an auto score. This score is used to make lending decisions by auto lenders and subprime creditors card companies. It predicts, among other things, whether an individual will default on auto loans or credit cards.
The score is calculated based upon a number of factors. It is typically between 300 and 850. This score is not enough to qualify for all types of loans. This will enable them to assess their credit score and to determine whether they are eligible to apply for loans.
Equifax
Your credit score is the first thing you should do when looking for an auto loan. There are three major credit bureaus, Equifax, Experian, and TransUnion, and these three report your credit scores. Each one calculates your score differently. Your credit score is what lenders use to decide if you're a candidate for auto loans.
Your FICO(r), or Auto Score, gives lenders an indication of how likely you are to be able to afford the car that you want. It features a scale of 250 to 900, and the higher your score, the less risk you are to default on your auto loan. It increases your chances to qualify for financing and will result in a better interest-rate. Your individual credit score will depend on many factors, such as income and financial information.
Wells Fargo
Wells Fargo is the world's largest financial institution. They provide a broad range of services including free FICO scores. These scores are not exclusive to Wells Fargo; they are based on credit information from one of the three major credit bureaus.
The Wells Fargo network can help you get approved for a car loan. These dealers are not available on the Wells Fargo site. However, you can reach out to individual dealerships to inquire if they may be interested in working with you. It may take some time, but it will give you an idea of what dealerships might offer you based upon your credit history.