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Smart Shopper Credit Scores and Vehicle Financing
945 messages, Last post on Dec 06, 2009 at 9:30 AM
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Replying to: blh7068 (Apr 04, 2005 8:31 am) The ranges they mentioned were: 680 - 719 - 4.9% 720 - 739 - 3.9% 740 + 2.9%
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Replying to: maferna (Apr 04, 2005 8:56 am) |
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A couple points I wanted to make about credit monitoring. Most of these services are something like $10-$15 a month, depending on the bells and whistles you want. Do you want daily, weekly, or monthly updates? Do you actually want access to your report, or do you just want to know if things change? Do you want a credit score? If you want super complete monitoring for each of the 3 bureaus that starts turning into a decent chunk of change. Now, the cheapskate's (that would be moi) two step solution for credit monitoring: 1. Get the free credit reports every year from annualcreditreport.com. This doesn't include FICO scores, but it allows you to remove bogus info from your report. My report was OK, but my wife's had several errors that were dragging her score down. 2. Get a Providian Visa. I have one that I hadn't used for several years. When I called to close it, they transferred me to their "please don't close your account" department. They let me know that Providian provides free access to your Transunion FICO score, updated monthly, with e-mail alerts if your score changes by 20 pts or more. I kept the card just to keep access to the score  I know this isn't exactly real-time, but it's not bad. And the price is right... -Jason
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Replying to: blh7068 (Apr 04, 2005 8:31 am) They "could" be right, I can't say ... the problem with the credit bureau's is they don't have to be accurate, they're kinda like Kbb or Nada .l.o.l... all they have to do is report a score and what their interpetation is, most people don't know - and most don't care until they buy another home or another vehicle, and even then "most" will just take the added rate and forget about it 2 days later .... I have a friend that just bought a home and his rate was going to be 7.50% for a 30 year mortgage because of some credit issues that happened in 01 .. after I read thru his credit reports, he had 5 major inaccurate accounts with hanging balances and/or it showed "charged-off, and they weren't ... it took us 30 days and most got resolved (but the closing was coming due) so 6.5% is alot better than 7.5% on $275,000 .. if we would have had another 30/60 days, all of it could have been resolved and his scores would have moved up another 40+ points and probably would have seen 5.9% .... this stuff goes on all the time and most folks just ignore it ..... Terry 
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Replying to: blh7068 (Apr 04, 2005 8:31 am)
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Replying to: isellhondas (Apr 06, 2005 2:45 pm) isell- I wasnt really ticked as more surprised- I figured a 707 score would net me the best rate possible, oh well Im enjoying it just fine. |
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Replying to: jaserb (Apr 04, 2005 11:45 am) Same thing here. I was about to close my Providian Visa untill I found out about the free access to the FICO score. I only use it every couple of months just to keep it open. Question - My FICO score by Providian/Transunion is 666. Anyone know how good financing or loan companies consider that? And possibly what I'd get for rates? Anyone have a similar score and any finance/loan company recommendations?  Obviously the last thing I want to do is apply everywhere and bring my score down even more.
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Replying to: likeitornot (Apr 07, 2005 9:02 pm) You might be 641 with Experian and 622 with Equifax - and depending on the lender, they might use the 641 and then the rate changes .. thats the crazy part about scoring, you have no control ... Terry. |
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Terry brings up a great point.... We see folks who come in with print outs showing their credit scores...and we proceed to pull 3 totally different scores...then ford credit pulls one and gets another score. we aren't talking 2-5 points swings but 20-75 point swings. example...one bank uses an "auto beacon score" from trans union another uses a different scoring beacon with trans union and comes up with different numbers. Who has the correct one? They all might be correct in their own world. Essentially the only one that matters is what the financing bank has. scary. |
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| I heard somewhere that paying off your car loan could actually hurt your credit score. This has me concerned as I'm about to pay off my 2002 Seville STS. I have no plans to buy another car for at least two or three years. Will this hurt me then? | |
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