Free annual credit reports South Dakota

When you ask your salesperson why the interest rate is so high, you’re told that the rate is based on your credit score. Of course you respond back telling your salesperson about your 710 credit score that you have. The salesperson free annual credit reports South Dakota in turn tells you that your score isn’t a 710 it’s a 650! Now a 60 free annual credit reports South Dakota point swing in a credit report can equate to several points in an interest rate. It could be the difference between a 5% rate versus a 9% rate (or more). How much would that cost you in finance charges (that scenario could be my next Hub)?

But the question that you have running around in your head that you want answered is why the 60 point swing?

Your argument is you just got your credit score from an online credit reporting service the other day. Well the answer is quite obvious if you sit down and think with a little rational. You free annual credit reports South Dakota went online to some www.yourcreditscore.com web site and got your credit score. When you went into the car dealership, free annual credit reports South Dakota and they pulled your credit they didn’t go to that same site. u free credit report That being the case, do you think since the car dealership used a different service to pull your credit that your score could be different? You would think it should be the same or worst case scenario close. When you go online and have your credit pulled you’ll receive what I would free annual credit reports South Dakota call a generic credit score. After all, it’s a score based on your whole credit history.

Meaning it takes in effect how free annual credit reports South Dakota you’ve paid anything and everything you’ve had credit with; from auto loans, to mortgages, to credit free annual credit reports South Dakota card, to student loans, to personal loans. If your credit file is deep with all the above types of credit, and you had a 30 day late payment on a car loan your overall credit score wouldn’t be tarnished much assuming that everything else on there was perfect. where to get free credit report When a car dealer pulls your credit they are pulling what’s called and Auto Finance Score. In other words, the credit score that they get from one of the three credit reporting services (Equifax, Transunion, Experian), is an auto finance score based free annual credit reports South Dakota more on your pervious auto loans. So in the scenario above, if your credit file was free annual credit reports South Dakota perfect with all your creditors, but you had a 30 late payment on a car loan your auto finance score will take a big hit. The bottom line is there are two different scoring systems. When you go online you’re not getting an free annual credit reports South Dakota auto finance score. You’re getting an overall FICO score which is different than an auto finance score.  Banks that make car loans want to know more free annual credit reports South Dakota about your pervious car credit free annual credit reports South Dakota than how you paid back a student loan. There are other factors that make up an auto finance score that are different than an overall FICO online credit report score, but since I’ve never worked for a credit reporting company I don’t know of the exact formula they free annual credit reports South Dakota use. Like I said earlier…don’t waste your time buying a credit report online if you’re getting ready to purchase a vehicle. credit reporting free