Credit Score

[lisamiller]

I am looking to buy a new car. I wanted to know what my credit score was so I was going to check my FICO score when I found out there is a new credit scoreing system. Does anyone know which system dealers use to check your credit. If anyone can help please let me know. I wanted to know what kind of intrest rate I am eligible for. The last time I checked it was 624.

[exsalesman]

In most cases a dealership will pull all 3. The reason is they will each have a different score, the dealer will use your higher score so you qualify for a better rate

['97ventureowner]

The last thing I read on the new scoring system was that many lenders were still sticking to the FICO scores, although that can vary also from each credit reporting agency. In fact one story I read said this individual they had interviewed checked his score, then went applying for a loan. He checked his score with each lender,(I think there was 3 or 4 total, and only one score came close to the one he originally saw. One place was over 75 points difference!)I know they are trying to make the reporting process more streamlined between the reporting agencies, so individuals' scores will be more uniform. With a score of 624, you should be able to get a decent rate at most lenders,it isn't exactly "high tier" but rather falls in the middle on most charts. Some lenders I've seen in the past prefer a score over 600, so you're good there.What bothers me is each agency uses a different score range. Some start at 300 and go up to 800, and some start higher and end up at a higher figure.
One thing to watch when dealing with a salesman is when they run your credit to see what rate you qualify for, they are given a range. For example John Smith's score is 655. His loan rate is between 7.5 and 8.75% for the term he is looking for.) What some salespeople will do is quote you at the high end of the rate scale, say 8.5 or 8.75%. They end up making more money this way and even though they could give you the lower end (7.5%) they choose not to. Ask them if that's the best rate they have. If they don't want to show you the paperwork from the bank with the loan rate listed for you, then I'd be a little wary of their business practices. I experienced this last October on my latest vehicle purchase. I ended up getting my vehicle financing through my credit union, no hassles and there was only one advertised rate for the term,(no ranges).