Question re: purchasing and credit scores? - Toyota Yaris Forums

YarisBlazer · 08-26-2006, 03:07 PM

Hi, Im getting ready to apply for my car loan at my credit union; I am concerned about the interest rate I will get; my FICO SCore is 637 but my PLUS score is 769 (???) How can the two scores be so different and which one do most credit unions or banks use for car loan applications ? Sorry if this is a bit off-topic from the Yaris discussions but this does relate to my Yaris purchase : ) Thanks ! I will be happy if I get 5.95 %.

pennystocks · 08-26-2006, 05:25 PM

Some stuff reports to only 1 or 2 of the main credit beauru's. Each beauru has a diff score. Look on each beauru and see wats reported. My dealer used Transunion for my credit report.

Also, are you using a legit fico score, like i used to use identityguard.com. The scores they give you there aren't true fico scores. I'm usin myfico.com now.

With 769 score you should have no problem gettin like 6% or so APR

Also if you have a short credit file the scores will bounce around alot. Myfico.com wont even give you a score until you have at least 6 months of credit history.

Hope that helps

60 Somethings · 08-26-2006, 06:32 PM

What happens Eventually:

You get old, pay cash and thumb your nose at the credit scores.

I have no idea what ours is/are (didn't know there was more than one!).

When we bought 4Runner in Feb (Yaris was in April), I just submitted the normal Toyota credit app for one of their 2.9% loans (actually more like 4.5% because we gave up a $1,000 rebate to get it) and salesman phoned just after the 20 minute ride home that it was approved.

After 40+ yrs you usually know if you have a good or marginal record.

I feel bad for the younger folks having to play the credit score game. I was in credit and collections in my 20's and scoring was used only to speed up the evaluation of promotional applications, and was usually done by the credit grantors themselves. Now it's a "money saving service" sold to them by the credit reporting agencies.

There appears to be little human evaluation, it's just by the numbers. Then they sell their consumers "services" too, so you can know/track/improve your "credit score". It appears to be a very profitable business for those running it.

fantabulousbaby · 08-26-2006, 08:03 PM

Fyi I just bought my 'S' and fleet manager told me they run FICO AUTO. So it's prolly a diff score than Fico score with credit cards and history, etc. Also: they usually run Transunion, whom I feel is most 'discriminating'. Out of my 3 scores from the agencies, it's always the lowest. And, another word on the scores we get from truecredit.com or all the other companies we pay to get credit reports/ monitoring from; if you read in their disclaimer they are not actualy FICO scores, but simulated ones. True fico scores can only be obtained through Fico and are more costly. So the scores we think we have.. are not really. From now on I won't try too hard to figure out what exact score is.. it varies!

YarisBlazer · 08-26-2006, 10:43 PM

Thanks guys for all the great info! This is the best forum on the web! You guys are the best! Can't wait to get my Yaris !!!

08-26-2006, 03:07 PM	#1
YarisBlazer Drives: 2007 Yaris Liftback Join Date: Jul 2006 Location: temple terrace fl Posts: 52	Question re: purchasing and credit scores? Hi, Im getting ready to apply for my car loan at my credit union; I am concerned about the interest rate I will get; my FICO SCore is 637 but my PLUS score is 769 (???) How can the two scores be so different and which one do most credit unions or banks use for car loan applications ? Sorry if this is a bit off-topic from the Yaris discussions but this does relate to my Yaris purchase : ) Thanks ! I will be happy if I get 5.95 %.

08-26-2006, 06:32 PM	#3
60 Somethings Old Folks View User's Garage Drives: 2007 Yaris LB, 2006 4Runner V8 Join Date: May 2006 Location: Vancouver, USA Posts: 222	What happens Eventually: You get old, pay cash and thumb your nose at the credit scores. I have no idea what ours is/are (didn't know there was more than one!). When we bought 4Runner in Feb (Yaris was in April), I just submitted the normal Toyota credit app for one of their 2.9% loans (actually more like 4.5% because we gave up a $1,000 rebate to get it) and salesman phoned just after the 20 minute ride home that it was approved. After 40+ yrs you usually know if you have a good or marginal record. I feel bad for the younger folks having to play the credit score game. I was in credit and collections in my 20's and scoring was used only to speed up the evaluation of promotional applications, and was usually done by the credit grantors themselves. Now it's a "money saving service" sold to them by the credit reporting agencies. There appears to be little human evaluation, it's just by the numbers. Then they sell their consumers "services" too, so you can know/track/improve your "credit score". It appears to be a very profitable business for those running it. Last edited by 60 Somethings; 08-26-2006 at 10:48 PM.

08-26-2006, 05:25 PM	#2
pennystocks View User's Garage Drives: 07 Civic Si Coupe(Black Pearl) Join Date: May 2006 Location: Chicago, IL Posts: 159	Some stuff reports to only 1 or 2 of the main credit beauru's. Each beauru has a diff score. Look on each beauru and see wats reported. My dealer used Transunion for my credit report. Also, are you using a legit fico score, like i used to use identityguard.com. The scores they give you there aren't true fico scores. I'm usin myfico.com now. With 769 score you should have no problem gettin like 6% or so APR Also if you have a short credit file the scores will bounce around alot. Myfico.com wont even give you a score until you have at least 6 months of credit history. Hope that helps

08-26-2006, 08:03 PM	#4
fantabulousbaby Drives: 3 series Join Date: Aug 2006 Location: Houston Posts: 75	Fyi I just bought my 'S' and fleet manager told me they run FICO AUTO. So it's prolly a diff score than Fico score with credit cards and history, etc. Also: they usually run Transunion, whom I feel is most 'discriminating'. Out of my 3 scores from the agencies, it's always the lowest. And, another word on the scores we get from truecredit.com or all the other companies we pay to get credit reports/ monitoring from; if you read in their disclaimer they are not actualy FICO scores, but simulated ones. True fico scores can only be obtained through Fico and are more costly. So the scores we think we have.. are not really. From now on I won't try too hard to figure out what exact score is.. it varies!

08-26-2006, 10:43 PM	#5
YarisBlazer Drives: 2007 Yaris Liftback Join Date: Jul 2006 Location: temple terrace fl Posts: 52	Thanks guys for all the great info! This is the best forum on the web! You guys are the best! Can't wait to get my Yaris !!!