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I pulled my FAKOs from all three credit bureaus and averaged them together and figured I had about a 650 credit score. Not the best, I know. But after many years of paying things down I finally thought I would be able to get into the car of my dreams. Went to the dealership with $ 2000 down, they ran my credit through Equifax/Beacon and IT’S A 547!!! They cannot finance me. Is it normal for a FAKO to be 103 points off from a FICO? I mean wtf is going on? This is ridiculous, I’ll never be able to get my car now!
I pulled my credit report and score from all 3 bureaus, this was not a calculator or an estimator. This was all three scores and reports from freecreditreport.com
I already have a POS car and ten POS cars before that I’ve dumped thousands into to keep running. I make a decent wage and I’m tired of turning wrenches on my weekends and vacations. Everything on all three of my credit reports have been taken care of. I just don’t and haven’t ever had any credit cards.

3 Thoughts on What is going on with my credit score?
  1. Reply
    My Take on It
    July 9, 2011 at 8:18 pm

    Yes, it is VERY normal for the scores to be so far off.
    I am assuming you went to one of the score guesstimator sites? All they go on is the info YOU provide. They don’t run an inquiry on your credit report to get your true FICO score. I knew they could be off by 50 points or more, but if yours is 100, there is something you need to look at on your credit report that might be holding you back that you need to take care of before being able to finance the car.

    Could also be your score is low because you have not re established credit after having bad credit.

  2. Reply
    bdancer222
    July 9, 2011 at 9:04 pm

    If you pulled scores from the actual credit bureaus, you didn’t get Fakko scores. You got a FICO from Equifax and Vantage scores from TransUnion and Experian. Vantage scores have a scale of 500 to 990 while FICO’s scale is 300 to 850. Obviously, the two Vantage scores would bring up the average.

    If you pulled those scores from a third party monitoring services, you did get Fakko scores. And who knows how they calculated them.

    But there’s one more factor. There are three different versions of your credit report at each credit bureau: the consumer version that you got, one weighed for mortgage lenders, and one weighed for car loans. Even if you used Equifax to get your FICO score, the car lender would have had a different report/score. Usually the car version is higher than the consumer version, but no always.

    By the way, CreditKarma.com offers a free score estimator based on your TransUnion credit report. It’s not FICO, but is generally within 50 points or so of your FICO. Quizzle.com offers a similar free score based on your Experian credit report.

  3. Reply
    Hoa N
    July 9, 2011 at 9:29 pm

    May bad score is good thing for you. pay your car in cash, do not get in debt should be a good thing.

    Why get into debt?

    Using 2000 buy an old car that can run another 3 years. In 3 years, 300/month saved in car payment
    in 3 years, you have about 11k in cash in the bank, Now you could buy a better car in cash. Now that car can run free for 5 years. In that time, with 350/month in car payment, 5 years you save around 20-22k in cash. So buy a new car with your cash debt free.

    Live debt free is always better than in debt.

    Bad score is a good sign, because you can’t depend on people mercy and money. Make thing happen on your own term. When you have cash in hand, people will give you a good deals for your cash.

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