Credit question

[ebaugh1990]

I went to the Chevy part of Garber Automall in Greencove springs and test drove a few camaros. Anyway, I told them i was going to finance through my bank and he offered to run my credit since GMAC can get better rates than the credit union i was going to use. So i let him run my credit, it came back as showing 597 yet not even a week ago i checked on free credit report dot com and it showed 685 across the board for all three credit places.

So my question is this, Why would it tell me that all three credit reports were 685, I haven't done anything as far as put anything else on my credit cards and it shows 597 at the dealer?


EDIT: My scores are

experian 685, trans union 670, and equifax 685

[PoorMansCamaro]

well, maybe the dealer is trying to screw you? I'd go back and check it yourself and then print them out. then take it to the dealer and tell them they lost your business, and your families/friends business. that is, if your credit is really 685 still. indentity fraud is a huge thing...

[justa25thTA]

ask your credit union to run it and see what they come up with. Also, if your bank or CU will pre-approve you for the loan, give the dealer the chance to beat it, won't matter what the score is if they want your business.

[ebaugh1990]

I saw the paper he printed out, it did say 597, and when I went to my CU last time and they ran my credit they told me it was 580 even though free credit report dot com was showing a 660. So is it free credit report that's probly showing inaccurate information

[ebaugh1990]

Also, the CU I was going to go through wants 20% down because of my credit score

[ChevyCowboy]

do you guys also know every time you check your credit it brings it down some? doesnt take long to build back up but say you check your credit through 2-3 different places in the run of a week, it could be 700 at the begining of the week and 650 at the end

[PatsRS]

You need to find out what service they used. Hopefully it is not something you will have to get involved with fixing. they could have the wrong person too. or the dealer is an idiot.

[ebaugh1990]

Originally Posted by ChevyCowboy

do you guys also know every time you check your credit it brings it down some? doesnt take long to build back up but say you check your credit through 2-3 different places in the run of a week, it could be 700 at the begining of the week and 650 at the end

I havent checked my credit but twice in the past 6 months

[PoorMansCamaro]

Originally Posted by ChevyCowboy

do you guys also know every time you check your credit it brings it down some? doesnt take long to build back up but say you check your credit through 2-3 different places in the run of a week, it could be 700 at the begining of the week and 650 at the end

that is false.

[upflying]

Originally Posted by ebaugh1990

Also, the CU I was going to go through wants 20% down because of my credit score

That's reasonable, you lose 20% of the value of a new car just by leaving the lot. The CU wants you responsible for the equity loss in the event you default on the loan.
Car financing is harder to get due to the wall street meltdown and recession.
You can get credit with average FICO scores but you pay up the nose with higher interest rates and higher down payments.
Agree too, each time you run a credit report, your score goes down.

[PoorMansCamaro]

Originally Posted by upflying

That's reasonable, you lose 20% of the value of a new car just by leaving the lot. The CU wants you responsible for the equity loss in the event you default on the loan.
Car financing is harder to get due to the wall street meltdown and recession.
You can get credit with average FICO scores but you pay up the nose with higher interest rates and higher down payments.
Agree too, each time you run a credit report, your score goes down.

so many people are misinformed. you guys should do some research on this subject.

[upflying]

Originally Posted by PoorMansCamaro

so many people are misinformed. you guys should do some research on this subject.

really?
How about this research? Item 5...apology accepted from you.
http://www.credit.com/products/credi...t-Mistakes.jsp

[ebaugh1990]

Originally Posted by upflying

really?
How about this research? Item 5...apology accepted from you.
http://www.credit.com/products/credi...t-Mistakes.jsp

Actually...... My bank told me that my score only goes down by about 10 points every time a hard inquiry is placed on your credit account. On top of that since ive only had a hard inquiry twice in the last 6 months including the check from today it wouldnt make sense for my score to be that low.

[acatlover13]

Originally Posted by upflying

really?
How about this research? Item 5...apology accepted from you.
http://www.credit.com/products/credi...t-Mistakes.jsp

I think both of you are somewhat right. Pulling your own credit report does not hurt your score, if done correctly. If you go somewhere and apply for credit and ask to see your report and that's how you're "pulling your report" then your score will go down slightly as that was actually an inquiry. If you go to one of the reputable report sources and pull an informational report for yourself....no score drop.

If you are "shopping for credit" it will temporarily bring your score down. However, going to 2-3 different lenders for a car or home is OK if done within a specific period of time (I believe it is 14 days). If reported correctly, these inquiries should group together as one inquiry and only put a small ding on your credit report instead of a wrecking ball size ding.

Credit scores are very a fragile thing, and the more you learn about them the better off you will be. I don't think any of us will ever fully understand them, and don't think that most lenders really understand them either. All they know is that certain scores qualify for certain rates/programs, etc. But most don't really know what to tell you to do to improve your score.