A good credit score is an important part of the car buying process. There are many credit reporting agencies available, including Equifax, TransUnion and Experian. There is an easy method to determine your score. This will give you an idea of your score.
Experian
FICO Auto Score is an auto-related credit score. These scores are preferred by auto lenders because they show both a consumer's general credit history and the specifics of their auto-related credit history. TransUnion Equifax Experian has the FICOAuto Score.
Although the scores may differ in some ways, they all provide the same information. FICO 8 is the most commonly used FICO score. FICO 9 is the least popular. FICO 8 (the industry standard) is used by many auto lenders as well as credit card companies. FICO 9 is the most recent version of the FICO score. It is used by Wells Fargo, and other select companies. Mortgage providers use the TransUnion score, but it isn't as common.
TransUnion
TransUnion's Auto Score is a credit score which focuses on auto loan underwriting decisions. The company claims it is the only score of its kind in the market. It takes alternative and popular credit data and generates an auto score for each individual. This score can be used by auto lenders or subprime card companies to help them make lending decisions. This score predicts whether an individual will default or not on their credit cards and auto loans.
The score is based upon many factors and is generally between 300-850. It is important to note that not all loan types are eligible for the score. They will be able to understand their credit and determine if they are eligible for loans.
Equifax
If you are shopping around for an auto loan, your first step should be to get your credit score. There are three major credit bureaus, Equifax, Experian, and TransUnion, and these three report your credit scores. Each bureau calculates your score in a different way. Your credit score can help lenders decide if your are a good candidate to receive auto loans.
Your FICO(r), auto score is a report which gives lenders an idea about your ability to pay for the car you want. It features a scale of 250 to 900, and the higher your score, the less risk you are to default on your auto loan. This will increase your chances of getting financing and receive a better interest rate. However, credit scores are affected by other factors such as income and debt.
Wells Fargo
Wells Fargo, one of the most important financial institutions in the globe, is Wells Fargo. Their customers have access to a wide range of services, including FICO scores for free. These scores aren't exclusive to Wells Fargo. Instead, they are based off credit information from at least one of the major credit bureaus.
The Wells Fargo network's dealer networks can help applicants get approved for car loans. The Wells Fargo website doesn’t list these partners. You can however contact individual dealers to find out if their dealerships work with you. While this can take a while, it will let you know what dealerships will offer you based on your credit history.