New Member

High score on turbo but low everywhere else

So my score on turbo is always between 740 to 750 and I’m always checking for changes.

last week I applied for a car loan and they said my score was 688 but in turbo was still 743 I waited for turbo to refresh this to see what happened and now my score is 741; why? Because the hard check by the car dealer.. 

I don’t understand why my credit is supposedly good and then when I need it is not. 
ps: this happened twice already.

Level 15

Credit score

There are different scoring models and Turbo uses just one of them. Auto lenders can use any score they choose and there is even one that is specifically tailored to auto loans.

 

https://www.experian.com/blogs/ask-experian/which-credit-score-is-used-for-car-loans/

Returning Member

Credit score

Each credit bureau or lender can chose how important certain trade lines are weighed in your score. 

 

A car dealer will pull your score, and if you've had great car history, your score could show as 770, even though you could have had some late payments on your credit cards. 

 

Apply with Capital One for a credit card and they'll pull a score of 630. 

 

All lenders and credit bureaus will not all be the same. Just be aware of what your applying for, and where. This will effect the score, and you'll be the better for it concerning interest rates.

Returning Member

Credit score

There are 3 different credit bureaus that compile and report information about your credit in the US: TransUnion, Experian, and Equifax. This means you have 3 different credit reports (one from each credit bureau). Typically all the reports should be similar, but they can differ. 

 

There are also several types of credit scores. Your credit score is calculated using several factors pulled from your credit report. The most common score used by lenders is called the FICO score, which would be what the car dealership probably used. The car dealership also could have pulled information from any of the credit bureaus or from a combination of 2 of them or all 3.

 

The credit score and report Turbotax uses is called the VantageScore. Turbotax calculates this score using only the credit report from TransUnion. 

 

To answer your question, the score the car dealership has is probably different because it is a different type of score and may have been generated from the other credit reports. 

 

It is a good idea to check all 3 of your credit reports to ensure the information is accurate. You are legally entitled free access to check all 3 reports once every 12 months. The US provides this through annualcreditreport.com. If there is any bad history appearing on your credit report that you think may be invalid or inaccurate, you can try disputing it with each company to remove the bad debt. 

 

Viewing your annual free report will not negatively impact your score. 

 

Sometimes it can be helpful to ask places like the car dealership which score they are using or which of the credit bureaus they pull information from. Since you know your TransUnion score is good, it may help if you can find a lender that uses TransUnion.

 

You should also check Experian and Equifax to make sure nothing negative is appearing there that is not on your TransUnion report.

 

Additionally if you have ever previously disputed to have negative history removed from your TransUnion credit report, you still also have to dispute the history with Experian and Equifax. Disputing a debt with one credit bureau will not remove it from the others. 

Returning Member

Credit score

Mahalo for this information!

Appreciate it!! 🤙