Transunion Credit Report Explanations
2010
Why does my credit score vary so much?
Went through Honda credit to buy another vehicle. They came back and said I didn’t get approved for the 2.9% financing but instead would get 3.9%… here’s why: Apparently Honda only uses Transunion which had my score listed at 698. Equifax had my score at 728 and Experian gave me a score of 745. Why is Transunion so much lower?
I had the credit analyst check through all 3 reports and said he could not find any negative on any of them. Any explanations or is this a way for Honda to rip people off out of more money? The 1% will cost me an additional $700 over 5 yrs!
PHYSICS: Thanks for the info! Unfortunately, I fell for their scheme because we had been waiting 3 hrs for our vehicle and we wanted to get the hell out. Dumb a$$ me went ahead and agreed to the $12/mo increase.
My cousin worked as a car salesman for Honda and if the financing is through Honda financial then they will use the lowest score to give you the higher interest rate. Trans Union is almost always the lowest score because their scoring model is out of date and they have yet to update it so everyone’s trans union score is usually the lowest.
Honda could easily use your median score of 728 to give you that 2.9% so my cousin advices that you use your other two scores as leverage and get a quote from a competitor and tell Honda if they do not give you the 2.9% then you will take your business elsewhere. You got to remember that car companies are still in a bind and you got to make sure that they do not agree to your 2.9% but put the $700 somewhere else. Always ask for the purchase price of the vehicle because in negotiations they will only tell you the payment you are getting and work up the purchase price and other fees to get it around that payment. Never tell what you are going to put down until the deal is done! This is the most important thing because they will use that to their advantage and this is for all car dealers. So again never ever ever divulge your down payment until you have the car dealers deal on paper with the payment that you want to pay and the price you want to pay and then tell them how much you are putting down.
Comment