Which FICO score do banks usually look at?

Which FICO score do dealerships usually look at when applying for a loan? I’m in the market and am just wondering since my scores are all over the place. And I checked my credit score across a few site.. all which is free: experian 850, Myfico 850, Credit karma 827, BAC 850, AMEX 828, Chase 827.

Which one is right?

#AskLemon8 #fico #ficoscore

2024/5/9 Edited to

... Read moreWhen applying for a loan, it's essential to know that banks typically use FICO Score 8, as it is the most widely recognized version. Each credit bureau may report slightly different scores due to various factors, such as the data they collect and how they calculate scores. It's not uncommon for scores to fluctuate across different platforms, so it’s prudent to monitor your credit reports regularly. When analyzing your scores from different sources like Experian, MyFICO, and Chase, you may notice different numbers as they might use differing algorithms or data sets. The critical thing to remember is that all these scores aim to present a reliable picture of your creditworthiness. If you're seeing scores all over the place, focus on the lowest score since that’s often what lenders will use. Additionally, familiarize yourself with FICO score ranges—generally, a score of 300 to 579 is considered poor, 580 to 669 fair, 670 to 739 good, 740 to 799 very good, and 800 and above as exceptional. Understanding these ranges can help you assess where you stand and what steps you need to take to improve your score if necessary. Ultimately, if you're preparing for a loan application, make sure to check your credit report for any errors and take steps to improve your scores to increase your chances of getting favorable loan terms.

20 comments

T☘️'s images
T☘️

I’m a car saleswoman, they normally look at Equifax. Hope this helps

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