Do banks look at the lowest score or do they get an average of all 3 scores.
my 3 credit scores are 570,634,626 what is my score that banks go by when applying for a loan?
07
Jun
10 Comments
Posted in Uncategorized
Tags: 570634626, applying, banks, credit, loan, score, scores
OldJimmy
June 7, 2010 at 10:21 am
They usually take the middle score.
Judy
June 7, 2010 at 11:19 am
They make take the middle one, or they make take an average.
Up to them.
Your scores are bad, you’re still not going to get a personal loan.
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madamsmall
June 7, 2010 at 11:24 am
Depends on the bank. Some banks only look at a specific score, some banks average, and some banks take the lowest. Because you can’t know which, it’s usually recommended that you have an average score of whatever, so no matter what they do you should be okay.
charlieshobbies
June 7, 2010 at 11:59 am
They use all 3 scores, not the middle one.
D T
June 7, 2010 at 12:41 pm
Almost all will use the middle score — 626, There are a few that will average the three but they are few and faw between.
Dan B
June 7, 2010 at 1:12 pm
The score that nets the bank the highest interest rate for your loan.
Ryan M
June 7, 2010 at 1:53 pm
Some look at the middle, some look at the average, some look at all three. That is up to the bank. Each bank has their own policy on this.
Kim M
June 7, 2010 at 2:02 pm
Depends on your bank. Why are they so different? Maybe you should check all 3 reports and make sure they all have the same information.
bdancer222
June 7, 2010 at 2:48 pm
It really depends on the bank and type of loan. Some will use all three, some only one, some use the middle or lowest or average. Most banks use FICO scores, although some use their own scoring method.
It is likely that all three of the scores you listed are NOT FICO. Equifax uses FICO. You can also get FICO scores for Equifax and TransUnion at MyFico.com. Consumers cannot get a FICO score for Experian anymore.
TransUnion and Experian sites use Vantage scores (scale to 990 vs FICO’s 850) or each has their own Fakko scoring system. Third party monitoring services use Fakko scores.
Your scores are pretty low and you will probably have problems getting approved for a bank loan.
V
June 7, 2010 at 3:24 pm
Shouldn’t they look at the actual information on your credit bureau(s) as well as the score? Sometimes credit scores can be adversely affected by things such as accounts you are not financially responsible for, yet someone has put you on their account (which they are responsible for) as an authorized user.