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FICA credit score varies
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If you notice an error or are in doubt, please send a new question by
email or ask for an update. Email asktony@tonynovak.com.
Q: When I applied for a mortgage
recently the bank my consumer credit score from Trans Union was 720.
Then when I applied for auto financing in the same week, the dealer
said my credit score was 595. Is one of these companies playing games
with me?
A: Probably not. The credit score
used by mortgage companies is calculated differently than the credit
score for auto loans. It s entirely possible to have two different
scores reported. If you are financially secure, you may wish to respond
to this situation by using home equity financing for more of your debt
to reduce overall interest expense.
Summary
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