Credit score ding right before financing :(

[Max*]

30 days late means exactly that; 30 days late. It's a threshold, not a range. If your payment was due on the 1st, the bank can start charging interest and fees on that day. But if you pay the bill on the 29th, there will be no ding to your credit. So, 30 days late basically means you missed two payments.

If the bank actually reported it as 30 days late when it was only 1 day late, then a dispute should clear it. But that doesn't normally happen.

You sure? I'm not a credit expert, but looking at my credit report, there are only 3 entries for late payments, and it's 30 days, 60 days and 90 days. I don't know if they're not allowed to report "less than 30 days" or what they do for between 30-60, but from what I've heard a late payment is a late payment. He was 1 day late. They have every right to report him.

Even a 1 day late payment CAN get reported [doesn't have to, though, and most places don't report it, but they have the option to]: Even barely late payments can impact your credit score

 

[blanche]

They might use an auto-enhanced FICO credit score. If I recall correctly, I believe that range is from 200-950 and places more emphasis on payment history of auto loans. My first auto loan through Chase used an auto-enhanced FICO according to the letter they sent me.

I got my financing for my 70D through Schools First FCU, and they used a traditional FICO with a range from 300-850.

This might also explain why some lenders pull a drastically different credit score than others. So, if you have a repo or something, your auto-enhanced FICO scoring model will ding you even more than a traditional FICO model.

This is absolutely correct. The FICO credit score for auto-loans and mortgage-loans are NOT the same as your FICO score that you pull from the three bureaus. In my experience they have always trended lower than my Experian and other bureau based scores.

 

[Max*]

This is absolutely correct. The FICO credit score for auto-loans and mortgage-loans are NOT the same as your FICO score that you pull from the three bureaus. In my experience they have always trended lower than my Experian and other bureau based scores.

Depends on the lenders, for both my mortgage and auto loans my lenders pulled my real FICO score.

 

[andrewket]

There are scoring models specific for auto loans as well as mortgages. They weigh data differently. Banks generally won't tell consumers which model they used, only the bureau that provided it.

 

[supersnoop]

You sure? I'm not a credit expert, but looking at my credit report, there are only 3 entries for late payments, and it's 30 days, 60 days and 90 days. I don't know if they're not allowed to report "less than 30 days" or what they do for between 30-60, but from what I've heard a late payment is a late payment. He was 1 day late. They have every right to report him.

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Even a 1 day late payment CAN get reported [doesn't have to, though, and most places don't report it, but they have the option to]: Even barely late payments can impact your credit score

Thats a terrible article. Say one thing, then describe something completely different, and close by saying the first thing again. To quote the article, "The bureaus don't label a late payment as 30 days late unless it's 30-59 days." A late payment will not impact your score, at least not directly. If your bank decides to lower your credit limit or they take some other action themselves, there might be some fallout that impacts your score. But, yes, I'm sure.

 

[electracity]

My credit scores moves up and down, but I have no debt and never miss a payment date. I find it whacky.

I've been told that the rule of thumb is that 750 or over doesn't matter. But I don't like the drops.

 

[Super_Popular]

People in Portland Oregon. PointWest CU does 2.24 for 84 with 750 or higher....for now anyway.

 

[asudan]

Based on this, if you get her to cosign on the Tesla loan Alliant should take the higher of your two scores when determining your APR.

Alliant will take the score of the person who has the higher income - this is what the rep told me on Friday. My wife has a higher score so this was a bummer for us. Also they pull Equifax.