This is a common occurrence, so know you aren’t alone! If you noticed a different credit score when you applied for car loan
preapproval, it’s the result of one of three things: Your credit score has changed since you applied.
The lender used a different credit bureau than the one you viewed.
The lender used a different credit model or rating system.
In most cases, it’s the last two reasons. You may have looked up one credit bureau, but the lender uses a different one. Depending on the lender, they’ll use one or more of the following credit reports:
Additionally, there are several different ways to rate credit, including:
Custom scoring models created by the lender
Because of this, you should always look at all three of your credit reports to avoid surprises. If possible, try a credit checking tool that gives you access to multiple types of scoring models or bureaus. Doing this before you apply for a car loan or preapproval is essential so you can get the best rate, even if you’re just shopping around.
And speaking of shopping around, don’t forget about your car insurance on your new vehicle. With the Jerry
app, you can compare rates from 50+ insurance providers to get the coverage you need at the best price.