Why was I denied an auto loan if my credit score is 750 on TransUnion?

"I just got denied for a car loan, and the letter said that it was because my credit score was only 685. I checked my TransUnion credit score and it was 750, so I don't understand why I was denied this loan."

Answer
“The answer is simple: the lender doesn’t use TransUnion to approve loans. They might use FICO, Experian, or Equifax, which may have different reported scores.
With the availability of free credit score checks on the Internet, don’t settle for just one score. In fact, once a year, you should check your credit report from each of these credit agencies to make sure everything looks right.
In the future, you might want to ask which credit report the company uses to approve their loans.”
avatar
Eric Schad
Answered on Jul 23, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Read advice from car experts at Jerry

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free