Lizzy Posted September 14, 2003 Report Share Posted September 14, 2003 Has anyone heard of that? I was looking at a KIA add and it said:On approved credit through KIA Financial Services PMT calculated for 81 months with 10% down plus tax with a 740 EMPIRCA score to qualify @ 7.99% APR.Is this a new scoring system? Liz Link to comment Share on other sites More sharing options...
kb9tbq Posted September 14, 2003 Report Share Posted September 14, 2003 That is great news, that means your TransUnion FICO Score is 740.No by no means is this one new, it has been around longer then the consumer scores which you see.TransUnion = EmpericaEquifax = BeaconExperian = Fair IsaacThese are the scores they sell the lenders... then it breaks down further as to what industry is using the scores...The only one I can give example of is Experian:So Fair Isaac:Installment Loan ModelPersonal Fianance ModelDealership ModelCredit Card ModelThen Experian has their own created scores sold to businesses:National Risk ModelBankrutpcy Model...There are dozen of model beak downs .. each is different from the next in what they are scoring. BUT they are all initially created by FICO except the last 2 I mentioned on Experian. Link to comment Share on other sites More sharing options...
kb9tbq Posted September 14, 2003 Report Share Posted September 14, 2003 http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=301Here check this link, the very last post by me.. I put in all of the links directly to Experian showing different products they make to explain better. Link to comment Share on other sites More sharing options...
Lizzy Posted September 14, 2003 Author Report Share Posted September 14, 2003 I wish my score was 740 ! That is the score needed to buy through KIA and get that rate. I never heard of EMPIRCA before and thought I'd ask. Thanks for answering...Liz Link to comment Share on other sites More sharing options...
kb9tbq Posted September 14, 2003 Report Share Posted September 14, 2003 You then where looking at a PRIME lender, I could not even do that with my scores.. and I was above the 740 on my transunion score.Heck, I was pre approved, but was not enough money for the house I bought... short by $15,000 Cause of my debt to income ratios.Had to pull in DH who was much lower and then with his medical collections ended up going FHA with higher interest rates at around. 6.1% something like that. So with his score increase, and combination of paying down debt, we should refinance down the line hope for better.That 7.99% is crazzy if a person has the score to get approval. Not a worth while lender, look to FHA if you can. Link to comment Share on other sites More sharing options...
kb9tbq Posted September 14, 2003 Report Share Posted September 14, 2003 81 months? almost 7 year loan and have to pay 10%, maybe the interest is not so bad for that short of a period. But boy they crunch the numbers all different ways... you should ask Charles in the mortgage section what he thinks.. Link to comment Share on other sites More sharing options...
sisflomi Posted September 14, 2003 Report Share Posted September 14, 2003 KB, kia is a car loan, thats a really bad bad bad deal they are offering. Link to comment Share on other sites More sharing options...
on a mission Posted September 14, 2003 Report Share Posted September 14, 2003 lizzy with a score of 740 you could qualify for a much lower rate on a brand new car for 60 month loan, I'm thinking somewhere around 4.9%, however I believe that loan rate is calculated high because it is figured at 81 months, rates are a little higher when you go longer term, but would you really want to pay for a car for almost seven years. Link to comment Share on other sites More sharing options...
kb9tbq Posted September 14, 2003 Report Share Posted September 14, 2003 Oh, thanks for clarifying that Sis, I just kept trying to think why a mortgage loan would be like that... Somedays, I am really not with it on the lender side of things. Thanks for your correction... I am so GREEN when it comes to knowing different companies out there. Link to comment Share on other sites More sharing options...
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