Does Santander Use Equifax or Experian for Credit Checks?

When applying for a loan or credit card lenders need to assess your creditworthiness to determine if you qualify. An important part of this process is checking your credit reports and scores from the three major credit bureaus – Equifax Experian and TransUnion. But not all lenders pull reports from all three bureaus. Understanding which reports Santander uses can help you better prepare your credit applications.

Overview of Santander

Santander is a major lender operating in the United States as Santander Consumer USA. They provide auto loans personal loans credit cards and other lending products. As a large national lender, Santander has specific credit bureaus they prefer to use for credit checks.

Why Credit Bureaus Matter

While Equifax, Experian and TransUnion all track similar credit information, there can be differences between your credit reports at each bureau. These differences, often called credit report discrepancies, can impact your credit scores.

For example, your FICO Score at Equifax could be 720 while your Experian FICO is 680. If Santander pulls your Equifax report, you’re more likely to get approved than if they check Experian. Understanding which reports lenders use allows you to focus on optimizing those specific credit profiles.

Checking Your Credit Reports

Before applying for credit, it’s wise to check your reports at all three bureaus. This allows you to:

• Identify any errors or discrepancies between reports
• See which accounts are reporting positively or negatively at each bureau
• Determine where you may need to improve your credit

Checking your reports also shows you which FICO Score version and range each bureau provides. This gives you insight into how lenders will evaluate your creditworthiness.

You can get free annual credit reports via www.annualcreditreport.com. Paid sites like myFICO provide your full reports plus FICO Scores.

How Santander Checks Credit

Based on consumer experiences shared online, Santander most frequently checks credit reports from Equifax first. They often check Experian as a secondary bureau. However, it’s not uncommon for lenders to pull a different bureau than their usual if they get errors or frozen reports.

Here are key points on Santander’s credit checking practices:

• Primary bureau is Equifax in most cases
• Secondary bureau is often Experian
• Full tri-bureau checks occur but aren’t as common
• FICO Scores 8 or 9 are used from reports

Focusing on Equifax and Experian profiles can optimize your changes for Santander approval. But it’s wise to also maintain your TransUnion credit, since Santander may check all three bureaus.

Strategies for Credit Applications

When applying for credit from Santander, keep these tips in mind:

• Check Equifax and Experian reports first to identify any issues
• Dispute and correct any errors, especially on Equifax
• Pay down balances below 30% of limits before applying
• Avoid new credit inquiries if possible 30-45 days before applying

Monitoring your Equifax and Experian profiles using a service like myFICO can also help you track changes and see the specific FICO Score versions Santander will evaluate.

Other Factors in Lending Decisions

While credit reports and scores are critical, lenders like Santander also weigh other aspects of your application:

• Income and employment
• Existing debt and expenses
• Payment history with Santander if you’re a current customer
• Collateral details for secured lending products

So even with a top credit score, you may get denied if your debt-to-income ratio is too high. A complete application optimizes your chances for approval.

Checking Credit with Other Lenders

Santander isn’t alone in preferring certain credit bureaus. Many other major lenders also check specific reports first:

• Bank of America primarily checks TransUnion
• Citibank mainly pulls from Equifax
• Chase prefers Experian but may also check Equifax
• Capital One uses TransUnion most frequently
• Wells Fargo regularly checks Experian reports

Checking bureau preferences before you apply can help target your credit management efforts.

Action Steps to Take

Here are proactive steps you can take to ensure your credit is optimized for Santander:

• Check your Equifax and Experian credit reports so you know what Santander will see. Dispute any errors.

• Review your credit utilization – pay down balances below 30% if possible before applying.

• Be cautious about applying for new credit within 30-45 days of your Santander application. Too many new inquiries can impact approval odds.

• Consider signing up for credit monitoring services that provide your Equifax and Experian FICO Scores so you can track changes.

• If you’re denied by Santander, find out why – was it due to your credit or other factors? This will tell you what actions to take.

Understanding that Santander relies heavily on Equifax reports gives you an advantage. By monitoring and managing this credit profile, along with Experian, you can improve your chances for loan and credit card approval.

Frequently Asked Questions

What credit score does Santander look for?

Santander generally prefers applicants with good to excellent credit, which means a FICO Score of 670 or higher. The minimum score is often around 640. But having a high score doesn’t guarantee approval.

Why don’t all lenders check the same credit reports?

Lenders develop preferences over time for certain bureaus based on the completeness of data, ease of reporting, and other factors. Checking multiple reports also provides a more complete picture of an applicant.

Will freezing my credit impact my Santander application?

Freezing credit locks your reports and prevents lenders from accessing them. If you freeze your Equifax or Experian file, Santander won’t be able to check your credit as needed. Temporarily lift the freeze at those bureaus when applying.

Does being denied by Santander hurt my credit?

Lender inquiries from credit applications can lower your scores slightly. But a single denial shouldn’t significantly damage your credit. Too many applications in a short period can have a larger negative impact.

Can I ask Santander to check a different credit bureau?

You can ask, but lenders rarely deviate from their normal credit checking practices. Ensure your Equifax and Experian profiles are in good shape when applying to Santander.

The Bottom Line

Knowing which credit reports Santander checks allows you to target your credit management efforts. Keep your Equifax profile in tip-top shape, as this is the bureau Santander relies on most. Also prepare your Experian credit, as they often check this as a secondary bureau. With optimized credit reports, you can improve your chances for loan and credit card approval from Santander.