Credit Rating?

Hi, I recentley applied for a car loan and was told that my credit rating was a tier 5. Could someone let me know in terms of credit where does that leave me. I have been trying to rebuild my credit and have not been late on any payments with credit cards etc...

Thanks

Mike A.

Credit Rating?

Auto finance is what I do for a living and tiers are a generic way some banks use to score credit.

Depending on the lender a tier 5 could be not so bad like at Capital One or could be very bad like at Tidewater.

So without actually looking at your credit, there is no way to answer this question correctly.

Credit Rating?

Well, at the bank I worked at Tier 1 was the best rating a person could get...I would pull your credit report and make sure there are no suprises on it that you didn't know about. Basically the tier refers to what range your credit score falls into.

You can pull it for free at https://www.annualcreditreport.com and you can get it from all 3 bureaus with no credit card.

Credit Rating?

Credit card issuing companies do pay great attention to your credit history. If you have a good credit history chances are fair that you will have a good credit limit. If not, try to improve upon your credit history. Make your car loan, mortgage, personal loan or student loans repayment on time. This will give the necessary boost to your credit history and increase your credit limits.

Older credit cards are also a good instrument to increase credit history. The longer you stay with a credit card the better it will reflect on your credit history. It is not a good idea to close old and longstanding credit cards, one should repay all balances on them and keep them in good standing. This will get you the faith of credit card issuing companies, and help increase the credit limits. read more from: http://www.credit-card-gallery.com/artic...