What does "C-tier" m

Discussion in 'Credit Talk' started by mother2, Feb 13, 2001.

  1. mother2

    mother2 Well-Known Member

    Back in Sept, I went to a car dealership and they told me I was a C-tier. I'm trying to figure out if this is good or bad.

    Also, what's the minimum score to be approved for a mortgage?
  2. JP

    JP Guest

    RE: What does "C-tier&quo

    C-tier for a car loan is not really that good, what it means is that you can expect your interest rate to be 16% or higher.

  3. mother2

    mother2 Well-Known Member

    RE: What does "C-tier&quo

    Oh ok. Then that explains it. I can remember the guy telling me that I was a couple of point below 600. :eek:(

    Oh well.
  4. help

    help Guest

    RE: What does "C-tier&quo

    It is the same with a mortgage. You can get one but expect to put 10% down minimum and be at 13% interest.
  5. John Shimm

    John Shimm Guest

    RE: What does "C-tier&quo

    A B/C lender lends money to those with less than perfect credit. A credit is those with excellent credit. A- might have a blemish or two, while B or C borrowers have many derogatory items or several major derogs. B/C borrowers can expect high down payments and high interest rates in order to obtain a loan or mortgage through what is referred to as a 'Sub-Prime' or 'B/C' lender.

    As for the score, there is no single 'minimum' score.

    Every lender has many different programs to offer. No down payment, no-doc, conventional, etc. One lender or broker could have tens or hundreds of programs available. And the minimum score will be different depending upon the program.

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