I applied for a Jeep lease from CCAP, and they told me my credit is tier 3. But I have a 760+ credit score and minimal credit card debt/no loans. How come? Just because I have no loan/lease history?
What credit score did they use to approve you?
Probably, but there could be other factors.
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whats the interest rate that they offered you?
To add on to the above, how ‘thick’ is your credit file? If you haven’t had an auto loan/lease before, how many years history do you have?
CCAP may have classified you as Tier 3 based on their own internal calculations, where credit score is just one factor.
Best you check with the dealer or CCAP for feedback.
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Do you have prior auto loan?
Yes, they do want a prior auto loan history, especially if they are using Fico Auto 8 or 9
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Says who? The dealer/bank or a third party like credit karma. Anyways, I have seen tier 3 before for a lot of first time buyers that have a very light credit report (i.e. no auto loans/mortgage and a few small credit cards). Also have seen it for international and student programs.
Which dealer?
The one and only chappy
That is usually the case. To the OP, I’d suggest that you open an Experian.com account and sign up for their trial CreditWorks plan to get your FICO scores (including Fico Auto Score). Score is definitely a factor, but so is history.
Your F&I manager at the dealer can also tell you what your scored were when they pulled it.
The first loan tends to hurt the most. Good luck!
Is CCAP still doing Tier bumps in any regions? Might help ease the pain.
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