C Tier With GMAC

by Jeff
(DFW, TX)

Question: If my wife has a 633 credit score and has limited credit history including one credit card in collections from 3 years ago,will she most likely qualify for c tier through GMAC?

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Answer: Hi Jeff. Her score alone would probably land her in the C Tier, but GMAC (now Ally Bank) does not score customers credit based solely on credit score.

This actually works to the customers advantage more often than not. For instance, if someone with a 633 credit score had three prior well paid loans with GMAC than that person could conceivably score as an S tier (highest).

On the other hand, someone with a 633 credit score could also come in E tier (lowest) if there was something in the overall credit that did not score well in Ally's computers.

Currently I've noticed that Ally has been pretty strong and has been approving loans I haven't seen them approve in awhile. This would seem to be a good time for her to give it a try.

All in all credit depth, loan structure, time on job, payment to income and debt to income will be factors that they will consider. The stronger she is in those categories the higher the likelihood for a better approval.

Hope this helps,
Justin