Credit Scores

As a key element in evaluating you as a credit risk, loan companies use this information to see for those who have skipped obligations, carry high balances, or are in different ways over stretching yourself financially. The following groups are a general guideline to customer credit reliability (they are general recommendations only – additional factors may be incorporated in your credit evaluation and the approval process):

Excellent Credit

Credit ratings of 720 and above

• 5 trade lines of credit (charge cards, auto loans, mortgages) each getting been open not less than 24 several weeks
• All accounts happen to be compensated as agreed
• No public record information of personal bankruptcy, foreclosures, serious overdue accounts, or collections within the last ten years
• Low current credit balance relative to maximum available borrowing limit
• Minimum quantity of credit queries

Excellent Credit

Credit ratings between 680-719

• 5 trade lines of credit (charge cards, auto loans, mortgages) have each been open not less than 24 several weeks
• All accounts happen to be compensated as agreed
• No public record information of personal bankruptcy, foreclosures, serious overdue accounts, or collections within the last 7 years
• Low current credit balance relative to maximum available borrowing limit
• Minimum quantity of credit queries

A Good Credit Score

Credit ratings between 620-679

• 5 trade lines of credit (charge cards, auto loans, mortgages) have each been open not less than 24 several weeks
• Most accounts happen to be compensated as agreed, with only periodic late obligations
• No public record information of personal bankruptcy, foreclosures, serious overdue accounts, or collections within the last ten years
• Might have significant current credit balance relative to maximum available borrowing limit
• Several recent credit queries

Fair Credit

Credit ratings between 580-619

• 3 trade lines of credit (charge cards, auto loans, mortgages) have each been open not less than 24 several weeks
• Most accounts happen to be compensated as agreed, with only periodic late obligations
• No criminal record of personal bankruptcy, foreclosures, serious overdue accounts, or collections within the last couple of years
• Might have significant credit balance relative to maximum available borrowing limit
• Several recent credit queries

A Bad Credit Score

Credit ratings 579 and below

• A number of accounts haven’t been compensated as agreed
• Might have had a personal bankruptcy, foreclosures, serious overdue accounts or collections
• Large number of latest credit queries
• Proportion of turning balances to turning credit limits is excessive