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As a key component in evaluating you as a credit risk, lenders use this information to see if you have missed payments, carry high balances, or are in other ways over extending yourself financially. The following categories are a general guideline to borrower creditworthiness (these are general guidelines only - other factors may be included in your credit evaluation and the approval process):

Excellent Credit
Credit scores of 720 and above

  • 5 trade credit lines (credit cards, auto loans, mortgages) each having been open for at least 24 months
  • All accounts have been paid as agreed
  • No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
  • Low current credit balance relative to maximum available credit limit
  • Minimum number of credit inquiries

Very Good Credit
Credit scores between 680-719

  • 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
  • All accounts have been paid as agreed
  • No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 7 years
  • Low current credit balance relative to maximum available credit limit
  • Minimum number of credit inquiries

Good Credit
Credit scores between 620-679

  • 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
  • Most accounts have been paid as agreed, with only occasional late payments
  • No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
  • May have significant current credit balance relative to maximum available credit limit
  • Several recent credit inquiries

Fair Credit
Credit scores between 580-619

  • 3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
  • Most accounts have been paid as agreed, with only occasional late payments
  • No public record of bankruptcy, foreclosure, serious past due accounts, or collections within the last few years
  • May have significant credit balance relative to maximum available credit limit
  • Several recent credit inquiries

Poor Credit 
Credit scores 579 and below

  • One or more accounts have not been paid as agreed
  • May have had a bankruptcy, foreclosure, serious past due accounts or collections
  • High number of recent credit inquiries
  • Proportion of revolving balances to revolving credit limits is too high

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