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Q: How would you rate your credit?

Excellent

Good

Fair

Poor

Extremely Ugly

I Have Not Established Any Credit Yet or Have Only Limited Credit

I have had a Prior Bankruptcy or Consumer Credit Counseling

Not sure how to rate your credit? See the definitions below.

If you have had a prior bankruptcy or consumer credit counseling and are not sure where you stand credit-wise click here to use our post-bankruptcy credit evaluator.


Excellent: Excellent credit is defined as someone who pays all of their bills on time, every time (never 30 days late). You should also have the following:

  • You have at least 3 - 4 open lines of credit that have a minimum 24 months reporting history.
  • At least one or two of the accounts on which you have borrowed money were for significant amounts.
  • Your balances are less than the maximum available.
  • No history of bankruptcy, foreclosure, judgments, collections, tax liens, etc.
  • Your out-going monthly payment obligations are only a small fraction of your current income.

Good: You pay all of your bills on time but may not have had credit accounts for long enough or high enough amounts to qualify as excellent credit. You should also have the following:

  • You have at least 2 - 3 lines of credit that have a minimum 12 months reporting history.
  • At least one or two of the accounts on which you have borrowed money were for significant amounts.
  • Your balances are less than the maximum available.
  • No history of judgments, collections, tax liens, etc.
  • No foreclosure actions within the last ten years.
  • You may have a history of Bankruptcy but have re-established your good credit.

Fair: You may have had some minor negative marks on your credit, but none within the last 12 months. Minor is defined as 30 days late, some small collections, liens or judgments, most of which have been paid off. You may have a bankruptcy or foreclosure action within the last ten years. You ARE NOT CURRENTLY LATE ON YOUR HOUSE PAYMENT.


Poor: You have paid some bills more than 60 days late, but none of these in the last 12 months. You may have some collections which still have not been paid. You may have had a bankruptcy which discharged less than 3 years ago.


Extremely Ugly: You have a frequent history of late payments, some of which are more than 60 days late. You have had significant late payments. You may also have had accounts written off as bad debt (also known as a charge off), recent bankruptcy or consumer credit counseling, large judgments, or liens.


No/Limited Established Credit Accounts: This means that you do not have or have not had at least 3 credit accounts of the type that will report to any of the major credit bureaus (Equifax, Trans Union, Experian, etc) with at least 2 years pay history. Things like your rent or a cell phone will NOT show to the credit agencies unless you don't pay as agreed. Things like credit cards, car loans, student loans, bank loans, etc generally will report to the credit agencies and can be used to verify your credit history.


If you have had a prior bankruptcy or consumer credit counseling and are not sure where you stand credit-wise click here to use our post-bankruptcy credit evaluator.


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