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What constitutes: Poor, Fair, Good, Excellent credit?

Senior Contributor

What constitutes: Poor, Fair, Good, Excellent credit?

One of the most frequently asked questions asked here is "what kind of credit card can I get? My scores are xxx, yyy, zzz.

That's when you are bombarded with particular cards you should apply for, which one's to avoid.

So you go to a site and check out a particular card, and they state minimum requirements, such as: for those with excellent credit...fair, good or poor credit.

That's left the person scratching their head as to what do they consider poor, fair, etc credit scores? I know I asked this questions sooooooo many times, I thought I put down my thoughts.IMO, this is the key to successful applying and acceptance.

I found this loose definition on cardratings.com. (Thanks net panther for the url! great site). But take it with a grain of salt. YMMV:

Credit Score Rating Example:
720 - 850: Excellent
680 - 720: Good
640 - 680: Fair
350 - 640: Poor
000 - 349: No Credit

A few have posted comments stating the same. hauling I believe was one of them, the others I forgot but Super Contributors(sorry, forgot who. I've slept since then)

For me, I'm somewhere in the "Fair" range of scoring, and I know it does me no good at all to apply for a card that would recommend "Good" and certainly not "Excellent", as it would only result in a hard inq + a drop in scores.

The moral of the story is: do not apply for cards that are beyond your reach. It only leads to disappointment, plus a drop in scores.
"Never ever, ever be late. Never" (FUTR)
Message 1 of 13
12 REPLIES
Established Contributor

Re: What constitutes: Poor, Fair, Good, Excellent credit?

Excellent advice Syl. I know for a fact that I would fall into the poor credit range. I dont plan to stay there forever.

Message Edited by landocalrissian on 12-06-2007 10:52 AM
I would really like to purchase a new Millineum Falcon with my WAMU (oops Chase card)!!!! But first I need a decent credit limit.
Message 2 of 13
Super Contributor

Re: What constitutes: Poor, Fair, Good, Excellent credit?

What does 2/3 Excellent abd 1/3 good come out to be?  Smiley Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 3 of 13
Valued Contributor

Re: What constitutes: Poor, Fair, Good, Excellent credit?

To make it more confusing Sylvia, is that chart supposed to be for standard FICOs or for credit card enhanced PFICO.
 
The world may never know... crunch.
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Message 4 of 13
Established Contributor

Re: What constitutes: Poor, Fair, Good, Excellent credit?

Great info THANKS!!
Message 5 of 13
Moderator Emerita

Re: What constitutes: Poor, Fair, Good, Excellent credit?

I remember griping at Barry on the FICO Forums Feedback board about this, because you had posted the link to the myFICO "Get a Credit Card" page (look at the top menu bar, everyone, over on the right), and they use the same categories.
 
It doesn't make sense to me that myFICO uses the speedometers-of-death with one set of ranges, but a different one for the credit card link on its own site.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 6 of 13
Senior Contributor

Re: What constitutes: Poor, Fair, Good, Excellent credit?



SmartCookie wrote:
To make it more confusing Sylvia, is that chart supposed to be for standard FICOs or for credit card enhanced PFICO.
The world may never know... crunch.






Yes, S.C. exactly. lol! The closer I come to understanding FICO scoring, the more I realize how distant I am!

As it comes close to the FICO upper range, it's a decent benchmark to go on....for me at least. At least I now have SOME sort of guide on this zaniness when I go into my app feeding frenzy. Smiley Happy
"Never ever, ever be late. Never" (FUTR)
Message 7 of 13
Super Contributor

Re: What constitutes: Poor, Fair, Good, Excellent credit?

 
Your Credit Rating
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 8 of 13
Moderator Emerita

Re: What constitutes: Poor, Fair, Good, Excellent credit?

I just updated TheNewWorldMan's color guide to credit scores over on Understanding FICO Scoring. After all this time, it leaves me in hiccups from laughing.

I'm now azure on EX! Never would have dreamed it.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=9728

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 9 of 13
Established Contributor

Re: What constitutes: Poor, Fair, Good, Excellent credit?

Good post, Syl, but scores alone are not all that matter which is my concern. CCC each have their own policy.  My recent decline by BOA is an example. A PR 6yrs old, CA on an account 7yrs old.
Message 10 of 13