Excellent or Good Credit

[Anonymous]

I've been looking at the BankRate website and I see a list of companies offering credit cards some of them require EXCELLENT CREDIT and other require GOOD CREDIT.

Where does good credit ends and excellent credit begins:

Thank you

Jon

TU-690  - EQ-168  -

[Anonymous]

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@Anonymous wrote:

I've been looking at the BankRate website and I see a list of companies offering credit cards some of them require EXCELLENT CREDIT and other require GOOD CREDIT.

Where does good credit ends and excellent credit begins:

Thank you

Jon

TU-690 - EQ-168 -

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Excellent (741+) Good (661-740) This is according to the numbers on the FICO credit card section.

[Anonymous]

Thank you,

Jon

TU-690 - EQ-168 - EX-169

Total Util - 6%

[Anonymous]

Those Good/Excellent categorizations from 3rd party websites aren't necessarily the ones used by CCCs, and even if they are, there aren't any strict boundaries.

I recently applied for a card for those with "Good" credit, which is supposedly 650-750. They pulled my EX with a score of 709 and I was denied. The website categoriezed scores as follows"

750-850 Excellent

650-750 Good

550-650 Fair

500-550 Bad

<500 Very Bad

I work for NFCU. I'm looking at our FICO score categorization sheet and our rankings are as follows:

750-850 A+

720-749 A

660-719 B

610-659 C

560-609 D

550-559 D-

A+ scores get our best rates and best products, and most A scores do as well and it goes from there.

Basically, a score in the high 700's will pretty much guarantee you a card, but it definitely isn't the only thing taken into consideration. Applications for new credit and length of your credit history among other things will also help them make their decision

[thrasher865]

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10381038 wrote:

Thank you,

Jon

TU-690 - EQ-168 - EX-169

Total Util - 6%

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uh......   168? 169?

I'm assuming you mean 668 and 669.  Anyway, I would say the 690 definitely falls into the "good" category.  The other two would probably be in "fair" or whatever you would put under good.  But they might be "good" as well.

[fused]

Actually the myFICO scale goes like this:

760+ Excellent

720+ Very Good

680+ Good

[haulingthescoreup]

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@fused wrote:

Actually the myFICO scale goes like this:

760+ Excellent

720+ Very Good

680+ Good

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I think they may have ratcheted these up. Both my TU and EX are above 720, but they're just "good." bleh

[MidnightVoice]

My EX 726 is very good

[haulingthescoreup]

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@MidnightVoice wrote:

My EX 726 is very good

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Wow, three more points, and I'd match you! Sorta!

[Anonymous]

This is a great thread on just what exactly constitutes an excellent Fico score. My own feeling is that a 760, or higher, must be considered an excellent score in any  lender's book. And Fico seems to agree. They list 760 as the bottom rung of top tier credit scores that qualifies for the best rates on a 30 year mortgage--the brass ring of bank loans.

Apparently people seeking 48 month car loans need only pass the 720 fico mark to qualify for the best rates. In this case, 720 is certainly good enough. And that's what's important when you need to lay your hands on a car.

So, I guess we know we've  finally made it when a lender is willing to enter a 30 year relationship with us on a home loan at the lowest possible rates. And that's my main goal in this game. Anything over 760 would be welcome but nothing to lose sleep over.

Regards,

Cato

Started from scratch with a 681 Fico last year. Now, it's 748, and climbing, with only an 18 month credit history.

Thanks guys. I couldn't have done it without you.