I am in the process of consolidating my student loans with Sallie Mae, and it is a credt-based loan. I have worked very hard to pay off an extremely high credit card balance (now $0), and the loans as well...Ive never been late, and it was no surprise to me that my credit score came back with the rating of "excellent"
But I learned today that I am really not getting the best interest rate they offer because there is apparantly another level which dwarfs the excellency...and its "SUPERIOR"
I asked if that uses the FICO grading scale and they said yes. Then I asked what the minimum credit score I would need to fall into this branch.
She didnt know, nor did she have the ability to tell me because she said that the computer figures everything out and based on the number...or something blah blah i dont know. Bottom line: she couldnt/wouldnt tell me.
So I ask you....what is the range for superior? In other words, (i dont know what the range is in real life) if 300-400 was poor, and 401-600 was fair and 600 to 700 was excllent....what are the figures that put me in this category.
* On a side note, this kinda reminds me of that "Fraiser" episode where they join the health club, only to find theres a SILVER DOOR that leads to the area for SILVER CLUB members....and then they join only to find a GOLD DOOR for silver club members, so they join that. And they thought that GOLD was the highest level, until one of them finds a platinum door. and they tried to go through it and they were told they cant. but they did anyway...and it was the fire escape that goes outside.
point: with excellent credit, i thought i was at the best level i can be.
Superior & excellant credit are pretty much the same thing. 760 and above is that. Never being late, having 0-9% of utilization usage, not having a bunch of inquiries-in other words you do not apply for credit unless needed, & on credit cards you request a limit increase instead of seeking new credit cards