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