What constitutes a good credit score

what constitutes a good credit score

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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.

Source: ficoforums.myfico.com

Category: Credit

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