So, what exactly is ‘excellent credit’? In my 17 years’ experience in the banking and finance industries, I have found that there is no single definition for ‘excellent credit’. Lenders have their own lending standards, which of course varies from lender to lender. The degree of creditworthiness a lender places on an individual depends on several factors. But generally speaking, individuals that lenders qualify as having excellent credit profiles have: a FICO score of 680 or higher, a lending history of over 2 years, different types of loans in their profile including fixed payment installment loans (such as student, auto, or mortgage loans) and revolving lines of credit (such as credit cards or home equity loans), no delinquent loan payments, a stable income, a low debt to income ratio, and the ability to maintain savings.how to intend superior assign

Excellent credit is a very valuable asset to anyone applying for a loan. Whether you are seeking an installment loan or revolving loan, you can get awesome loan terms and really low interest rates (with promotional rates as low as 0%) just by having what lenders deem ‘excellent credit’.

The bottom line is that you have to create a credit history that indicates you are smart with your finances. Do not overextend your income, pay your bills on time, pay your loan and/or credit card payments on time, be consistent with timely payments, establish savings, and maintain all of these good habits over a period of time. It is definitely worth the time it takes to achieve an excellent credit profile. You can take advantage of really great loan options including interest-free promotions and low interest rates that can save you a lot of money.

If you have a stable job, a few loans and/or credit cards, pay your bills on time, and have a savings account, chances are your credit is pretty good… maybe even great. But how can you get excellent credit? Basically the answer is simple: you get excellent credit by being diligent with your finances over a period of time. Paying your bills and loans on time is good. Doing so while keeping low balances on your credit cards is good. Maintaining a steady income, while paying your bills and loans on time, and keeping your credit card balances low is good. Accumulating savings, while maintaining a steady income, and paying bills and loans on time, and keeping credit card balances low, is great. Doing all of this consistently over the course of 24 months or more… well that’s excellent.how to intend superior assign

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-Ken S.

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