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BestCreditCardChoice
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Taking The
Sting Out Of Credit
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The factors that determine which type of card you are eligible fall into three basic categories. The applicant with good or excellent credit, the student and those with poor or no credit rating.. Here is the difference.
Excellent Credit.
IIf you have excellent credit then you probably have very little or no debt, always made payments made on time, never missed a payment and never exceeded your credit limit. The credit score that is considered excellent or above 750 FICO is generally offered the lowest interest rates and higher credit limits. You are considered less of a risk and therefore are rewarded with monetary benefits. But remember - each issuer has their own criteria!
Good Credit.
The FICO score considered "good" generally ranges between 680 and 750 or so. You may have one or two late payments or high debt compared to your income.
Poor Credit.
If you are in this category then you have shown the issuer that you are a high risk by either habitually being late with payments, going over your credit limits, having high debt, defaulting on loans or bankruptcy. There are specialty companies and banks that help you reestablish your credit.
No Credit.
If you never established a credit rating or score because you are young or always paid cash for everything, then you may be eligible for cards that are specialized for that purpose.
| Excellent Credit | Good Credit | Poor Credit |
| 750+ FICO | 650-750 FICO | <600 FICO |
| Low Risk | Medium Risk | High Risk |
| Low Interest Rate | Higher Interest Rate | Highest Interest Rate |
| Most Choices | More Choices | Few Choices |
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