Excellent Credit Loans
Saturday, December 25, 2010
Excellent credit truly has its rewards and advantages. You are pretty much guaranteed low loan rates and affordable payments on all types of loans. Whether you are looking to finance a home, remodel, renovation, vacation, education, adoption, wedding, honeymoon, medical procedure, car, boat, or airplane, or anything else, if you have excellent credit, you can get a loan with a low, affordable interest rate. But what exactly is 'excellent credit' in the eyes of a lender?
Research shows that given the unique nature of each individual's credit situation, and given each individual lending institution's credit standards, there is no single definition for 'excellent credit'. However, it is true that across the board, individuals with excellent and substantial credit generally share the following characteristics:
- A FICO score of 660 or above.
- Five or more years of significant credit history.
- A credit history with a variety of accounts such as major credit cards, installment loans (such as auto loans), and mortgage loans (if refinancing).
- An excellent repayment history with no delinquencies or other problems repaying debt obligations.
- A proven ability to maintain savings.
Many people are surprised to discover that whether or not you have maintained a savings account was included as a factor when lenders determine creditworthiness. But if you think about it, it makes sense. If you are earning enough money to pay your bills, pay them on time, maintain your everyday lifestyle, and still have money left over to put into a savings account, your default risk is low and you can expect to qualify for many different types of low interest rate credit. You have earned the right to take advantage of all kinds of promotions, offers, and terms that can even include portions of your loan repayment at zero interest.
If you are looking for excellent credit loans or credit cards for excellent credit, I can help. My website connects you with the best lenders offering low interest rate credit. If you have excellent credit, visit LowRateSearch now.
