Long - standing credit: Consumers with
excellent credit tend to have a well - established credit history, and they rarely open new accounts.
Not exact matches
This
tends to be the more attractive type of business
credit lines to business owners for obvious reasons, however, they are much more risky for the lender, therefore your
credit score must be
excellent.
If you
tend to carry a balance but have good to
excellent credit with a FICO score of 680 and above, you may want to consider balance - transfer or low - interest
credit cards.
As a rule of thumb, people who have
excellent credit score
tend to pay less for their loans.
Consumers who fall within this spectrum
tend to qualify for
excellent interest rates,
credit cards and loans.
Banks: Banks
tend to require borrowers to have high
credit scores and
excellent credit histories.
For example, for bad
credit APRs
tend to be around 25 %, but for good or
excellent credit they can come down to 12 %.
One challenge many people encounter in being approved for a traditional loan is that banks and similar outlets
tend to require an
excellent credit score before they'll even consider approving you for a personal loan.
Travel
credit cards
tend to have
excellent coverage and will usually include travel medical insurance, trip cancellation / interruption, baggage insurance, and accidental death & dismemberment.
Borrowers have few late payments (
excellent borrowers
tend to have
credit with no deliquences at all)
Borrowers have many years of
credit history (
excellent borrowers
tend to have five years or more of
credit history)
Personal Loans from
Credit Unions
Credit unions
tend to offer
excellent interest rates.
Since both the Ink Business Cash ℠ and Ink Business Preferred ℠ cards
tend to require
excellent credit for approval, qualifying may be a challenge for new businesses or business owners with poor personal
credit.
We
tend to trust consumer
credit expert John Ulzheimer's more practical breakdown above, where bad
credit is a score under 650 and
excellent credit is anything above 760.
While consumers with good or
excellent credit ratings
tend to get 0 percent balance transfer offers, it isn't always the case.
The cards that fall in the upper range
tend to be targeted toward frequent travelers who have
excellent credit.
Insurance providers
tend to provide much better rates to those who have
excellent credit history compared to those who don't.