Good Credit
Explanation: A FICO credit score between 660 and 719 is classified as "good credit." If you do not know your credit score, you can use our free credit estimator. In addition, you likely have good credit if ALL of the following statements are true:
- You've had a loan, line of credit or credit card for more than 3 years
- You've had a credit card under your own name (not as an authorized user) with a limit above $5,000
- You haven't been more than 30 days late on a loan, credit card or medical bill payment in the last 12 months
Our Thoughts: Having a 660-719 FICO score or meeting the above criteria shows that you have good credit, but it doesn't necessarily mean you'll be able to get a good credit credit card. Your income, assets and debt obligations also play an important role in credit card underwriting. You must have the financial means to comfortably afford a good credit credit card's monthly minimum payments (around 3% of your credit card balance) in order to have a good chance of being approved.
Background: Somewhere between 10% and 30% of U.S. consumers meet the criteria for good credit, according to Card Hub estimates. It is difficult to pinpoint the exact percentage because every bank evaluates consumers in a different way. For example, while a more conservative bank might consider a certain consumer as having good credit, a different bank might regard this person as having excellent credit.
When it comes to credit cards, banks frequently offer the same cards to people with both good and excellent credit. In doing so, they will usually advertise key account terms expressed as ranges--the higher your credit standing, the more attractive your rates will be.
