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For some lenders excellent credit is 700+, but if your credit score is in the high 600's, there are lenders offering excellent credit loans to folks just like you. There is no standard definition for "excellent credit" that all lenders adhere to because each lender views your credit profile differently. With some lenders, you are eligible for excellent credit loans, excellent credit credit cards, and excellent credit rewards with credit scores in the 600's. There are several variables that contribute to your credit profile that may make lenders view it as 'excellent'.

Whether you think you have excellent credit, average credit, or bad credit, this is how you can analyze your overall credit profile in five steps:

1. Obtain all three credit reports to get your credit scores. (This link allows you to do this for free.) You need to be aware of the credit history and credit score that is currently contained in each of the three credit bureaus: TransUnion, Equifax, and Experian. Although there is no standard definition for excellent credit, I can say that in my experience in the financial industry I have found a credit score of 680 or higher to be desirable. Of course the higher the score the better the credit profile, but I have definitely seen many cases where consumers with credit scores of 680, along with solid savings accounts and positive cash flow, have been able to take advantage of low loan rates and affordable payments because of their 'excellent credit' status.

2. Look for any bad accounts or suspicious activity in your credit report. If anything looks fishy, it is important that you repair your credit report immediately. By law, creditors must prove the accuracy of the information contained in your credit file within 30 days of a written dispute. If they cannot do so, they must remove the inaccurate data.

3. Understand how lenders view the accounts you have in your profile. Lenders look at the kinds of loans you have accumulated over the years as well as your repayment history. For example, excellent credit profiles contain a variety of types of debt. A combination of fixed payment installment loans (such as mortgages, auto, or student loans) and revolving lines of credit (such as home equity loans or credit cards) is considered favorable. Having different loan types at the same time indicates to lenders that you can handle both fixed loan payments and variable loan payments simultaneously, while maintaining a positive monthly cash flow.

4. Analyze your repayment history and available credit. What is your loan repayment pattern over the last 24 months and how much credit do you have available? Do you even have a credit card? If not, get one - even if you need to start out with one that is secured. Generally, individuals with excellent credit profiles have credit cards and have very few or no delinquent payments in their credit history over the course of several years. Delinquent payments are defined as being 30 days or more past due. Additionally, those with excellent credit are only using a percentage of their available credit. Keeping credit account balances low shows you are not dependent on the credit that you are allotted. As a rule of thumb, try not to exceed 40% of your available credit limit on revolving lines of credit in order to achieve an excellent credit profile.

5. Calculate your debt to income ratio (also called DTI). Your debt to income ratio is simply your total monthly debt payments divided by your total net income (what you bring home after taxes). For example, your monthly debt payments total $1000/month. After taxes and withholdings, you bring home $2500/month. 1000/2500 = .40 or 40%. Your DTI would be 40%. Again, because lender standards vary, it is hard to say what an excellent credit DTI is, but in my experience I have found that individuals with excellent credit profiles to have a DTI of 40% or less. I have to say though, I have seen lots of cases where individuals with a DTI of 60%, along with a substantial savings account and a high FICO score, were considered an excellent credit candidate and were therefore eligible for money saving promotions reserved for those with excellent credit.

Just remember, for the best rates and terms you can get (especially those $0 down and 0% interest promotions), make sure you make all credit and loan payments on time, keep your debt to income ratio as low as possible, maintain a savings account, keep a positive monthly cash flow, and secure your identity.

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