CREDIT PROFILES

No matter your situation The Real Credit Diva is here to help.  The following descriptions can help you understand what type of credit profile you have.

Good Credit

Consumers with good credit meet the following criteria: “paid as agreed” credit history including installment credit (mortgage and/or auto loans) for at least the last three years; major derogatory items (repossession and/or bankruptcy) over three years ago; “unapplied for” derogatory items (medical bills and/or civil judgments) from non-creditors are often ignored.

Fair Credit

Consumers with fair credit meet the following criteria: “paid as agreed” credit history including installment credit (mortgage and/or auto loans) for at least the last two years even with occasional late payments; at least two years of substantial good revolving credit if lacking “paid as agreed” credit history including installment credit (mortgage and/or auto loans); major derogatory items (repossession and/or bankruptcy) over eighteen months ago.

Situational Bad Credit or Slow Pay

Consumers with situational credit challenges due to a major life event including divorce, illness, injury, loss of employment, bankruptcy (due to medical problems, credit card debt, or loss of income), or significant economic disaster.

Bad Credit or No Credit

Consumers with little or no “applied for” credit.  May have charge-off accounts from bad checks, unpaid medical or utility bills, or small unpaid charge accounts from “unapplied for” creditors and unresolved repossession over two years old.

Really Bad Credit

Consumers with really bad credit will have a long-term history of bad credit including multiple bankruptcies and/or repossessions excluded from the bankruptcies, significant bad credit after a bankruptcy, active delinquency on all existing accounts, repossessions under one year old, and/or a history of writing bad checks over a longer period.