Under 500
The worst category, usually a sign of bankruptcies, forclosure, collections, charge-offs, etc... Very difficult, if not impossible to get credit. If you are able to find credit, you will be required to put up a large portion in cash or equity.
500-599
Bad credit typically due to late payments, charge-offs, medical collections, etc... If you get financing, you will be required to pay large closing costs and will have a very high interest rate due to the risk the lender undertakes in lending you money.
600-649
Fair credit. You will find unfavorable terms in financing, but there are more sources than the previous category.
650-700
Good score. However, with tighter lending standards today, there are less products available to meet unique needs of borrowers. You may have to take terms that you would prefer not to.
700-719
Great credit. Lenders want to loan you money. You are a good credit risk. You will get favorable financing terms, however, with today's tighter lending standards, you may not have certain low documentation type loans available to you without a substantial amount of equity of money in the transaction.
720+
Excellent credit. This is the category that the gates open with any type of financing that may be available. This should be the goal of every consumer. At Meridian Credit Services, we will assist in teaching you how to obtain and maintain a score in this category. It may take some time and discipline, but everyone can eventually achieve this score with the proper knowledge.

How Long Will The Intems Be Reported On My File?

• Delinquencies (30-180 days): A delinquency may remain on file for seven years from the date of the initial missed payment.
  

• Collection accounts: May remain seven years from the date of the initial missed payment that led tothe collection (the original delinquency date). When a collection accountis paid in full, it will be marked as a "paid collection" on the credit report.

• Charged-off accounts: This will remain seven years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if payments are later made on the charged-off account.

• Closed accounts: Closed accounts are no longer available for further use and may or may not have a zero balance. Closed accounts with delinquencies remain for seven years from the date they are reported closed, whether closed by the creditor or by the consumer. However, the delinquency notation will be removed seven years after the delinquency occurred when pertaining to late payments. Positive closed accounts continue to be reported for ten years from the closing date.

• Lost credit card: If thereare no delinquencies, credit cards reported as lost will continue to be listed for two years from the date the creditor is contacted. Delinquent payments that occurred before the card was lost are reported for seven years.
  

• Bankruptcy: Chapters 7, 11, and 12 will remain on one's credit report for ten years from the filing date. A Chapter 13 bankruptcy is reported for seven years from the filing date. Accounts included in bankruptcy will remain for seven years from the date reported as included in the bankruptcy.

• Judgments: Remain seven years from the date filed.
  

• City, county, state, and federal tax liens: Unpaid tax liens remain for fifteen years from the filing date. A paid tax lien will remain on one's score for seven years from the date of payment.
  

• Inquiries: Most inquiries listed on one's credit report will remain for two years. All inquiries must remain for a minimum of one year from the date the inquiry was made. Some inquiries, such as employment or pre-approved offers of credit, will show only on a personal credit report pulled by you.

Certain information cannot be in a credit report, including:

• Medical information (unless you provide consent)
• Notice of bankruptcy (Chapter 11) more than ten years old
• Debts (including delinquent child support payments) more than seven years old
• Age, marital status, or race (if requested from a current or prospective employer)