Good Credit
In general, consumers with a “good” credit history will have at least a three-year history of having “paid as agreed” in their credit profile on their borrowing. Note that items such as “Unapplied for” derogatory items on the credit report (including such things as civil judgments from non-creditors, as well as medical bills) are often ignored in evaluating your credit profile. If you have a bankruptcy or repossession on your record, it will show up for a number of years. This is why keeping a solid credit history is so important.
Fair Credit
Generally speaking, consumers with “fair” credit history will have shown a “paid as agreed” credit history for at least the past two years. Fair credit consumers may have an occasional late payment showing on their record. Note that if you don’t have a “paid as agreed” installment credit showing on your record (a mortgage or auto loan) within the last two years, you should have a good revolving credit facility. As noted above, a repossession or bankruptcy on your record will show and affect you. They should be at least 18 months to two years in the past, however, for you to get a fair credit rating.
