Given the unique nature of each individual’s credit situation, LightStream believes there is no single definition for "excellent credit". However, we find individuals with excellent credit usually share the following characteristics:
- Five or more years of significant credit history.
- A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
- An excellent payment history with no delinquencies or other problems repaying debt obligations.
- A proven ability to save evidenced by some or all of the following; liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings, and little, if any, revolving credit card debt.
- Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.
Finally, it should be noted again that each individual situation is different and that we make our credit judgment based on the specific facts of that situation. Ultimately our determination of excellent credit is based on whether we conclude that there is a very high likelihood that our loan will be repaid in a full and timely manner.