What does fair credit mean?

A credit credit score between 620 and 659. Should you be unaware of your credit score, you can use our free credit estimator. Alternatively, you most likely have fair credit if:

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• You don't have a credit card under your own name with a limit above $5,000 or
  
• You've been over 60 days late on two or more major bills (i.e. credit card, loan, medical bill) in the last 12 months or
  
• You've defaulted on a credit card or declared bankruptcy within the past five years

Fair credit, at its basis, is essentially a position of limbo. If you haven't made any credit missteps and are building a solid credit history from scratch, having fair credit means that you've added enough information to your credit file to no longer qualify as having "no or limited credit" but do not have the requisite experience to be regarded as having good credit history. If you damaged your credit in the past, fair credit is merely a stepping stone to your previous stature. As such, the rates and fees available to people with fair credit are still relatively high and the rewards rather low.