Your credit standing is is determined by the information on your credit report which is then calculated into a credit score (300-850). Basically, it shows the likelihood of you repaying a loan and how much of a credit risk it would be to loan you money.

It means your credit is in "Excellent Standing"

Yes - as long as your credit cards are in good standing.

Scores of 700 or above suggest a decent credit report.

Your credit can raise or lower your credit score. It is what consumer credit for buying a house or car is based on.