The Advantages of a Credit Score of 800

An 800 credit score is a perfect credit score. Despite falling just short of the highest credit score available (850), a credit score of 800 is considered excellent because according to most lenders boosting your score would not save you money on loans, lines of credit, vehicle insurance, or other financial products.

According to WalletHub data, membership in the 800+ credit score club is pretty restricted, with fewer than 1 in 6 people scoring that high. Lenders don't split the 800 because only a small amount of people have such high scores. The difference in interest rates, loan amounts, and other variables usually will not change once you've reached a score of 800 or more. In other words, you're very unlikely to receive a better or larger loan (or financing) with an 825 than with a credit score of 800. Excellent is excellent, and you really don't need to improve upon excellent.

Individuals with credit ratings of 800 and 850 are equally unlikely to encounter issues with their financial responsibilities. A credit score of 800 or higher suggests that you've been responsibly using loans, credit cards, and other lines of credit for several years, paying your monthly bills on time and maintaining a clean credit report. In addition, according to VantageScore, tax liens and civil judgments appear on the credit records of only 0.1 percent of those with credit scores over 800.

VantageScore, those with a credit score of 800 or higher have credit card limits of $46,700 on average, of which they utilize less than 5%. You'll need a lot of money to pull that off, not to mention temperance. As a result, it should be no surprise that a credit score of 800 or higher basically entitles you to whatever credit card or loan you desire. Of course, because your income and previous financial commitments are considered, it does not guarantee always acceptance. However, an excellent rating surely will not prevent you from achieving your goals if you're prepared and have the income to support the lines of credit you're seeking out.

Advantages of a Credit Score of 800 or More

A credit score of 800 entitles you to the best borrowing rates and other benefits, like the ability to easily choose where you live and work, or what automobile you drive. The following is only a sample of the benefits of having impeccable credit.

What Credit Do You Qualify For?

  1. ANY credit card with no annual fee, 0% Financing, Big Initial Bonus, No Foreign Fees from an Airline/Hotel
  2. The Best Mortgage Rates
  3. Auto Loans with 0% Intro Rates
  4. The Best Personal Loan Rates
  5. The Lowest Auto Insurance Premiums
  6. Easy Approval on Apartment Rentals or Similar

How to Get a Credit Score of 800?

There is no magic formula for obtaining a score of 800 or higher. In most circumstances, paying your bills on time each month and maintaining your credit usage below 15% are the keys to that doorway. Having a variety of revolving and fixed credit accounts (retailer credit, credit cards, auto loans, personal loans, home loans, etc.) is always sure to help, and so is the age of each one.

Do You Require a Credit Score of 850?

Nothing spectacular will happen if your credit score rises from 800 to 850. Most significantly, you are unlikely to save any more money or achieve better loan options. The truth is that the bragging rights that come with hitting the 850 mark seem to be the biggest actual benefit.

Do you have your mind set on achieving a credit score of 800 or above? Get started on your goals and read more about how to check your credit report for free in our blog.