The 800 Credit Score: What It Means and How to Get There

It’s possible to get an 800 credit score. This is a credit score that gives you a great opportunity to be eligible for the best rate on a credit card, auto loan, mortgage, or other debt. How to get an 800 credit score is not always difficult as long as you follow the rules and do the right thing.

However, Fair Isaac Corporation’s (FICO) score base ranges from 300 to 850. The score is based on factors like your payment history, types of credit, how often you apply for new credit, and your credit utilization, which is the amount of credit you’re using divided by the amount of credit you have available.

Although there are procedures to take in order to know how to get an 800 credit score, and if you can ascertain this credit score, it will be difficult for banks to turn your request down. A credit score can be an important factor when you apply for credit.

Also, if your credit score falls between 740 to 790, that is a good credit score; if you want to know how to get an 800 credit score, this article will guide you; I urge you to keep on reading this content because your credit score can determine the benefits you are qualified to get.

What It Means to Have an 800 Credit Score

If you have a credit score up to 800 and above, it is termed exceptional according to FICO and VantageScore because only 23% of people have a credit score above 800.

An exceptional credit score opens up more offers and rates for you because to score this high credit score means you have a unique positive credit history. This means you likely have a long credit history, perfect payment history, a good credit mix, and only use a small percentage of your total credit limit.

An 800 credit score means you’ve done everything possible to prove your worthiness. Because lenders look at various factors when considering a credit or loan application, excellent credit scores generally mean you have a good chance of being approved for loans and other credit products.

People with credit scores of 800 or above made their payments on time and in full; they also tend to have a low average credit utilization ratio of 5.7% and have old active accounts.

How to Get an 800 Credit Score

Getting an 800 credit score is never easy, and it requires time, but there are factors you can follow to get this credit score; here are the steps to follow to achieve an 800 credit score:

1. Pay Your Bills on Time

Paying your bills on time helps to boost your credit score because payment history is important to attain a perfect score. Payment history is the most important factor in your FICO credit score; it accounts for 35% of your FICO score. You must pay your bills on time.

If you fail to pay your bills and the due date, you can call your credit card issuer to ask if it will remove the late payment. The more on-time payments you have on your credit report, the better it is for your credit score.

2. Keep Your Credit Card Balances Low

Another important factor behind your payment history is your credit utilization ratio; keeping your balances below 30% of the credit limit is best for your credit score. So, if your card limit is $10,000, you’d want your balance to stay below $3,000; therefore, always aim to use only 30% or lesser of it only. Your credit utilization ratio measures the amount of credit you use vs. your total credit limit.

However, your utilization percentage is calculated for each credit card individually and collectively for all your accounts. If you want to reach and maintain an 800 credit score, aim to keep your credit card balances even lower than that amount.

3. Be Mindful of Your Credit History

If you want a good record, you must pay your bills and credit card on time, because the longer your credit history, the higher your credit score. Credit scoring models may factor in the age of your oldest account, the newest account, and the average age of all your accounts. The longer you’ve managed your credit comprises 15% of your credit score.

Therefore, before considering closing a credit account, weigh the potential consequences first. Closing the account could reduce the length of your credit history and overall credit limit, hurting your score. To reach an 800 credit score, you’ll need to establish and maintain a long history.

4. Credit Mix

Another way is lenders like to see that you can handle a diverse mix of credit accounts by juggling different types of credit. This could include credit cards, a type of revolving credit, and loans like mortgages that you pay in installments.

It’s not advisable to apply for a loan to build your scores, though; also, applying for a new loan can mean a hard inquiry is logged on your credit reports, which can ding your credit mix, determining 10% of your credit score. And by adding to your credit limit, you may also reduce your overall credit utilization ratio.

5. Don’t Apply to Every Credit Card

Too many credit inquiries in a short period can hurt your credit score, so don’t apply for every credit card you come across. Applying for new credit card accounts can account for 10% of your credit score, which isn’t huge, but it can be enough to push you into the 800+ credit score club.

6. Avoid Too Many Credit Inquiries

A hard inquiry is always placed on your credit report whenever you make an application that requires a credit check. These hard inquiries are about 10% of your credit score. A hard inquiry, which can affect your credit score, occurs when a company pulls your credit report after you apply for a product like a mortgage or a credit card. Therefore do not make too many credit score inquiries.

7. Avoid Spending Above Your Means

Another way to attain an 800 credit score is to limit your spending and stick to a budget you can afford. Because living within your means can raise your score. Don’t use a credit card to live beyond your means.

Don’t put it on your credit card if you cannot afford something. Instead, you can start an emergency fund to cover all your expenses.

The benefit of 800 Credit Score

Getting an 800 credit score can be difficult but not impossible. but they come with the benefit of achieving such a high score. Here are the benefits of having an 800 credit score:

• Better Credit Card Offer: If you have an 800 credit score, it will improve your chances of getting some of the top credit cards; having one of these credit cards in your wallet gives you the flexibility to carry a credit card balance and pay it off over time while avoiding finance charges on your balance.
• Lower Interest Rate: Credit score is a major factor in interest rate when applying for a loan because the lender easily offers because you’ve shown that you can manage your debt well. therefore having an 800 credit score will help you qualify for lower interest rates, which saves money. You’ll also receive the biggest impact with larger loans that you repay over a longer period, such as mortgage and auto loans.
• Better Insurance Rate: In states where it’s legal, most auto and homeowner’s insurance companies use your credit history to help determine your monthly premiums. And while they don’t use your FICO score, they use a credit-based insurance score, which is similar to your FICO score, so having excellent credit can improve your chances of scoring low insurance rates.
• High Credit Limit: Credit cards have a credit limit, often based on your credit score and income. The higher your credit score, the more the card issuer can trust you to pay off your monthly balance. As such, you will qualify for higher credit limits.

How Long Does It Take to Build 800 Credit Score

It takes time to build an 800 credit score; it could take a few months to several years. However, your financial habits and credit history will play a role in how long it takes, some factors have specific timelines, and you need to have a few years of only positive payment history and a good mix of credit accounts showing you have been able to manage types of credit cards and loans.

A good credit mix includes a few major credit cards, a real estate loan, and another type of installment loan. These accounts must be a few years old to show that you can handle a variety of credit responsibilities over a long period.

FICO Score Range

FICO scores are based on a range of information on your credit report. Still, they don’t consider your age, education, employment history, gender, income, marital status, gender, race, or zip code. The following chart from FICO is a general guide to what each score range represents:

FICO Score	Rating	What The Score Means
<580	Poor	. Well below average . Proof to the lender that you are a risky borrower
580 – 669	Fair	. Below average . Some lenders will approve loans
670 – 739	Good	. Near or slightly above average . Most lenders consider it to be a good score
740 – 799	Very Good	. Above average . Proof to lenders you are a very dependable borrower
800+	Exceptional	. Well above average . Proof to lenders that you are an exceptional borrower

Best Credit Card If Your Credit Score Is 800

An exceptional credit score of 800 and above gives you access to the best credit score, which typically has a lower APR. It offers more reward opportunities, like travel credits, free hotel nights, airport lounge access, complimentary upgrades, and elite status.

1. The Chase Sapphire Preferred Card

Chase Sapphire Preferred Card is a popular card for consumers who want a credit card with a bonus but don’t need a luxury card. Chase Sapphire Preferred cardholders can earn 60,000 bonus points by spending $4,000 within the first three months of account opening.

Also, Points earned can be redeemed through the Chase Ultimate Rewards travel portal for a redemption value of 1.25 cents per point. The welcome bonus is worth $750 in travel rewards or more if you transfer your point to Chase’s travel partners like United or Hyatt.

2. American Express Gold Card

American Express Gold Card is a luxury credit card with a higher annual fee and more benefits which offers perks such as up to $120 Uber Cash credit annually ($10 in Uber Cash each month, which can be used towards rides or Uber Eats), $120 annual dining credit ($10 in statement credits each month when ordering through select dining options, such as Grubhub and Shake Shack) and $100 experience credit to use when you book at least two nights through The Hotel Collection with American Express Travel.

The current welcome bonus gives new cardholders 60,000 Membership Rewards points after spending $4,000 within the first six months of card membership.

However, these cards also tend to carry expensive annual fees and higher interest rates if you carry a balance. So you’ll have to weigh the benefits against the costs to see if it’s worth it.

Furthermore, if you’re paying down credit card debt, you might also see offers for the best balance transfer cards with longer 0% intro APR periods and higher credit limits.

Conclusion

Having an exceptional credit score can be challenging, but if you can be able to get an 800 credit score, it will give you access to better credit cards and better opportunities. You need to know about credit management to achieve this exceptional credit score.

It helps you to access better credit cards and allows you to borrow money with lower interest rates and better loan terms; your FICO score must be 800 and above; this may take time, but the benefit it’s worth the delay. Your credit score affects your ability to get better opportunities, such as interest rates on a mortgage, job opportunities, and housing options.

Therefore, your goal should be to maintain your exceptional credit score by making on-time credit payments, keeping your credit utilization as low as possible, and practicing the same responsible credit habits that got you an 800 credit score in the first place.

FAQ

Reference

• acorns.com
• creditstrong.com
• lendingtree.com

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