800-Plus Credit Score: How to Make the Most of It

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800-Plus Credit Score: How to Make the Most of It

If your credit score is higher than 800, please accept our congratulations. This demonstrates to lenders that you are a great borrower, and it positions you in a position that is well above the norm for the country. When you apply for new credit, having a credit score of 800 or higher will give you more negotiating power and make it more likely that you will be approved in a shorter amount of time. Everything you need to know to maximize your potential with a credit score of 800 or above is outlined in this article.

Key Takeaways

  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.

Credit Score Basics

To begin, a quick examination of the credit ratings. A credit score is a three-digit number that is based on your credit data and reflects the risk associated with using credit in the future. The FICO score, which is the most widely used credit score, is derived from the five most important categories of information included in a person’s credit reports. You’ll find them here, along with the percentage of the total score that each contributes.

  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
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Your age, education level, employment history, gender, income, marital status, race, and zip code are not taken into consideration when determining your FICO score; instead, the score is based only on the information included in your credit report.

Despite the fact that every financial institution has its own credit risk standards, the following chart from FICO offers a summary of what each score range indicates: 2

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Image by Sabrina Jiang © Investopedia2021

The 800-Plus Club Is Growing

The current average FICO score in the United States is 716, which is the highest it has ever been since FICO began keeping track of score distributions. The national average FICO score has increased for 11 years in a row, demonstrating a persistent improvement in credit quality in the United States. The score reached its all-time low of 686 in October 2009, and has been rising ever since. 3

There are also a greater number of people whose scores are in the exceptionally high super-prime range, which is defined as 800 or above. The percentage of consumers whose scores were within the range of 800 to 850 in April 2021 increased from 20.4% five years earlier. 3

According to FICO, a better average score and a larger percentage of customers scoring in the 800-plus level may be attributed to a variety of characteristics, including the following:

  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
  • Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.
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The Benefits of an 800-Plus Credit Score

You’ve put in a lot of effort to acquire a credit score of 800 or higher, so you should take use of it. Your great credit score entitles you to a variety of financial benefits, in addition to giving you bragging rights. These advantages include the following:

You’re more likely to be approved when you apply for new credit.

Remember that your credit score is a reflection of your trustworthiness as well as the possibility that you will return money that you have borrowed. If you have a strong credit score, potential lenders will see you as less of a risk, and this will increase the likelihood that you will be approved for a loan or line of credit.

You’ll qualify for lower interest rates and higher credit limits.

If your credit score is 800 or above, you are considered to have an extraordinarily high likelihood of meeting your financial responsibilities; hence, lenders may offer you more favorable conditions. This is something that you should keep in mind whether you are trying to get a better interest rate on your credit card, a mortgage, or a vehicle loan.

If you have a good credit score, the conditions of any loans you take out, such as a mortgage or a car loan, will automatically be improved (assuming everything else is in order).Now that you have a solid credit score, you may be able to refinance an existing loan at a cheaper interest rate. If you currently have a loan, this may be an option for you. To guarantee that the modification will not negatively impact your finances, you should run the numbers as you would with any other refi.

Because credit cards are unique financial products, it is possible that you may need to bargain for a better deal, especially if you have had the card for a significant amount of time. If your credit score has recently increased to the area of 800 or higher, or if you have never looked closely at your terms in the past, you should contact your current credit issuers, inform them of your credit score, and ask if they may lower your interest rate or expand your credit limit. If your score has recently increased to the area of 800 or higher, or if you have never looked closely at your terms in the past, you should do this. Even if you don’t currently have a need for a higher limit, having one might make it easier to maintain a healthy credit utilization ratio (how much you owe versus your available credit).

You’ll qualify for better credit cards with better rewards.

If you have used the same credit card for a number of years, it may be useful in terms of the duration of your credit history; but, you may be missing out on important advantages. If your credit score is 800 or higher, you may be eligible for perks such as access to airport lounges (which is convenient if you have a lengthy layover), complimentary breakfast at hotels, and the opportunity to earn cash back and airline miles at a faster rate; for instance, you may earn one and a half miles for every dollar spent rather than the standard one mile for every dollar spent.

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A straightforward method for locating a better offer is to contact the company that now issues your credit card and inquire as to whether you are eligible for a new card that comes with more benefits and capabilities. If this is the case, your card issuer may lead you through the application process and transfer you over to the new card. This procedure may take place over the phone or online. Research on the internet is another option for you if you want to get the best credit card for you.

Checking Your Score

You have the legal right to get a free copy of your credit report once per year from each of the “big three” credit reporting companies, which are Equifax, Experian, and TransUnion. 4 If you space out your requests, you may get a copy of your credit report once every four months. This gives you the opportunity to keep an eye on your credit report during the whole year. AnnualCreditReport.com is the only website that allows you to get your free credit report that is mandated by law.

Your FICO score is not included in your credit report; but, if your credit card issuer is a participant in the FICO Score Open Access program, you may be able to see it at no cost. This is because your credit report does not include your FICO score. According to FICO5, the project is supported by nearly two hundred financial institutions, some of which include Bank of America, Barclays, Citi, Discover, HSBC, Huntington Bank, Navy Federal Credit Union, PNC Bank, and Wells Fargo.

If your credit card company is one of those that takes part in the program, you will be able to see your score either when you check in to your account online or when you get your monthly statement (or both).If you are unable to get a copy of your credit score from your credit card company or another lender, you have the option of purchasing it online from any of the three major credit bureaus or through the website myfico.com.

The Bottom Line

Your credit score has an impact not only on your ability to get credit but also on the terms and circumstances that lenders make available to you, such as the interest rate on a mortgage. Because companies often do credit checks, your credit score may also influence the employment opportunities available to you as well as the housing options available to you (landlords also run credit checks).It’s even possible that the cost of your car and home insurance policies will depend on your credit score. Because this one number is so important, it is a good idea to monitor it and, if necessary, make an effort to make it better.

Investigating one of the most reputable credit repair companies might be beneficial if you have your sights set on a credit score of 800 or higher but are having trouble eliminating negative information from your credit report. If, on the other hand, your credit is fantastic right now but you are afraid that it will not continue that way, using one of the best monitoring services for your credit may provide you with the much-needed peace of mind you need.

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