The 800 Credit Score: What It Means and How to Get OneUpdated on January 29, 2022 Show
Photo: The Balance / Caitlin Rogers Your credit score is one of the most important numbers in your life. This three-digit number indicates your creditworthiness or the likelihood that you'll repay the money you borrow. Credit scores generally range from 300 to 850. The higher your credit score, the more likely it is you'll be approved for new and better credit. As of April 2018, 21.8% of Americans had a FICO score above 800, according to data from FICO. That made a record-high percentage of people with credit scores over 800 and correlated directly to fewer blemishes on people's credit reports, from improvements in payment history to fewer inquiries. NoteSince payment history makes up 35% of the credit scoring calculation, there's a strong relationship between having a high credit score and a low number of late payments. The Benefits of an 800 Credit ScoreSo what exactly do you gain by having an 800 credit score? Is this something you should strive for? Here are three benefits of having an 800 credit score:
How to Build and Maintain an 800 Credit ScoreThe elusive 800 credit score isn't reserved for people who make a lot of money or have some special privilege with the credit bureaus. Anyone who manages their credit properly can reach and maintain an 800 credit score. Here are a few tips:
How Long Does It Take to Build an 800 Credit Score?Depending on where you're starting from, It can take several years or more to build an 800 credit score. You need to have a few years of only positive payment history and a good mix of credit accounts showing you have experience managing different 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 of time. Is That High Score Worth the Effort?The good news is that many lenders consider 760 the cutoff for excellent credit. With a credit score above that number, you'll receive most of the same benefits as someone with an 800 credit score. You'll just have to work a little harder and wait a little longer if you also want the bragging rights. Frequently Asked Questions (FAQs)Is 800 a good credit score?An 800 credit score ranks you as an excellent credit risk because to achieve this score you must pay your bills on time and have a record of using credit wisely. What can I get with an 800 credit score?You qualify for preferred interest rates on mortgages, car loans, and credit cards when you achieve an 800 credit score. If you reach this level of creditworthiness, contact existing lenders and credit card issuers to ask for a better rate. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. Is it hard to get a 800 credit score?This score isn't perfect, but it places you in the exceptional credit score range. That's the highest tier of FICO® Scores☉ , which are used by 90% of top lenders. Having an 800 credit score or better is fairly uncommon: Only 23% of all consumers have FICO® Scores of 800 or higher.
How long does it take for your credit to reach 800?Depending on where you're starting from, It can take several years or more to build an 800 credit score. You need to have a few years of only positive payment history and a good mix of credit accounts showing you have experience managing different types of credit cards and loans.
How long does it take to go from 700 to 800 credit score?The amount of time it takes to go from a 700 to 800 credit score could take as little as a few months to several years. While your financial habits and credit history will play a role in how long it takes, there are some factors that have specific timelines.
How long does it take to hit 700 credit score?It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. 1 FICO credit scores range from 300 to 850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent.
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