Here’s What Happens When Your Credit Score Is Over 800

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Fewer than 1 in 4 Americans have a credit score of 800 or more. Find out how borrowing is different for those who do. 

There are two major credit-scoring models: FICO® Score and VantageScore. According to FICO, the FICO® Score is by far the most commonly used by top lenders, and it’s the score we will discuss here. FICO uses consumer credit data to generate three-digit credit scores, ranging from 300 to 850, with 850 being the best possible score.

Since 2021, the average FICO® Score has been 716, with fewer than 1 in 4 Americans carrying a score of 800 or more. While that might not seem like a big deal, those who hit the 800 mark can enjoy some rather nice perks. Here’s what happens when your credit score sits at 800 or better.

Lenders are far more likely to say yes

Looking at FICO® Scores through the eyes of lenders, it’s easier to understand why scores are so important. No credit reporting system is perfect, but for now, a credit score is the only yardstick lenders have to determine how well a person has managed credit in the past. It’s a fast, easy way to get a snapshot of past financial behavior.

Here’s what each credit score range tells lenders:

Within moments of viewing a credit score, a lender has an idea of how risky it would be to loan you money. A score of 800 or more tells them you’re dedicated to making full, on-time payments. You’re almost guaranteed a positive response whenever you apply for credit.

Your rates will be more tempting

When a lender advertises its “best” interest rate, it should always come with this disclaimer: This low rate is reserved for highly-qualified borrowers. Have a credit score of 800 or more? You are highly qualified.

While it’s possible to have a credit score over 800 yet find yourself in serious financial trouble, lenders believe you’ll still do everything you can to make payments as promised. And it’s all for one simple reason: you’ve proven you’re financially serious. If not, your credit score would not be so high.

When a lender offers you its lowest interest rate, it’s for two reasons. The lender has no reason to believe a loan to you is risky, and it also realizes that you have options. With a credit score like yours, you can borrow from anyone. Whether you’re working with a mortgage lender or borrowing money to buy a car, the lender considers you the “ideal” borrower, and it really wants your business.

With a credit score of 800 or more, you can look at the lowest rate a lender offers and say, “Oh, that’s for me.”

You’re more likely to receive every penny requested

If you’ve ever been in an emergency situation and needed money fast, you may be familiar with how difficult it can be to squeeze dollars from a reluctant lender. It’s different when you have an exceptional credit score. As long as the amount requested won’t drive your overall debt load above the lender’s acceptable level, a lender will likely loan you the amount requested.

You don’t have to stress

A score of 800 or more makes borrowing easier, and it lets you off the hook in terms of fighting to boost your score. Once your credit score hits 800, it’s considered exceptional. A borrower with a score of 805 is treated precisely like a borrower with a perfect score of 850.

Let’s say you have a score of 730. It’s considered “good,” but you want more. It makes sense to take steps to raise your score because you know a higher score will save you money through lower interest rates. The same is not true when you hit 800. While seeing the number 850 associated with your credit score may be fun, there are no related benefits.

Credit scores are like puppies; they’re always moving. No matter how low your score is today, it’s possible to surpass the 800 mark. It takes time and effort, but people do it every day.

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