800 Credit Score: Good or Bad?
A credit score of 800 is firmly in the excellent range of ratings. Lenders use your credit score to decide whether you qualify for financial products like credit cards and loans and to set your interest rate.
Only 23.3% of Americans had a score of 800 and above in 2021, according to credit scoring company FICO.
Here’s how your credit score of 800 can affect your financial life.
You can get the best rates on credit cards and loans
With a credit score of 800, you can breathe easy – you’ll generally qualify for most financial products and get the best rates.
This may not be the case if you are relatively new to credit, as lenders are looking for more than a high score. The length of time you’ve had credit and the amount of debt you have relative to your income are also taken into account.
Know how your credit is scored
See your free score and the factors that influence it, plus information on ways to keep building.
Ways to protect your credit score from 800
You’re already practicing great credit habits, but the following tips will help you maintain your score. And they will interest you if you like the challenge of go for 850the highest score on non-specialist credit scores.
Set up automatic payments. Just one late payment can reduce your credit score by 100 points. If you don’t have automatic payments, consider setting them up to avoid the risk of missing a payment and dropping your score.
look use of credit. It’s better for your score to use less of your credit limits. You can make multiple payments within a single billing cycle to keep usage consistently low.