The 800 credit score: What it means, why it helps and how to get one
Key takeaways
- A credit score of 800 or above is considered excellent and comes with the same benefits as a perfect 850 score.
- Benefits of an 800 credit score include better credit offers, lower interest rates and higher credit limits.
- To maintain an 800 credit score, it's important to keep credit utilization low and regularly monitor credit reports.
There are a number of perks that come with top-notch credit, and the good news is that you don’t have to hit that perfect 850 credit score to enjoy them. Just getting your credit score over 800 — officially an excellent credit score — gives you the same advantages and benefits that come with a perfect credit score.
Reaching such a credit score takes time and commitment, but it’s not as impossible as you might think. Experian reports that 22 percent of all consumers have achieved excellent credit, and even more (28 percent) are on their way, falling within the very good credit range.
When you have an 800 credit score, you’ve done everything you need to prove you are a creditworthy consumer. People with 800+ credit rarely hear the word “no,” and banks and credit card issuers will be eager to loan you money, often at favorable terms.
Let’s take a closer look at what it means to have a credit score over 800, how to get an 800 credit score and some of the perks that come with it.
What it means to have a credit score over 800
Is 800 a good credit score? According to the FICO credit scoring system, it’s exceptional. Although both the FICO and VantageScore credit scoring systems go to 850, you actually don’t need to hit 850 to reap the same benefits as those with a perfect credit score.
If you have an 800 FICO score, you have an extremely positive credit history. You’ve likely been using credit successfully for many years and probably have a healthy mix of credit accounts that includes both revolving credit (like credit cards) and installment credit (like a mortgage).
In short, you’re the ideal credit consumer — responsible, financially savvy and unlikely to default on your credit obligations.
Having a credit score over 800 means there isn’t much else you can do to make your credit score better. All you can do now is maintain the healthy credit habits that got your 800+ credit score in the first place.
How to get an 800 credit score
So what are the actual steps to reach an 800 score? First, start by learning how to build credit — but don’t stop there. In addition to practicing responsible credit habits, like making all your payments on time and paying down your balances regularly, you’ll also want to take a few extra steps to improve your chances of earning an 800 credit score:
Keep your credit utilization low
Aim to keep your credit utilization as low as possible. This means paying off your balances in full on a regular basis. According to FICO, people with credit scores of 800 have a credit utilization ratio of around 11 percent. For example, this means if your total credit limit is $10,000, you should aim to never carry a balance larger than $1,100 across all your cards.
Bankrate’s take: To gauge whether your card balances are dampening your credit score, check out Bankrate’s credit utilization ratio calculator and establish the next steps toward improving your financial opportunities.
Monitor your credit score
Make sure to check your credit score regularly. Many popular credit monitoring services provide you with an updated credit score every week, along with an analysis of why your score might have changed. Learn what is likely to raise your score and what is likely to lower it, and avoid anything that might bring your credit score down.
Check your credit reports
It’s also a good idea to review your credit reports with the three credit bureaus (Equifax, Experian and TransUnion). Believe it or not, millions of Americans have errors on their credit reports — and those errors could inadvertently lower your credit score.
Make sure all the information on your credit reports is accurate, and learn how to dispute credit report errors with the credit bureaus.
Add to your credit portfolio
If you feel like you’re doing everything right and your credit score hasn’t yet passed 800, you might simply have to wait. Fifteen percent of your credit score comes from the length of your credit history. Even if you’ve been practicing responsible credit habits since you opened your first credit card, building an 800 credit score might take a while.
It might also be hard to achieve an 800 credit score until you have a mix of credit under your name. This doesn’t mean you should take out a mortgage or a car loan just to get your credit score over 800, but if the only credit accounts on your file are credit cards, you might struggle to reach that 800 credit score.
If that’s the case, don’t worry. Having excellent credit is just as good, and you’ll receive nearly all of the benefits that come with a near-perfect credit score.
Perks of having an 800 credit score
In addition to receiving all of the perks that come with having good credit, there are some additional 800 credit score benefits that you should be aware of.
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One of the biggest perks of having an 800 credit score is access to better credit offers. With such a high credit score, you’ll be an ideal candidate for all of today’s best credit cards, including credit cards for people with excellent credit.
People with a credit score over 800 are also likely to be accepted for other lines of credit, including personal loans, mortgages and car loans. Not only will most banks and credit issuers be eager to loan money to a person with a near-perfect credit score, but the terms of the loan will often be more favorable than those offered to people with lower credit scores.
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Among the many 800 credit score benefits, lower interest rates have to be near the top of the list. When you have an exceptional credit score, you’ll probably be offered interest rates that are well below the national average, which is currently lingering above 20 percent. Low interest rates can save you a lot of money over time, especially if you get a low fixed interest rate on a long-term loan like a 30-year mortgage.
If you already have a loan or mortgage, consider refinancing your loan after you achieve your 800 credit score. Refinancing to a lower interest rate can be an extremely smart financial move, so don’t assume you’re stuck with the interest rate you got when your credit score was lower.
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Another benefit of having an 800 credit score is access to higher credit limits. Not only do higher credit card limits increase your purchasing power, but they can also make it easier to maintain a low credit utilization ratio — which in turn will help you maintain your near-perfect credit score.
Plus, every purchase you put on your credit card can help you earn rewards — and as a person with exceptional credit, you’ll be eligible for some of the best rewards credit card on the market.
What to do with an 800 credit score
Once you’ve earned your 800 credit score, continue the same good credit habits that got you there:
- Set up mobile alerts or sign up for autopay to stay on top of your credit card and loan payments.
- Keep your credit utilization as low as possible.
- Try to pay off every credit card statement balance in full before your grace period expires, if applicable.
Is there anything you shouldn’t do once you earn an 800 credit score? Don’t assume you can let things slide a little just because you’ve put in the work to earn near-perfect credit. Even a single missed payment could drop you out of the exceptional score range, along with other scenarios:
- If you apply for a new credit card and generate a hard credit inquiry, your credit score might drop by a few points.
- You might see your credit score dip after you make a large purchase, as it increases your credit utilization ratio.
- Increasing your credit utilization over the recommended 30 percent could cause a dip in your score.
- Canceling your oldest credit card will often lower your credit score, as this will reduce the length of your credit history.
The bottom line
Is 800 a good credit score? Absolutely. You can get all of the benefits of near-perfect credit once your FICO score passes 800, so there’s not much reason to put any extra effort toward earning an 850 credit score.
Instead, 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.
