Is 800 a good credit score? Here’s what that means

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Lenders use credit scores to determine a borrower’s creditworthiness or the likelihood that they will be able to repay their loan on time and in full.

This three-digit number between 300 and 850 is calculated based on the information in your credit file. Two scoring models – FICO and VantageScore – are the most widely used, although FICO tends to be the most popular choice among lenders.

Each time you apply for a line of credit, a lender will look at your credit score to decide whether to grant you a loan and determine the appropriate terms. Having a good credit rating can end up saving you hundreds or even thousands of dollars because it also determines the interest rate you’ll get on a mortgage or the APR you’ll get on a new credit card.

Below, Select takes a closer look at what having an 800 credit score actually means to consumers and how it affects the types of credit you would have access to.

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What it means to have a credit score of 800

A credit score of 800 means you have an exceptional credit score, according to Experian. According to a FICO report, only 23% of the scoreable population has a credit score of 800 or higher.

FICO considers five factors in calculating your credit score:

  • Payment history (35%): Make sure your payments are made on time and in full
  • Amounts due (30%): Your credit utilization rate, ie the ratio between the amount of credit you use and the amount you have been granted, must be low.
  • Length of credit history (15%): You will benefit from a longer credit history
  • Composition of credit (10%): Aim to have several different types of credit, be it installment loans, credit cards or a mortgage
  • New requests (10%): Don’t ask for too many lines of credit in a short time

If you have a credit score of 800, it likely means you have a long credit history, have made payments on time, and maintain a low credit utilization rate. All of this information shows lenders that you are likely to repay your loan.

According to a 2021 survey by LendingTree, almost everyone with a credit score of 800 or higher made their payments on time and in full – they also tended to have a low average credit utilization rate of 5, 7% and have old active accounts, with the average being at least 27 years old.

That said, you don’t necessarily need to have a perfect credit score to get favorable terms on loans or low APRs on credit cards, because only a very small percentage of people have a perfect credit score. . A recent FICO report showed that in April 2019, only 1.6% of the assessable population in the United States had a FICO score of 850 – it’s generally pointless to aim for a credit score above 800.

Generally, the general rule is that you need to have a credit score above 760 in order to qualify for the best loan and/or mortgage terms. In other words, having a credit score of 800 puts you in the upper credit score bracket and will help you qualify for the best terms, whether it’s for a mortgage or a personal loan.

Best credit cards if your credit score is 800

Having a credit score of 800 gives you access to some of the best credit cards around, which typically have a lower APR, offer more rewards opportunities, include more perks, and offer better welcome bonuses.

The Chase Sapphire Preferred® Card is a popular choice for consumers who want a credit card with a generous welcome bonus but don’t need a luxury card. Chase Sapphire Preferred cardholders can earn 60,000 bonus points for spending $4,000 within the first three months of account opening.

Points earned can be redeemed through the Chase Ultimate Rewards® travel portal for a redemption value of 1.25 cents per point, so the welcome bonus alone could be worth $750 in travel rewards, or potentially plus if you transfer your points to one of Chase’s travel partners like United or Hyatt.

Chase Sapphire Preferred® Card

  • Awards

    $50 annual Ultimate Rewards Resort Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 2X points on all other travel purchases and 1X points on all other purchases

  • welcome bonus

    Earn 60,000 bonus points after spending $4,000 on purchases within the first 3 months of account opening. It’s $750 when you redeem through Chase Ultimate Rewards®.

  • Annual subscription

  • Introduction AVR

  • Regular APR

    16.74% – 23.74% variable on purchases and balance transfers

  • Balance Transfer Fee

    Either $5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

  • Credit needed

Those who prefer a luxury credit card with higher annual fees and more perks should consider the American Express® Gold Card, which offers perks like up to $120 in Uber Cash credit per year ($10 in Uber Cash each month, which can be used for errands or Uber Eats), an annual $120 dining credit ($10 in statement credits each month when ordering through select dining options, such as Grubhub and Shake Shack ) and a $100 experience credit to use when you book a minimum of two nights through The Hotel Collection with American Express Travel.

The current welcome bonus offers new cardholders 60,000 Membership Rewards® points after spending $4,000 in the first six months of card membership.

American Express® Gold Card

On the secure site of American Express

  • Awards

    4X Membership Rewards® points at restaurants (plus U.S. takeout and delivery) and U.S. supermarkets (up to $25,000 per calendar year in purchases, then 1X), 3X points on flights booked directly with airlines or on amextravel.com, 1X points on all other purchases

  • welcome bonus

    Earn 60,000 Membership Rewards® points after spending $4,000 on qualifying purchases within the first 6 months of card membership

  • Annual subscription

  • Introduction AVR

  • Regular APR

  • Balance Transfer Fee

  • Foreign transaction fees

  • Credit needed

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.