Is 800 Good Credit? Here’s what it 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 using the information on your credit report. Two scoring models – FICO and VantageScore – are the most widely used, although FICO tends to be the more popular choice among lenders.

Whenever you apply for a line of credit, a lender will assess your creditworthiness to decide whether to extend credit to you and what terms are appropriate. Good credit can end up saving you hundreds or even thousands of dollars because it also determines the interest rate you get on a mortgage or the APR you get on a new credit card.

Under, Choose takes a closer look at what a credit score of 800 really means to consumers and how it impacts 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 exceptional credit, according to Experian. According to a report by FICOonly 23% of the assessable population has a credit score of 800 or more.

FICO considers five factors when calculating your credit score:

  • Payment history (35%): Make sure your payments are made on time and in full
  • Amounts owed (30%): Your credit utilization rate—the ratio of the amount of credit you’ve used to the amount you’ve rolled over—should be low
  • Credit history length (15%): You benefit from a longer credit history
  • Credit mix (10%): Seek out different types of credit, be it an installment loan, credit card, or mortgage
  • New requests (10%): Do not apply for too many lines of credit in a short period of time

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

according to a Survey 2021 conducted by LendingTreenearly all people with a credit score of 800 or above have made their payments on time and in full — they also have a low average credit utilization rate of 5.7% and old active accounts, with the average being at least 27 years.

However, you don’t necessarily have to have perfect credit to get good loan terms or low APRs on credit cards, as only a very small percentage of people have perfect credit. A recent FICO report showed that as of April 2019, only 1.6% of the assessable US population had a FICO score of 850 – it is usually unnecessary to aim for a credit score above 800.

In general, as a rule of thumb, you must have a credit score above 760 to get the best loan and/or mortgage terms. In other words, with a credit score of 800 you are in the best credit range and may qualify for the best terms, whether it be a mortgage or personal loan.

Best credit cards if your credit score is 800

With an 800 credit score, you have access to some of the The best credit cards on the market, which usually have a lower APR, offer more reward options, include more perks, and have better welcome bonuses.

That 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 by spending $4,000 within the first three months of account opening.

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

Chase Sapphire Preferred® card

  • Reward

    $50 annual Ultimate Rewards hotel 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 in the first 3 months of account opening. That’s $750 when redeemed through Chase Ultimate Rewards®.

  • Annual fee

  • Introduction APR

  • Regular APR

    16.74% – 23.74% variable on purchases and balance transfers

  • transfer fee

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

  • foreign transaction fee

  • credit needed

If you prefer a luxury credit card with a higher annual fee and more services, you should consider this American Express® Gold cardwhich includes perks like up to $120 in Uber Cash credit per year ($10 in Uber Cash per month that can be used toward rides or Uber Eats), a $120 annual dining credit ($10 in statement credit per month upon order). across select restaurants) 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 gives new cardholders 60,000 Membership Rewards® points after spending $4,000 within the first six months of card membership.

American Express® Gold card

On the safe side of American Express

  • Reward

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

  • welcome bonus

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

  • Annual fee

  • Introduction APR

  • Regular APR

  • transfer fee

  • foreign transaction fee

  • credit needed

Editorial note: Any opinion, analysis, review, or recommendation expressed in this article is solely that of Select’s editors and has not been reviewed, approved, or otherwise endorsed by any third party.

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