How to Get 800 Credit Score?

In the United States, it is very important for you to have a good credit score. Credit scores play a big role when it comes to being approved for credit cards and loans. The better your credit score, the better terms and interest rates you’ll qualify for. Having an 800 credit score will likely qualify for any credit card or loan that you apply for at the best interest rates and terms. So, how can you get an 800 credit score? We will discuss the answer to this question in much detail below.

How to Get 800 Credit Score?

To get an 800 credit score, you should do all of the following:

  • Pay all of your credit cards and loans on time
  • Pay your utility, medical, and all other bills on time
  • Keep your credit utilization below 30%
  • Maintain a good mix of credit
  • Keep old accounts open
  • Don’t submit too many credit and loan application within a short period of time
  • Consistently do these things for a decade

We will now discuss each of the things that you should do to get an 800 credit score in much detail.

  • Pay all of your credit cards and loans on time – To get a credit score in the 800s, you must pay all of your credit card and loan bills on time because this creates a good payment history. Your payment history accounts for 35% of your credit score. So, missing even one credit card or loan payment can cause significant damage to your credit score for years to come. So, make every single credit card and loan payment on time is the best thing you can do to reach that 800 credit score.

  • Pay all of your utility, medical, and other bills on time – Although paying your electricity bill will not directly impact your credit score, if you do not pay a utility or medical bill on time. The debt you owe can be sold to a collection agency, and the collection agency can then place a collection account on your credit report to collect the outstanding balance. Collection accounts can have a devastating impact on your credit score. So, if you’re going after that 800 credit score, you should pay all of your bills on time to avoid having a collection account drag down your credit score.

  • Keep Your Credit Utilization Below 30% – If you want to get an 800 credit score, you must keep your credit utilization as low as possible, preferably below 30%. Credit utilization accounts for 30% of your credit score, so if you’re going for that 800 score, you should strive to use no more than 30% of your available credit. If you exceed 30% of your total available credit, you will hurt your credit score. For example, if you have a $10,000 credit limit, you should not keep a balance of more than $3,000 on your credit cards. If you exceed 30% usage of your credit limit, you will hurt your credit score and potential lenders will view you as too reliant on credit and will therefore by very skeptical about lending you more money.

  • Maintain a Good Credit Mix – Maintaining a good credit mix of accounts makes up 10% of your credit score. So, having a diverse mix of accounts, such as credit card, department store card, home loan, auto loan, and student loan all contribute to a better credit score. If you’re aiming for an 800 credit score, it’s essential that you maintain a good mix of accounts.

  • Keep Old Accounts Open – The average age of all of your accounts constitutes 15% of your credit score. So, if you’re shooting for a credit score in the 800s, you should open accounts and keep them open for as long as possible. So, if you’re just starting to build your credit, you should choose a no-annual-fee credit card and keep that account open for as long as you possibly can. Also, opening new accounts will decrease the average age of your accounts, so if you want to get that 800 credit score, it may help you to stick to the accounts that you currently have.

  • Don’t Apply for Too Many Credit Cards or Loans – Every time you submit a credit application for a credit card or loan, the lender with whom you applied will place a hard inquiry on your credit report. A hard inquiry will remain on your credit report for 2 years from the date of your credit application and can lower your credit score by 5 to 10 points. Although a single application will not hurt your credit score by much, a number of applications can have a significant impact on your credit score, so only apply for accounts or loans that you really need.

  • Consistently Follow Good Practices – We have mentioned a number of things that you must do to get an 800 credit score. To reach an 800 credit score, you must do these things for a long period of time. Personally, it took me approximately 7 years of making all of my payments on time, having a good mix of credit, keep derogatory marks off my credit report, and increase the average age of my accounts to reach an 800 credit score. Once you’ve reached that score, you must continue to follow good practices to maintain it.

Should You Strive to Get an 800 Credit Score?

You should strive to get an 800 credit score because if you are able to get it, it will make your life much easier and will save you a ton of money. If you are able to achieve an 800 credit score, you will qualify for the best interest rates and loan terms because lenders and creditors view those with high credit scores as financially responsible and able to repay the money that they borrow. Since they represent a lower risk to borrowers and lenders, they are offered lower interest rates on their credit cards and loans.

For example, two people go to buy the same exact card. A person with a 680 credit score qualifies for an auto loan with 12.99% interest rate, while a person with a 803 credit score qualifies for a long at a 4.5% interest rate. Both persons buy a $20,000 Nissan Altima. At the end of the loan, the person with a 680 ends up paying $27,298, while the person with an 803 credit score ends up paying $22,372. The person with an 680 credit score ended up paying an additional $4,926 for the same exact vehicle.

So, yes, you should definitely strive to improve your credit score, and if possible reach that 800 mark. Having an 800 credit score or even a credit score in the high 700s will enable you to obtain much better deals on homes, cars, and credit cards.

Benefits of an 800 Credit Score

Here are some more benefits of having an 800 credit score:

  • Approval for loans
  • Approval for credit cards
  • Qualifying for great interest rates on credit cards and loans
  • Ability to rent the apartment that you want
  • Ability to finance or lease the car that you want
  • Opening utility accounts with paying a deposit
  • Better car insurance rates
  • Approval for higher credit card limits

What Percentage of the Population Has a Credit Score of 800 or Above?

Approximately 21% of the U.S population has a credit score of 800 or more. So, if you were thinking that a credit score in the 800s is unattainable think again. An 800 credit score will open the doors to the best interest rates on credit cards and loans. Also, you will qualify for credit cards with the best rewards programs, so it’s definitely worth it to work on your credit score and improve so that its within the 800s.

How Long Does it Take to Get an 800 Credit Score?

It takes several years to get a credit score of 800 or more. This is so because you need several years of excellent payment history, low credit utilization, a good mix of credit, and decent overall account age to get a score in the 800s. Personally, it took me 7 years of making every single payment on time and a good credit mix to get a credit score over 800. Once you achieve an 800 credit score, you must keep making timely payments and keep accounts in good standing open to keep your score at or above 800.

Credit Score Planet Frequently Asked Questions

1) Is it possible to get an 850 credit score?

Yes, it is possible to get a perfect 850 credit score. In fact, approximately 1% of the U.S population has a credit score of 850.

2) Can you get an 800 credit score without a mortgage?

Yes, you can get a credit score in the 800s without a mortgage. Personally, I have been able to achieve a credit score in the 800s without a mortgage.

3) Is it hard to get an 800 credit score?

Yes, it takes following good practices for years to achieve a credit score in the 800s.

4) What is the average credit score?

The average credit score in the US is 680.

5) How good is an 800 credit score?

A credit score of 800 is considered to be exceptional or excellent. It falls in the highest range of credit score.

Getting an 800 Credit Score

To get an 800 credit score, you must make all of your credit card and loan payments on time for at least half a decade, have a good mix of credit, keep your credit utilization low, refrain from applying for too many credit cards or loans within a short period of time, pay all of your bills on time to avoid derogatory marks from being placed on your credit report, and you must do all of these things for a long period of time. That said, if you have any general questions or comments on how to get an 800 credit score, please feel free to leave them in the comments section below.