How to get a credit score of 800?
Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.
Most people with an 800 credit score have a long credit history, just a little under 22 years. Credit history length does not represent how long you've used credit. Rather, it represents the average age of the open accounts on your credit report. If you close an old credit card, it can shorten your credit history.
- Pay credit card balances strategically.
- Ask for higher credit limits.
- Become an authorized user.
- Pay bills on time.
- Dispute credit report errors.
- Deal with collections accounts.
- Use a secured credit card.
- Get credit for rent and utility payments.
On-time payments
The best way to get your credit score over 800 comes down to paying your bills on time every month, even if it is making the minimum payment due. According to LendingTree's analysis of 100,000 credit reports, 100% of borrowers with a credit score of 800 or higher paid their bills on time, every time.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
A 900 credit score may be the highest on some scoring models, but this number isn't always possible. Only 1.31% of the population can achieve a credit score of 850, so there's a certain point where trying to get the highest possible credit score isn't realistic at all. Having good credit can start at around 700.
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
- Get More Credit Accounts.
- Pay Down High Credit Card Balances.
- Always Make On-Time Payments.
- Keep the Accounts that You Already Have.
- Dispute Incorrect Items on Your Credit Report.
If you want help, you can hire a credit repair company to assist you. They generally charge anywhere from $19 to $149 a month for their services. But beware of scam credit repair offers, which may leave you in worse financial shape than before. Consumer Financial Protection Bureau.
Why is it so hard to get a 800 credit score?
It might also be hard to achieve an 800 credit score until you have a mix of credit under your name. We're not saying 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.
- Review Your Credit Report. ...
- Pay Your Bills on Time. ...
- Ask for Late Payment Forgiveness. ...
- Keep Credit Card Balances Low. ...
- Keep Old Credit Cards Active. ...
- Become an Authorized User. ...
- Consider a Credit Builder Loan. ...
- Take Out a Secured Credit Card.
Anywhere between 670 to 739 is considered good. A credit score between 740 to 799 is considered very good. Credit scores 800 and up are considered excellent. Someone with a VantageScore that's 600 or less is considered to have poor or very poor credit.
What state has the lowest average credit score? It indicates an expandable section or menu, or sometimes previous / next navigation options. Mississippi had the lowest average FICO credit score of all states in 2023, at 680 is 38 points below the national average.
The highest credit score you can have on the most widely used scoring systems is an 850. The widely-used FICO 8 scoring model and the VantageScore 3.0 both use a 300-850 scale. Credit scoring company FICO says about 1% of its scores reach 850.
For most credit-scoring models, including VantageScore 3.0 and FICO, the highest credit score possible is 850. We were able to speak to two Americans who belong to the exclusive FICO 850 Club: Brad Stevens of Austin, Texas, and John Ulzheimer of Atlanta.
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.
A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 7.01% or better, or a used-car loan around 9.73% or lower. Superprime: 781-850.
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
How multiple credit cards affect your credit score. Having multiple credit cards can indirectly impact your credit scores by lowering your debt to credit ratio—also known as your credit utilization rate. Your credit utilization rate is the amount of credit you use compared to the total credit available to you.
How rare is an 800 credit score?
How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
| Average FICO 8 Score by Generation | ||
|---|---|---|
| Generation | 2022 | 2023 |
| Generation Z (ages 18-26) | 679 - Good | 680 - Good |
| Millennials (27-42) | 687 - Good | 690 - Good |
| Generation X (43-58) | 707 - Good | 709 - Good |
Conventional loan | Credit score: 620
To qualify for a conventional loan, you'll need a credit score of at least 620, though some lenders may choose to approve conventional mortgage applications only for borrowers with credit scores of 680 and up.
Federal Housing Administration (FHA) loans need at least a 580 FICO Score with at least a 3.5% down payment (which amounts to $10,500 on a $300,000 home). Conventional loans require a minimum FICO® Score of 620 along with a 3% down payment (which amounts to $9,000 on a $300,000 home).
It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.
