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Is a FICO ® score of 800 a good credit score?
How rare is an 800 credit score?
Is 800 a good credit score?
What does a 800 credit score mean?
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.
Most of the top credit reference agencies have five categories for credit scores: excellent, good, fair, poor and very poor. Each credit reference agency (CRA) uses a different numerical scale to determine your credit score – which means each CRA will give you a different credit score.
- Pay Your Bills on Time, Every Time. Perhaps the best way to show lenders you're a responsible borrower is to pay your bills on time. Payment history is the most crucial factor with the FICO credit scoring models, accounting for 35% of your FICO Score, so it's essential you pay your bills on time.
- Keep Your Credit Card Balances Low. Credit utilization is the second most influential credit score factor. Your credit utilization ratio―also known as your balance-to-limit ratio—reveals the amount of credit you use compared with your total credit limits.
- Be Mindful of Your Credit History. How long you've managed your credit comprises 15% of your credit score. Typically, the longer your credit history, the higher your credit scores.
- Improve Your Credit Mix. You might benefit from an additional credit account, especially if it's a type of credit you don't already have. For example, if you only have installment loans, like a car loan or a personal loan, adding a new credit card can help diversify your credit mix, which determines 10% of your credit score.
Mar 7, 2024 · Experian scores run from 0 to 999 and a good score is anything from 881. With Equifax, scores run from 0 to 1000, with anything over 531 considered good. TransUnion scores rate from 0 to 710. MoneySuperMarket’s Credit Monitor uses TransUnion to show you your current credit score. The table below explains Credit Monitor’s scores and what they mean.
A FICO ® Score of 800 is well above the average credit score of 714. It's nearly as good as credit scores can get, but you still may be able to improve it a bit. More importantly, your score is on the low end of the Exceptional range and fairly close to the Very Good credit score range (740-799).
- When you get your FICO score from Experian, you’ll get a list of the factors that are impacting your individual score the most. Tackle these person...
- If your credit scores are excellent, it means you’ve consistently demonstrated great credit management. You’re likely paying your bills on time and...
- Stay the course, because your excellent credit means you’re headed in the right direction. Continue paying all your bills on time. Setting up autom...
- A credit score of 800 is exceptional. Get your free credit report from Experian to help you stay on top of your credit.
Jun 21, 2024 · What a credit score is and why it’s important. How your credit score is worked out. Things that can help or harm your credit score. What a good credit score looks like in the UK. Ways to deal with debt you can’t afford. Difference between Experian and Equifax, two big names in credit scores.
Nov 27, 2023 · Each credit reference agency has its own scoring range, and different general ranges for what it considers a 'poor', 'good' or 'excellent' credit score. We've put the three agencies' credit-score ranges in the table below – you can see just how much the numbers vary across the companies.
