what can i do with an 800 credit score

Last Updated on January 16, 2023

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What Can I Do With An 800 Credit Score

If you’ve got your credit score over 800, well done. That demonstrates to lenders that you are an exceptional borrower and puts you well above the average score of U.S. consumers. In addition to bragging rights, an 800-plus credit score can qualify you for better offers and faster approvals when you apply for new credit. Here’s what you need to know to make the most of that 800-plus credit score.

KEY TAKEAWAYS

  • An 800-plus credit score shows lenders you are an exceptional borrower.
  • You may qualify for better mortgage and auto loan terms with a high credit score.
  • You may also qualify for credit cards with better rewards and perks, such as access to airport lounges and free hotel breakfasts.

Credit Score Basics

First, a refresher on credit scores. A credit score is a three-digit number that summarizes your credit risk, based on your credit data. The most common credit score is the FICO score, which is calculated using five main categories of credit data from your credit reports. Here they are, along with what percent of the score they account for.

  • Payment History (35%). Whether you’ve paid your past bills on time
  • Amounts Owed (30%). How much credit and how many loans you’re using
  • Length of Credit History (15%). How long you’ve had credit
  • Credit Mix (10%). The types of credit you’ve had (e.g., mortgage, auto loan, credit cards)
  • New Credit (10%). Frequency of credit inquires and new account openings1

FICO scores are based on a range of information on your credit report, but they don’t consider your age, education, employment history, gender, income, marital status, race, or zip code.

While each lender has its own credit risk standards, the following chart from FICO is a general guide to what each score range represents:

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The 800-Plus Club Is Growing

Today, the average FICO score in the U.S. is 716—the highest it’s been since FICO began tracking score distributions. After bottoming out at 686 in October 2009, the national average FICO score has increased for 11 years in a row, representing a steady upward trend in U.S. credit quality.

There are also more people scoring in the very high super-prime score range above 800. As of April 2021, 23.3% of consumers now score in the 800 to 850 range, compared with 20.4% five years prior.3

According to FICO, several factors have contributed to the higher average and greater numbers of consumers scoring in the 800-plus range, including:

  • Fewer reported missed payments. The number of consumers with a 30+ past due payment in the last year was 15% as of April 2021, versus 19.6% a year ago.
  • Lower debt levels. Credit card balances and utilizations fell by more than 10% over the last year as consumers have been aggressive with paying down debt.
  • Less credit-seeking activity. Hard credit inquiries fell by 12.1% over the last year as of April 2021.3

The Benefits of an 800-Plus Credit Score

You’ve worked hard for that 800-plus credit score, so be sure you make the most of it. In addition to bragging rights, your exceptional credit score sets you up to take advantage of several financial benefits, including:

You’re more likely to be approved when you apply for new credit.

Keep in mind that your credit score indicates your creditworthiness and how likely you are to repay money that you borrow. If you have a high credit score, lenders will view you as less risky, which means you’re more likely to be approved for a line of credit or loan.

You’ll qualify for lower interest rates and higher credit limits.

With an 800-plus credit score, you are considered very likely to repay your debts, so lenders can offer you better deals. This is true whether you’re getting a mortgage, an auto loan, or trying to score a better interest rate on your credit card.

In general, you’ll automatically be offered better terms on a mortgage or car loan if you have an exceptional credit score (assuming everything else is in order). If you have an existing loan, you might be able to refinance at a better rate now that you have a high credit score. Like any refi, crunch the numbers first to make sure the move makes financial sense.

Credit cards are different, and you might have to ask to get a better deal, especially if you’ve had the card for a while. If your credit score recently hit the 800-plus range—or if you’ve never taken a close look at your terms before—call your existing credit issuers, let them know your credit score, and ask if they can drop the interest rate or increase your credit line. Even if you don’t need a higher limit, it can make it easier to maintain a good credit utilization ratio (how much you owe versus your available credit). 

You’ll qualify for better credit cards with better rewards.

Using the same credit card you’ve had for decades can be good in terms of length of credit history, but you could be missing out on valuable benefits. With an 800-plus credit score, you might qualify for perks such as access to airport lounges (great if you have a long layover), free breakfast in hotels, and the ability to earn cash back and airline miles at a faster rate—for example, one-and-a-half miles per dollar spent instead of the standard one mile per dollar.

One easy way to find a better deal is to call your existing credit card issuer and ask if you qualify for a different card with better rewards and benefits. If so, your issuer can explain the application process (it might be something you can do over the phone or online) and get you switched over to the new card. You can also research credit cards online to find one that work best for you.  

Checking Your Score

By law you’re entitled to one free credit report from each of the “big three” credit rating agencies—Equifax, Experian, and TransUnion—every year.4 If you stagger your requests, you can get a credit report once every four months, so you can keep an eye on your credit report throughout the year. There is only one place to get your free, federally mandated report: AnnualCreditReport.com.

While your credit report doesn’t include your FICO score, you may be able to check it for free if your credit card issuer takes part in the FICO Score Open Access program. According to FICO, more than 200 financial institutions participate in the program, including Bank of America, Barclays, Citi, Discover, HSBC, Huntington Bank, the Navy Federal Credit Union, PNC Bank, and Wells Fargo.5

If your credit card issuer participates, you’ll be able to check your score when you log into your account online, or it will be included in your monthly statement (or both). If you don’t have access to your credit score through your credit card issuer or other lender, you can purchase it online from one of the three credit rating agencies or at myfico.com.

The Bottom Line

Your credit score affects your ability to get credit and the terms lenders will offer, such as the interest rate on a mortgage. Your score can also impact your job opportunities (employers often run credit checks) and housing options (landlords also run credit checks). Your score can even be factored into the rate you pay for auto and homeowner’s insurance. Because this one number is so important, it’s a good idea to keep track of it—and take steps to improve it, if necessary.

If you’re looking to join the 800-plus club and having trouble escaping the negative marks on your credit report, one of the best credit repair companies might be worth considering. Alternatively, if your credit is already exceptional and are worried it won’t stay that way, then one of the best credit monitoring services could provide some needed peace of mind.

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9 Things To Do Now If You Have an 800 Credit Score

Cynthia MeasomAugust 28, 2019·4 min read

When you apply for a loan or credit card, most lenders check your FICO score — a credit scoring system created by the Fair Isaac Corporation. FICO credit scores range from 350 to 850 — here’s how those scores break down:

  • Poor credit: 350 to 559
  • Fair credit: 580 to 669
  • Good credit: 670 to 739
  • Very good credit: 740 to 799
  • Exceptional credit: 800 and above

With an 800 credit score, you’ll be eligible for some of the easiest loan approvals, most attractive interest rates and best credit cards available. Once you’ve achieved excellent credit status, you can reap the benefits, but you’ll still need to maintain your score. Here’s what you need to do now to leverage and keep your exceptional credit score status.

9 Things To Do When Your Credit Score Is 800

When you have a top-tier credit score it might be tempting to make some bold financial moves, but you want to keep your score intact — so make only those that benefit your overall financial plan. Here are nine things you can do to benefit from and protect your 800 credit score:

1. Contact Your Credit Card Issuers

Now that you’ve achieved that exceptional credit score, it’s time to negotiate with your creditors for better interest rates. Call each creditor and explain that you’ve been a loyal customer who has always paid on time and say you’d like to get a lower interest rate.

2. Shop for New Car Insurance

You could save serious money if you have an 800 credit score and shop around for new car insurance. Car insurance companies generally check credit scores to assess the likelihood of claims, according to HighYa, a website dedicated to educating consumers about companies’ products and services. Contact your current provider, and others, to see what kind of premium rate reductions you can get with your impressive score.

3. Refinance Your Car or Home

Shop rates on auto and home loans if you’re not happy with your current rate. The more your credit score has improved, the better rate offers you’ll receive. Look for opportunities to prequalify for rates, which won’t impact your credit score. Or, use the online myFICO calculator for auto and home loan savings to see how much you could save.

4. Consider Credit Cards for Top-Tier Credit Scores

Having one of the highest credit scores puts you in a unique position to research the different credit cards available to you. You might find that you can qualify for and benefit from better APRs and perks.

5. Keep Paying Your Bills on Time

Thirty-five percent of your FICO score is devoted to your payment history. Paying your bills by the due date without fail is critical to scoring high in this category. To ensure that you don’t miss a payment, set up automatic payments and try to pay more than the minimum for best results.

6. Make Sure Your Credit Utilization Ratio Remains Low

The total amount of credit you have available compared with the amount you’re utilizing counts for 30% of your score. Lenders typically like to see borrowers using no more than 30% of their available credit. For example, if you have a credit card with a $5,000 limit, don’t utilize more than 30% — $1,500 — of it.

7. Don’t Close Credit Card Accounts

Even if you rarely use a credit card you’ve had for years, don’t close it. The length of your credit history counts for 15 percent of your credit score — it enables creditors to see that you can handle credit responsibly over a long period of time.

8. Don’t Apply for Credit You Don’t Need

New credit accounts for 10 percent of your FICO score. When you apply for new credit, it’s considered a hard inquiry, which always impacts your score. When you have too many hard inquiries, your score can suffer. And even with an exceptional credit score of 800, you’re only one point away from reducing your credit status to “very good.”

9. Monitor and Protect Your Credit

It’s essential that you regularly monitor your credit reports to ensure there is no wrong information on them that might ding your credit score — and if there is, make sure you dispute any errors. Consider enrolling in a credit monitoring service that will alert you when anything changes on your credit report. You can also order free copies of your credit reports from AnnualCreditReport.com to make sure they contain completely accurate information.

In addition, you can sign up with an identity theft protection service, which will alert you anyone tries to make changes to your address, orders new services or applies for payday loans. Check out the Federal Trade Commission’s advice regarding identity protection services to learn more.

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