A credit score of more than 800 shows lenders that you are an exceptional borrower. Individuals with a credit score above 800 are also likely to be accepted for other lines of credit, including personal loans, mortgages, and car loans. Not only will most banks and credit issuers be eager to lend money to a person with a near-perfect credit score, but the terms of the loan will often be more favorable than the terms offered to people with lower credit scores. Having a credit score of 800 can help your financial, personal, and work life.
With an excellent credit score, you'll qualify for the best credit products and can save money on interest rates and insurance. If you already have a loan, you may be able to refinance at a better rate now that you have a high credit score. As long as you are in line with your credit card issuer, you can also request an increase in your line of credit. A credit score of 800 will normally allow you to get the best available interest rate if you are approved for a loan.
Refinancing at a lower interest rate can be an extremely smart financial decision, so don't assume you're stuck with the interest rate you earned when your credit rating was lower. With a secured credit card, you make a deposit before you can use it and your credit limit is set to the amount of the deposit. If you live in a state that allows credit-based insurance, a credit score of 800 could give you a discount on your home insurance or auto insurance premiums. A very good rating is no cause for alarm, but staying in the exceptional range can mean better chances of passing the best credit offers.
Credit scores drop a small amount when that happens, but they usually recover in a few months, as long as you keep up with all your payments. People with credit scores of 800 and 850, respectively, are also equally likely to fail to meet their financial obligations. It's also a good idea to review your credit reports with the three credit bureaus (Equifax, Experian, and TransUnion). In short, you are the ideal responsible credit consumer, financially savvy, and unlikely to default on your credit obligations.
In addition to receiving all the benefits of having good credit, there are some additional 800 credit score benefits you should be aware of. If your credit card issuer participates, you can check your score when you log in to your online account or it will be included in your monthly statement (or both). Most people with 800 credit scores or more pay their balances in full each month, according to FICO.
