HOW TO GET AN 800 CREDIT SCORE: Detailed Guide

HOW TO GET AN 800 CREDIT SCORE

Aim for an 800 credit score if you want a credit score that will give you a good chance of receiving credit under favorable circumstances. Although this score isn’t ideal, it puts you in the category of great credit scores. That is the highest level of FICO® Scores, which 90% of reputable lenders employ. Only 23% of consumers have FICO® ratings of 800 or above, making having a credit score of 800 or higher rare. Excellent work if you belong to this group and have a high credit score. This article will explain what it means to have an 800 credit score, the advantages of having excellent credit, and how to fast raise your credit score to this level in 45 days if you don’t already have it.

What Does Having an 800 Credit Score Mean?

Even with the greatest terms and an 800 credit score, you may still not be approved for credit products. This is because lenders also take into account your income, employment history, and debt in addition to your credit. Lenders are less likely to refuse you credit based on your credit history nevertheless, an 800 credit score shows that you have a stellar track record of managing credit.

An 800 credit score indicates that you have taken all steps feasible to establish your trustworthiness. You most likely have a long credit history and a history of on-time payments. You have a decent mix of credit and only use a modest portion of your entire available credit. Furthermore, you have a history of solid credit, and most lenders consider you to be a reliable borrower.

How to Get An 800 Credit Score Fast

According to Fair Isaac Corporation, the organization that developed the scoring mechanism, the average FICO score in the U.S. is 716. The 800 club is therefore somewhat exclusive.

Here’s how to quickly raise your credit score to 800 if you want to get there.

#1. Establish or repair a credit history

A bad, short, or nonexistent credit history can prevent you from achieving an 800 credit score since the length of your credit history constitutes 15% of your credit score. Focus on improving your credit to find a solution to this issue. This can be accomplished by applying for your first credit card or getting a credit-building loan.

A personal loan to improve your credit score is known as a credit-builder loan. In contrast to a traditional personal loan, a lender won’t make a one-time deposit of cash into your account. Instead, it places money in a savings or certificate of deposit (CD) account, and you have access to the money after the loan is paid back.

#2. Recurring bill payments

The biggest influence on your credit score is your payment history, which makes up 35% of your FICO score. You should strive to never miss a payment as a result. If your debts are 30 days past due, your creditors have the right to report this to the credit bureaus. Once a late payment is listed on your credit report, it can significantly lower your credit score.

Use a spreadsheet to keep track of your due dates or sign up for autopay to prevent paying your payments late. According to FICO, most people with credit scores of at least 800 pay down their accounts in full each month.

#3. Maintain a modest credit use rate.

Your credit usage ratio, which makes up 30% of your credit score, is the second most significant component of your credit score after payment history. When compared to your entire credit limit, your credit usage ratio shows how much credit you are using. Aim to utilize no more than 30%, or $3,000, of your $10,000 credit limit. Keep your ratio as near to 0% as you can to improve your credit score.

#4. Analyze your credit score and credit reports.

Monitor your credit score and credit reports to maintain tabs on your progress. Using a free credit score service, you can check your credit score without spending any money. You can even get advice on how to raise your credit score from some of these websites.

You should review your credit reports to make sure they don’t contain any negative information that isn’t true, such as late payments or accounts that are in collections, as your credit score is based on the information on them. Even if your invoices are paid on time, a credit reporting error may still occur.

Visit AnnualCreditReport.com to view all three of your reports for free each week through April 20, 2022. If you discover an inaccuracy on one of your reports, you can have it corrected by filing a dispute with each credit bureau that listed it.

How to Get An 800 Credit Score In 45 Days

You must first make on-time payments on all accounts if you want to fast boost your credit score to 800 in 45 days. The best way to get a perfect score on the payment history area is by doing this. This will demonstrate to lenders that you are trustworthy and accountable.

Utilizing free credit repair services can be beneficial, but your credit score is not likely to increase. Read on for some advice on how to fast raise your credit score to 800 in just 45 days. These sources may also be of interest to you:

#1. Payment history

You must first realize that your credit score is a mathematical measurement if you want to swiftly raise it. Using the same credit card as your existing one won’t help you raise your credit score to 800 in 45 days. However, you can develop a solid payment history on your report using a credit builder loan. These loans do not make a direct payment into your bank account. Instead, they place the funds in a savings or certificate of deposit account, which you can access after you’ve paid the loan back.

#2. Length of credit history

Your efforts to obtain an 800 credit score fast in 45 days will be hampered by poor credit history or a lack of credit history. You can fix this by thinking about getting a first credit card or a credit-building loan. The later loan aims to build a track record of timely payments. You do have access to the funds after paying back the loan, but it does not deposit money into your bank account.

Paying your bills on time is one technique to raise your credit score to 800 in 45 days. The average consumer has six late payments, on their credit report. These are very expensive because even one late payment might result in a 100-point deduction from your score. It’s also a good idea to make monthly full credit card payments on all of your cards. According to Lending Tree, people who quickly raised their credit score to 800 in 45 days had an average of two credit cards open.

#3. Credit types

Building a solid history of on-time payments is one approach to swiftly raising your credit score. While many variables affect your credit score, these two account for about 35% of it. You should also have a variety of different credit accounts, such as a few sizable installment loans, a few significant credit cards, and even a minor real estate loan. Your history should be constructed using accounts that are at least a few years old.

#4. Credit inquiries regularly

A high credit score indicates a person’s likelihood of qualifying for a loan; by lowering the number of inquiries on your account, you can strive toward an 800 or even higher score. In April 2018, 21.8% of people had credit scores above 800, according to the FICO credit scoring algorithm. Less negative information on your credit report, better payments, and fewer inquiries are all indicators of a high credit score. However, getting here will take some time.

Avoid submitting too many credit applications if you want to fast raise your credit score to 800 in 45 days. The value of each inquiry is 10% of your overall score, therefore it makes sense to keep the total number of inquiries to a minimum. If you must apply for a loan or credit card, be careful to deal with just one creditor and make the full payment on each account. Multiple credit inquiries from applications to different credit card providers could lower your credit score.

Benefits of an 800 Credit Score

Numerous advantages come with a credit score of at least 800, such as simpler loan approvals, reduced rates, better credit card offers, and cheaper insurance premiums.

#1. Improved chances of loan approval

With an 800 credit score, you won’t have to worry about reaching a lender’s minimum standards whether applying for a mortgage, personal loan, or private student loan. The lender is likely to approve your application as long as you match the other loan criteria, such as income and debt.

#2. Lower interest rates

If you’re qualified for a loan, an 800 credit score will normally get you the lowest interest rate. For instance, you might be eligible for 0% financing on a new automobile or a cheaper mortgage or personal loan rate. You could save paying thousands of dollars in interest as a result.

#3. Better offers for credit cards

The greatest 0% APR credit cards are available to highly qualified consumers who have credit scores of at least 800. On balance transfers and purchases made with these cards, interest-free periods of up to 21 months are offered. You can avoid paying interest as long as you pay the debt in full before the promotional period ends.

#4. Lower insurance premiums

Some insurance companies use your credit score when determining your insurance premium when you apply for insurance. An 800 credit score may qualify you for a reduction in the cost of your home insurance or auto insurance if you live in a state that permits credit-based insurance.

How to Keep an 800 Credit Score

Even if you reach an 800 credit score, there is still more work to be done. Your credit score is not constant; it varies depending on the variables we covered previously. You must keep up your good credit habits if you want to maintain your score in the best credit score area. This entails keeping a low credit utilization rate, paying your bills on time, and frequently monitoring your credit score and reports.

How long does it take to get an 800 credit score?

Building a credit score of 800 may take several years or longer, depending on where you start. To demonstrate that you have experience managing various credit card and loan types, you need to have a few years of just solid payment history and a good variety of credit accounts.

How can I make my credit score 800?

Here are seven actions you may take to raise your credit score to 800:

  • Verify your credit score.
  • Make monthly payments on time.
  • Keep your credit card usage under 30%.
  • Consolidate the debt you already have.
  • Inform a credit bureau about your recurring bills.
  • Do not close out previous credit accounts.
  • Steer clear of excessive hard credit queries.

How do you get an 800 credit score in 45 days?

Here are techniques to raise your credit score by 100 points, which can usually be accomplished in 45 days or less.

  • Verify your credit history.
  • Remit your payments on time.
  • Clear any outstanding debt.
  • Pay off any past-due bills.
  • Maintain modest credit card balances.
  • Rather than transferring debt continuously, pay it off.

How do you get a 900 credit score?

Because there is such a small credit that the borrower will default, a credit score of 900 is the maximum score that can be obtained to indicate absolute creditworthiness.

  • Make all payments on time.
  • Lower your credit-to-income ratio.
  • Raise the credit you can borrow.
  • Avoid requesting new credit.

How common is an 800 credit score?

Although this score isn’t ideal, it puts you in the category of great credit scores. That is the highest level of FICO® Scores, which 90% of reputable lenders employ. Only 23% of consumers have FICO® ratings of 800 or above, making having a credit score of 800 or higher rare.

What is the max credit score?

A credit score, which measures a person’s chance of repaying a debt and runs from 300 to 850, is a numerical rating. A borrower who has a higher credit score is considered to be less risky and more responsible.

Who has a perfect credit score?

The only credit score that matters, which is a flawless 850, is held by just 1.6% of Americans, experts say.

What is the normal credit card limit?

You have more purchasing power with a higher credit limit, but it may also improve your credit score. A greater limit will give you more room to maneuver because using your credit card to the maximum is detrimental to your score. The average credit card limit, according to the most recent Experian statistics, is $30,365.

Is it possible to get an 850 credit score?

It’s not as rare as you would assume to get an 850 FICO® Score. You have likely encountered a perfect score at a wedding, conference, church ceremony, or other significant events. In the United States, 850 represented 1.31% of all FICO® Scores as of the third quarter (Q3) of 2021.

Conclusion

A solid financial foundation requires having a decent credit score, but raising your credit score to 800 fast in 45 days and above can make it simpler for you to obtain the greatest terms that lenders and insurers have to offer.

You can use these steps to go closer to your objective, but keep in mind that it will take time. Along the way, there might be bumps, but if you routinely monitor your credit score and reports, you’ll be in an excellent position to address potential problems before they ruin your credit.

How To Get an 800 Credit Score FAQs

How long does it take to go from 700 to 800 credit score?

The time it takes to increase a credit score from 700 to 800 might range from a few months to many years. While your spending patterns and credit history will influence how long it takes, some criteria have set deadlines.

How many credit cards should you have?

Two to three credit card accounts in addition to other forms of credit are typically advised if obtaining or maintaining a strong credit score is your objective. You might be able to boost your credit mix with this combination. On your credit record, creditors and lenders prefer to see a variety of credit products.

What is a good credit score for my age?

711 is generally regarded as a “good” credit score in the loan industry. And anyone may build a good or even exceptional credit score, regardless of age, geography, or income level.

References

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