So you have an 800 credit score. Is an 800 credit score a good credit score, a poor credit score or somewhere in between? A credit score is relative number that has value when you know the range of credit scores that are possible as well as the action for which the credit score is measured against. For instance, a good credit score for someone seeking a rental unit maybe an average credit score for an individual applying for a jumbo mortgage loan. Before you get overly concerned, an 800 credit score is in fact an impressive number in the universe of credit scores.
An 800 credit score is exceptional credit score based on the range of credit scores that are possible as well as the fact that most all applications that require a good credit score consider an 800 credit score at the top of class. Individuals with an 800 credit score will find credit easy to obtain at favorable interest rates.
An 800 credit score is near the top of the range using the FICO credit score model. FICO credit score have a range between 300 to 850. There are other credit score companies that have varying high and low score ranges but the FICO score is by far the most common credit score used in lending. With a FICO score, the higher the individual’s credit score, the better the individual’s credit profile which leads to a lower risk assessment for lenders and creditors which in turn means it is easier to obtain a loan with the best terms.
It is important to note that your credit score is based on the data in your credit report. There are three major credit reporting agencies in the U.S which includes Equifax, Experian, and TransUnion. Your score will vary slightly with the data that is provided from each credit reporting company, because not all creditors and lenders report to all three credit reporting companies.
A credit score of 800 or greater is basically perfect credit. But your credit score will change as the information in your credit report changes. Unlike, consumers that have credit scores lower than 800, you don’t need to be too vigilant keeping tabs on your credit report and score but you should none the less check your credit report at least once a year. To avoid having your credit score drop in the future, you should review your credit report by obtaining a free credit report and making sure all your accounts are recorded accurately and there are no errors that could have a negative impact on your credit score.
With an 800 credit score there is not much more room for improvement but one should still monitor their credit to keep their credit score in that range of top honors.
See also:
Credit Scores Range
Highest Credit Score
Average Credit Score
What is a Good Credit Score