800-Plus Credit Score: What It Means for You

If your credit score is in the 800s, congratulations. You’re well above the national average, which in mid-2021 hovered around 716 for FICO and 695 for VantageScore.^1,2 There are some perks that come with an 800-plus credit score, and the good news is you don’t have to hit a perfect 850 to reap these benefits.

Here’s what it means to have a credit score in the 800s and what types of lending options – and loan terms – you might expect to access.

A credit score of 800 or higher is more than “good” – it’s considered “exceptional” or “excellent,” depending on whether your score is calculated with the FICO or VantageScore scoring model. More specifically, FICO considers the range 800–850 “exceptional,” while VantageScore labels any score in the 781–850 range as “excellent.”

As of 2021, about 23% of the U.S. population had a FICO score between 800 and 850.³

A credit score in this range means you’ve done an outstanding job of keeping your finances in order, likely by consistently paying bills on time and maintaining a low credit utilization rate over time. There’s a good chance you also have cultivated a diverse mix of credit, such as several credit cards and loans. Responsibly handling credit in such a way shows lenders that you’re a reliable borrower, which can open up more credit opportunities with more favorable interest rates.

It’s worth mentioning that although reaching a perfect credit score of 850 might be a financial goal for some, there’s not much – if any – practical difference between an 800 and an 850. In fact, experts suggest that people with credit scores of 760 and up will likely be eligible for many of the same credit offers and interest rates as someone with a perfect score.⁴

A credit score of 800 or higher is all but guaranteed to help you get approved for any form of credit you seek. That’s largely because the financial behaviors that helped you reach such a score demonstrate to lenders that you’re a low-risk borrower and can responsibly take on and pay off debts. Being a low-risk borrower comes with benefits such as:

More opportunities to access credit. With a credit score of 800 or higher, there’s a good chance you’d be approved for any loan or mortgage you might seek – as long as you meet any additional lender requirements, like debt-to-income ratio limits. A top-tier credit score can also help you qualify for credit cards with more exclusive perks, such as rewards programs with high points–earning potential, airport lounge access, travel credits, and more.

More favorable loan terms. Generally speaking, the higher your credit score, the less interest you’ll have to pay – which can translate to thousands of dollars in savings over time. On a 60-month auto loan with a $20,000 principal, for example, someone with an 800 credit score might expect an APR of 3.9%, as of April 2022. Meanwhile, someone with a 650 credit score might expect a 10.3% APR on the same principal – and pay an additional $3,645 in interest over the life of the loan.⁵

However, credit score is just one of the financial criteria lenders might assess before deciding whether to extend credit to you. Your credit report, income statements, debt-to-income ratio, and recent credit inquiries, for example, may also be considered. Thus, a high credit score isn’t guaranteed to yield an automatic approval.

Reaching the 800s is no easy feat – largely because it requires time. If you’re new to the world of building credit, you can expect it to take several years before you hit the 800s, as scoring algorithms factor in not only financial responsibility over a long period, but also average and overall credit account age(s). Though time plays an important factor in building credit, there are two key ways to actively help boost your score:

Consistently make on-time payments. Payment history has the biggest impact on your credit score score. Enrolling in autopay can be an effective way to ensure that you never miss a credit card or loan payment.

Maintain a low credit utilization rate. How much of your available credit you’re using at any given time is the second most important factor in calculating a FICO credit score. Keeping a low credit utilization rate is important, as regularly using a lot of your available credit could signal to lenders that you’re financially overextending yourself – potentially indicating a greater risk of default, and thereby lowering your credit score.⁶

Another factor that plays a smaller role in establishing an 800 credit score is having a diverse credit mix. Lenders like to know that you can handle different types of credit, such as having multiple credit cards, a personal loan, and a mortgage. That’s not to say you should open another credit card or apply for a personal loan simply to boost your credit score. Instead, remember that diversifying your credit may happen naturally over time, as you go through life and take on new credit opportunities, such as a mortgage.

Finally, it’s worth noting that credit scores are not fixed, so a little fluctuation is normal. That said, it’s important to regularly monitor your credit report for errors. Take care to dispute and resolve any errors that do appear, as they can adversely affect your credit.