How to Get an 800 Credit Score
Posted by Frank Gogol in Credit Scores | Updated on August 30, 2022
It’s common knowledge that if you want to obtain certain benefits such as a loan or a credit card, you need to have a good credit score. If yours is not between 720 and 760 at least, then you’ll deal with quite some difficulties when you want to borrow money. A score of over 800 is considered the best, and many people are aspiring to have this score. If you have bad credit and you wish to improve it, this article will tell you how to get an 800 credit score.
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Why an 800 Credit Score Is So Good
A score of 800 or above is considered exceptional, and it shows that the person having it is responsible with his/her finances and can be trusted with loans. An 800 credit score is good for a variety of reasons.
For instance, when you have such an amazing score, it’s more likely for your application to get approved. Your credit score represents your creditworthiness, just like the other financial information on your credit report. When a lender is looking over your history and sees your score, they will be more likely to give you a loan because you seem to be someone who will repay the loan on time. You’re not as risky as someone with bad credit, so your chances of obtaining a loan are instantly higher.
What’s also great with an 800 credit score is the fact that you may get lower interest rates. The credit score is one of the things that contribute to how high your interest rate is going to be. So, if your credit score is 800 or higher, then you will have the chance to get lower interest rates. As a result, you will not have to pay as much as someone with a lower score would. Saving money is a guarantee.
It’s also possible to get much better credit card offers and less interest as a result of your outstanding credit rating. If your score is 800, then you may get a credit card with a promotional rate of 0% on balance transfers and purchases. With this card, you can make payments over time and there will be no charges on your balances, which is going to be a great benefit.
6 Steps to Getting an 800 Credit Score
Do you want your credit to reach the 800 mark? Well, the amount of time it will take depends on your current credit score. But considering it’s possible, you have to start working towards it no matter what. Here are the steps that will help you achieve it:
1. Pay Down Your Debt
Paying down your debt is a must. Otherwise, you will not improve your score, but rather make it worse. If you pay down your debt on time, then your credit score is likely to grow.
Payment history accounts for pretty much the biggest part of the credit score, so you cannot afford to lose payments. The more on-time payments you make, the better.
2. Use Credit Cards Like Debit Cards
If you didn’t think of this yet, then you should start doing it as soon as possible. It may be weird to consider it after reading the first step, but it’s a good method to use for small purchases. When you buy things such as groceries, or you pay subscriptions, bills, and anything of the sort, you should use your credit card just like you would with a debit card. At the same time, you should make sure you don’t use it for huge purchases because that will be difficult to repay.
This will be beneficial for your credit score because if you do this, the lender will not reduce any credit limit or close your card due to inactivity. Besides, if you pay off this balance monthly, then it’s an indicator that you are a responsible person and it can boost your score.
3. Set Up Automatic Payments
Setting up automatic payments is the ideal thing to do if you don’t want to forget that you have to make a payment every month, or if you’re scared of spending all that amount by mistake. It only takes a single missed payment to give you more interest to pay and negatively affect your credit score. So, setting up automatic payments comes as a great solution to this problem.
Make sure you set up the payments so you’re being charged during days when you know for sure you will have money in your account. Double-check everything after you set up the automatic payment system.
4. Pay Off Your Full Credit Card Balance Monthly
Each billing cycle, you should ensure that you pay off the full balance, so set up the automatic payments to charge you accordingly. In the event that you use your credit card instead of the debit card, ensure you only spend the amount you can repay each month.
5. Monitor and Manage Your Credit Score
Keep an eye on your credit at all times so you know what’s going on. This way, you can see if there are any errors that need to be cleared up. The score is based on the information found in your credit report, and if there are any mistakes on your report, you could end up losing points from your credit score for nothing. You certainly don’t want to reach that point.
Monitor your credit score and if you see any errors on your credit information, don’t hesitate to use the credit report dispute process and fix them as soon as possible.
6. Avoid Unnecessary Credit Inquiries
You should stay away from any credit inquiries if they are not necessary. Every time you make an application that has credit checks as one of the steps, a hard inquiry will occur and this will affect your credit. If you want to apply for a loan or a credit card, you should look up information in advance so you’re sure you will only apply once. Applying multiple times will result in more inquiries and a lower credit score.
How Long Does It Take to Get an 800 Credit Score?
It is very likely to have to wait a few years until you can see your credit score reaching 800, depending on what credit you have when you start working towards it. During these years, you need to be constantly responsible and always maintain good financial behavior. You have to ensure a positive payment history, and make sure that that you’re experienced when it comes to managing various types of loans and credit cards.
So, it will take a while, but the sooner you start working for it and the more responsible you are, the sooner you will achieve your goal.
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Obtaining an 800 credit score is a lengthy process and you need to be dedicated to working towards it. It is possible to get there as long as you know what to do and you work hard. A score of 800 will bring you many benefits such as being able to have your applications approved, and getting much lower interest rates. So, don’t hesitate to work toward this goal.
Need a Loan? Get One in 3 Simple Steps
If you are considering applying for a personal loan, just follow these 3 simple steps.
Apply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers.
If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.
The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.
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We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible.
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