When you apply for a loan or credit card, most lenders check your FICO score — a credit scoring system created by the Fair Isaac Corporation. FICO credit scores range from 350 to 850 — here’s how those scores break down:
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Poor credit: 350 to 559
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Fair credit: 580 to 669
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Good credit: 670 to 739
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Very good credit: 740 to 799
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Exceptional credit: 800 and above
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With an 800 credit score, you’ll be eligible for some of the easiest loan approvals, most attractive interest rates and best credit cards available. Once you’ve achieved excellent credit status, you can reap the benefits, but you’ll still need to maintain your score. Here’s what you need to do now to leverage and keep your exceptional credit score status.
Last updated: Aug. 28, 2019
9 Things To Do When Your Credit Score Is 800
When you have a top-tier credit score it might be tempting to make some bold financial moves, but you want to keep your score intact — so make only those that benefit your overall financial plan. Here are nine things you can do to benefit from and protect your 800 credit score:
1. Contact Your Credit Card Issuers
Now that you’ve achieved that exceptional credit score, it’s time to negotiate with your creditors for better interest rates. Call each creditor and explain that you’ve been a loyal customer who has always paid on time and say you’d like to get a lower interest rate.
2. Shop for New Car Insurance
You could save serious money if you have an 800 credit score and shop around for new car insurance. Car insurance companies generally check credit scores to assess the likelihood of claims, according to HighYa, a website dedicated to educating consumers about companies’ products and services. Contact your current provider, and others, to see what kind of premium rate reductions you can get with your impressive score.
3. Refinance Your Car or Home
Shop rates on auto and home loans if you’re not happy with your current rate. The more your credit score has improved, the better rate offers you’ll receive. Look for opportunities to prequalify for rates, which won’t impact your credit score. Or, use the online myFICO calculator for auto and home loan savings to see how much you could save.
4. Consider Credit Cards for Top-Tier Credit Scores
Having one of the highest credit scores puts you in a unique position to research the different credit cards available to you. You might find that you can qualify for and benefit from better APRs and perks.
5. Keep Paying Your Bills on Time
Thirty-five percent of your FICO score is devoted to your payment history. Paying your bills by the due date without fail is critical to scoring high in this category. To ensure that you don’t miss a payment, set up automatic payments and try to pay more than the minimum for best results.