If you qualify for a loan and can afford it, there isn't necessarily a limit to how much you can borrow with an 800 credit score. You may be able to take out: A personal loan for $100,000. A car loan for $250,000.
What is the highest credit score you can get? A 900 credit score may be the highest on some scoring models, but this number isn't always possible. Only 1% of the population can achieve a credit score of 850, so there's a certain point where trying to get the highest possible credit score isn't realistic at all.
With a credit score of 750, lenders will likely extend loans in the amount of $50,000 to $100,000. However, the exact amount you can borrow will vary depending on your lender and your overall financial situation.
While you may qualify for a $100,000 personal loan with a 700 credit score, it's not guaranteed. If you have a lot of debt or an unfavorable debt-to-income ratio, some lenders may limit how much they are willing to loan. Most lenders use a variety of factors to qualify borrowers for a loan.
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
A credit score of 800 means you have an exceptional credit score, according to Experian. According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
This score isn't perfect, but it places you in the exceptional credit score range. That's the highest tier of FICO® Scores☉ , which are used by 90% of top lenders. Having an 800 credit score or better is fairly uncommon: Only 23% of all consumers have FICO® Scores of 800 or higher.
While achieving a perfect 850 credit score is rare, it's not impossible. About 1.3% of consumers have one, according to Experian's latest data. FICO scores can range anywhere from 300 to 850. The average score was 714, as of 2021.
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714.
One of the biggest perks of having an 800 credit score is access to better credit offers. With such a high credit score, you'll be an ideal candidate for all of today's best credit cards, including credit cards for people with excellent credit.
VantageScore and FICO are the two main credit-scoring models. For both the VantageScore and base FICO® score models, the lowest score is 300 and the highest credit score is 850. But even if you have pretty good credit habits, don't be surprised if you check your scores and find that you're below 850.
According to FICO, about 98% of “FICO High Achievers” have zero missed payments. And for the small 2% who do, the missed payment happened, on average, approximately four years ago. So while missing a credit card payment can be easy to do, staying on top of your payments is the only way you will one day reach 850.
In your 20s and 30s, a good credit score is between 663 and 671, while in your 40s and 50s, a good score is around 682. To get the best interest rates, terms and offers, aim for a credit score in the 700s.
About 1.6% of the U.S. scorable population has an 850 credit score. While few people have an absolutely perfect credit score of 850, 23.3% — nearly a quarter — of Americans have a credit score higher than 800.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.
But exceptional credit is largely based on how well you manage debt and for how long. Earning an 800-plus credit score isn't easy, he said, but “it's definitely attainable.”
The longer you've been using credit, the more it means to your credit score. Members of the 800 Club average just under 22 years of using credit. Even the youngest ones, Millennials, average more than 14 years.
While there's no such thing as the perfect “age of credit,” a FICO study reveals that for people with 800+ FICO Scores, their average age of credit accounts was 128 months (a little over 10.5 years). Yet that doesn't mean that it will take you ten and a half years to earn good credit.
Less than 21% of people have a credit score over 800. A credit score of 800+ is considered perfect credit, indicates that a borrower uses credit very responsibly, and qualifies the person for the best loan and credit card terms.
You can improve your credit score by opening accounts that report to the credit bureaus, maintaining low balances, paying your bills on time and limiting how often you apply for new accounts.
A perfect score generally requires years of exemplary financial behavior, like making on-time payments, keeping a low credit utilization ratio, and maintaining a long history of credit accounts. A wide credit mix and only a few hard credit checks also play a role in boosting your credit score.