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How to Get an 800 Credit Score?

Your credit score is the most important number in your life. It is also one of the few numbers that you can control. If you have an excellent credit score, it will help you to save money. In addition, it may help you find a job or even get approval for a credit card with the best rewards program available.  

An 800 credit score is considered to be the top score. While you may not reach the minimum of 800, it is important to strive for a number that is as close to this number as possible. 

Wondering how to get your credit score over 800? Luckily, getting an 800 credit score is not difficult to do. Here's a complete guide on how to get an 800 credit score:

What is a Credit Score?

A credit score is a number that represents your creditworthiness. The higher the number, the more willing lenders are to extend you credit. It is important to understand that your credit score is not a number set in stone. It can and will change based on actions you take or do not take.

The Factors That Build Your Credit Score

Five major factors build your credit score. It’s important to be aware of these to learn how to get a credit score above 800. They are as follows:

Payment History: This is the most important factor in building your credit score. If you pay bills on time, this will show people that you are reliable and trusted to follow through with financial obligations.

You should also do everything possible to ensure that you pay bills on time. This includes setting a reminder for your bill's due date in your phone and checking it every day up to the due date if you have bills that can be paid online, set up an automatic payment, so you never miss a deadline.

Debt: The amount of debt you have is also a major factor in your credit score. You should never have a high amount of debt, especially when compared to the amount of money you make. The more you owe compared to how much money you can afford each month, the lower your credit score. In many cases, you may even lose approval from lenders if your debt is too high.

Length of History: Having a long credit history is also good for your score. It shows that you have been responsible for money and can be trusted with it in the future as well. If you don't currently have any accounts with a few years of usage, open an account and use it responsibly until your account reaches several years in length.

New Credit: This is one of the most important factors that can hurt your credit score, but it doesn't have to. If you are only recently applying for new loans or credit cards, your application will show up on your report as a large debt.

However, if you handle this debt responsibly by making multiple payments on time, then your score will not suffer too much. It is best to only apply for new credit when you actually need it and not just because you can get a better deal.

Credit Mix: Finally, creditors want to diversify their portfolios of debtors with different credit accounts. Some lenders only require one account on file, while others require several. Your score will be higher if you have different types of accounts on file, such as a mortgage or car loan in addition to your credit card application. The more different types of accounts you have, the better it is for your score.

Why Does Your Credit Score Matter?

Your credit score can literally affect almost every part of your life. It is important to keep a good credit score because it will help you in many ways. Not only can it help you find better interest rates on loans, but it can also affect the following:

  • employment opportunities;
  • applications for rental properties;
  • application approval for leases; and
  • the ability to qualify for other types of credit that require a good score, such as cell phone plans.

Why Should You Want A Credit Score Over 800?

You want a credit score over 800 for several reasons. One of the most important being how it affects how much money you spend on anything that has to do with credit. Other reasons include how easy it is to get approved for loans, how many different types of loans are available, how high your interest rates are, and how high you can expect them to go.

How to Get an 800 Credit Score

If you're wondering how to get an 800 FICO score, then the answer is easier than you think. If you know how to start with a strong credit score, then you can build it from there in a short amount of time by following these steps:

Apply for Credit Cards and Use Them Responsibly

Initially, the best way to begin building credit is by applying for credit cards and using them responsibly. This works because creditors expect you to start with a small limit and then slowly build your credit over time by using the card regularly and paying it off every month.

Pay Bills On Time

Another important factor for how to get an 800 credit score is how you pay your bills each month, especially if they are not due for several months. This means that if you need to take out a loan, it is best to pay off as much of the loan as possible before the first payment is due.

For example, if you take out a $1,000 loan and pay $100 each month, that shows your creditor that you can responsibly handle how much you borrow and how much money you spend.

Get a Secured Credit Card

Even if you have bad credit, you can still get approved for a secured credit card so that you can start building your credit again from the ground up. Many people do it to get an 800 credit score back when they already had a low score.

Additionally, make sure that you make payments on your secured credit card every month and don't carry a balance. This will show your creditor that you can responsibly manage how much money you spend and what kinds of loans you apply for.

Take Out Loans and Pay Them Off on Time

If you have an 800 credit score, then it is best to take out loans for larger purchases with the intention of paying them off immediately. This will show how responsible you are with how much you borrow and how much interest you are willing to pay to get the loan.

Moreover, if you can't afford to pay off a loan immediately, then don't take it out in the first place. It is best to go back to using credit cards if you need to borrow money for something because they are easier to manage and work well with your other types of credit accounts.

Improve Your Income

This may seem like an odd factor, but it is important because higher income means you can afford more things. For example, if you make $40,000 per year and manage to save $5,000 of that for emergencies, then this shows your creditor that not only can you handle taking out loans, but you are financially responsible with borrowing money.

Additionally, if your income is low, it is best to talk with creditors about other options you can use instead of taking out a loan. For instance, if you need to take out a $100 loan, see if there are any other options besides borrowing money.

Avoid Closing Any Credit Accounts

If you have credit accounts that are no longer active, then it is best to keep them open even if they haven't been used for a while.

The reason for this is how your score will drop significantly after closing an account because it shows how many different types of accounts you have and how long you have had them. The more active accounts you have, the better your score will be.

Get Your Free Credit Report and Fix Any Errors on It

It is important to get your credit report annually to fix any errors that might be there. However, this can cause how much money you spend to increase since some creditors could have how much you owe in their internal records.

To prevent this from happening, you need to take the time and make any necessary corrections. You can contact creditors to get errors fixed by providing proof that there are mistakes on the report, such as a letter saying why you think something is wrong.

How Long Does It Take to Get an 800 Credit Score?

Getting an 800 credit score can take several months to do if you follow these tips. If you already have a high score, then you can start building on how much money you owe in your accounts by opening new ones and taking out loans for larger purchases.

How to Maintain an 800 Credit Score

Maintaining an 800 credit score can be done simply by continuing to pay your bills on time while not making any large purchases that you cannot afford. Most importantly, it is important not to close any active accounts because this will hurt your score.

You should also be aware that creditors do not like it when you open new accounts because this signals that you are willing to take on debt and stop paying your bills. Unfortunately, this often results in how much money you owe going up, which can cause your score to drop significantly over time.

For the most part, maintaining an 800 credit score is pretty easy if you have a low score, to begin with. Just remember how you initially got your high credit score by using credit cards responsibly and paying off the balances every month.

Learn How to Get Your Credit Score Over 800 with Kovo

Kovo provides financial wellness education to help you take control of your credit score. Our programs help you learn how to keep your credit score high by teaching you the right way to spend money and manage loans. So sign up today and start achieving your life goals.