The 800 credit score: what it means, why it helps, and how to get it

There are a number of benefits that come with having a top-notch credit score, and the good news is that you don't have to achieve the perfect credit score of 850 to enjoy them. Even if you get your credit score above 800 – officially an excellent credit score – you'll receive the same advantages and benefits that come with having a perfect credit score.

Achieving such a credit score takes time and dedication, but it's not as impossible as you might think. Experian reports that 22 percent of all consumers have achieved excellent credit, and even more (28 percent) are on their way to achieving it and falling into the very good credit range.

If you have a credit score of 800, you've done everything you can to prove you're a creditworthy consumer. People with a credit score of 800+ rarely hear the word “no,” and banks and credit card issuers will be happy to lend you money, often on favorable terms.

Let's take a closer look at what it means to have a credit score above 800, how to achieve an 800 credit score, and the benefits of doing so.

What it means to have a credit score over 800

Is 800 a good credit score? According to the FICO credit scoring system, that's exceptional. Although both the FICO and VantageScore credit scoring systems go up to 850, you don't actually need to hit 850 to enjoy the same benefits as people with a perfect credit score.

If you have a FICO score of 800, you have an extremely positive credit history. You've probably been using credit successfully for many years, and you probably have a healthy mix of credit accounts that includes both revolving credit (like credit cards) and installment loans (like a mortgage).

In short, you are the ideal borrower – responsible, financially savvy, and unlikely to default on your loan obligations.

If you have a credit score above 800, there's not much you can do to improve your credit score. All you can do now is maintain the healthy credit habits that got you your credit score above 800 in the first place.

How to achieve a credit score of 800

So what are the specific steps to achieving an 800 credit score? First, start by learning how to build credit—but don't stop there. In addition to practicing responsible credit habits, such as making all payments on time and paying off your balances regularly, you should also take a few additional steps to improve your chances of achieving an 800 credit score:

Keep your credit utilization low

Try to keep your credit utilization as low as possible. This means paying off your balances in full on a regular basis. According to FICO, people with a credit score of 800 have a credit utilization ratio of about 11 percent. This means, for example, that if you have a total credit limit of $10,000, you should make sure to never carry a balance of more than $1,100 on all of your cards.

Monitor your creditworthiness

Check your credit score regularly. Many popular credit monitoring services will provide you with an updated credit score each week, along with an analysis of why your score may have changed. Learn what's likely to raise your score and what's likely to lower it, and avoid anything that could lower your credit score.

Check your credit reports

It's also a good idea to check your credit reports with the three credit bureaus (Equifax, Experian and TransUnion). Believe it or not, millions of Americans have errors on their credit reports – and those errors could inadvertently be lowering your credit score.

Make sure all the information in your credit reports is accurate and learn how to dispute errors in your credit reports with the credit reporting agencies.

Expand your loan portfolio

If you feel like you're doing everything right and your credit score isn't above 800 yet, you may just need to wait. Fifteen percent of your credit score depends on the length of your credit history. Even if you've practiced responsible credit habits since opening your first credit card, it may take a while to get to an 800 credit score.

It may also be difficult to achieve an 800 credit score until you have a mix of credit to your name. That doesn't mean you should take out a mortgage or car loan just to get your credit score above 800, but if the only credit accounts on your file are credit cards, you might have a hard time achieving that 800 credit score.

If that's the case, don't worry. An excellent credit score is just as good, and you'll get almost all the benefits that come with having a near-perfect credit score.

Benefits of a credit score of 800

In addition to all the benefits that come with having good credit, there are a few other benefits of having an 800 credit score that you should know about.

• Better loan offers

  One of the biggest benefits of having an 800 credit score is access to better credit offers. With such a high credit score, you're an ideal candidate for all of the best credit cards available today, including credit cards for people with excellent credit.

  People with a credit score above 800 are also likely to be accepted for other lines of credit, including personal loans, mortgages, and auto loans. Not only will most banks and lenders be happy to lend money to people with a near-perfect credit score, but the terms of the loan are often more favorable than those offered to people with lower credit scores.

• Lower interest rates

  Among the many 800 credit score benefits, lower interest rates have to be at the top of the list. If you have an exceptional credit score, you'll likely be offered interest rates well below the national average, which currently stands at over 20 percent. Low interest rates can save you a lot of money over time, especially if you get a low fixed rate on a long-term loan like a 30-year mortgage.

  If you already have a loan or mortgage, you may want to consider refinancing your loan after you get your credit score below 800. Refinancing at a lower interest rate can be an extremely smart financial move, so don't assume you're locked into the interest rate you had when your credit score was lower.

• Higher credit limits

  Another benefit of having an 800 credit score is access to higher credit limits. Higher credit card limits not only increase your purchasing power, but they can also make it easier to maintain a low credit utilization ratio—which, in turn, helps you maintain your nearly perfect credit score.

  Plus, you can earn rewards on every purchase you make with your credit card – and as a person with exceptional credit, you're eligible for some of the best rewards credit cards on the market.

What to do with a credit score of 800

Once you've achieved an 800 credit score, maintain the same good credit habits that got you there:

• Set up mobile alerts or sign up for autopay to stay on top of your credit card and loan payments.
• Keep your credit utilization as low as possible.
• Try to pay off all balances on your credit card statement in full before the payment deadline (if any) expires.

Is there anything you shouldn't do when you reach an 800 credit score? Don't assume that you can let things slide a little just because you've put in the effort to achieve near-perfect credit. Even a single missed payment could drop you out of the exceptional score range, among other scenarios:

The conclusion

Is 800 a good credit score? Absolutely. Once your FICO score exceeds 800, you can enjoy all the benefits of having nearly perfect credit, so there's no reason to try particularly hard to get an 850 credit score.

Instead, your goal should be to maintain your excellent credit score by making your loan payments on time, keeping your credit utilization as low as possible, and maintaining the same responsible credit habits that got you your 800 credit score in the first place.