An Overview of The 800 Credit Score

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    Credit score, a three-digit number ranging from 300 to 900, has the power to summarise your credit worthiness. Financial institutions take this score as a reference point to judge you as a borrower and gauge your repayment capacity.

    You can understand the significance of this rating, so it is ideal to be aware of it before you apply for a loan.

    Read on to understand the major aspects of what an 800 credit score signifies.

    What Does an 800 Credit Score Means?

    Now, if you are wondering is 800 a good credit score or what it means, let us help you out. It means you are one of those borrowers who are responsible and pay their dues judiciously.

    Therefore, as a prospective debtor, you are unlikely to face any difficulties in securing any credit you want. Moreover, here you have the liberty to negotiate and get a better loan deal. It means you secure credit at a comparatively low-interest rate, repayment flexibility and other facilities.

    However, a point to remember here is that your monthly income will still decide the loan amount and repayment term. So, be mindful while applying.

    Factors That Affect Your Credit Score Negatively

    Here are some pointers that can leave an adverse effect on your credit score –

    Being Late with Your Repayment

    Well, probably the most important factor that affects your credit score is not paying your dues on time. This will include your current EMIs, credit card bills, etc.

    Failing to Have a Healthy Mix of Credit

    Wondering what a healthy mix of credit is? Well, it means you have both secured and unsecured loans on your portfolio. Moreover, doing so presents you as a capable borrower who can handle all types of loans and repay them successfully.

    Hence, failing to do so can hurt your credit score.

    Applying for Multiple Loans at Once

    Applying for more than one loan at a time can also reduce your credit score. The reason is that when you apply for an advance, the financier submits a verification known as hard queries with the respective credit bureaus. Now, each hard query cuts the credit score by a small margin, and multiple ones can lower it significantly.

    Failing to Maintain the Ideal Credit Utilisation Ratio

    Now, if you fail to maintain the credit utilisation ratio, it will also affect your credit score. Since this will portray you as a credit-hungry individual, your credit score will get affected by it.

    Terminating old Credit Cards

    This is another reason why your credit score may take a hit. The reason is that since older credit cards have a long transaction history, closing them will erase the same from the system. As a result, you will have to start from scratch, and you will end up losing a few points on the credit score.

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    How to Improve your Credit Score?

    Now to take your credit score over 800, you can use the following tips –

    • Pay off all your dues on time
    • Keep a good mix of credit
    • Manage your credit utilisation ratio
    • Apply for a single loan at a time
    • Solve any disparity in your credit report

    What Can You Get with an 800 Credit Score?

    Well, with a credit score as high as 800, the question you should be asking is, what can you not get with it?

    Nonetheless, maintaining an 800 credit score is an impressive job. With a high credit score like this, you can apply for and secure almost any financial service.

    Can You Get Credit Cards with an 800 Credit Score?

    Yes, you can get any credit card you want with a credit score as high as 800. Moreover, you can easily choose the credit limit, the card type, and all the added benefits. Moreover, you can negotiate better repayment terms.

    Can You Get a Personal Loan With an 800 Credit Score?

    Without a doubt, you can get a personal loan with a credit score more than 800. Additionally, you don’t need to undergo rigorous verification and discussion. You can get the best possible deal with a high loan amount and competitive interest rate.

    Can You Get Home Loans with an 800 Credit Score?

    Yes, you can easily get a home loan with a credit score as high as 800. The lender will offer you the best possible deal, and you can still negotiate and get an even better one. You will get facilities like a high loan amount, attractive interest rate, repayment flexibility, and top-up loan, to name a few.

    Can You Get an Auto Loan with an 800 Credit Score?

    Do you have any doubts? Hope not, as you will easily get an auto loan with this credit score.

    Can You Get Insurance Plans with an 800 Credit Score?

    Undoubtedly, you can easily get any insurance plan, be it life, health, or general.

    An 800 credit score is an impressive feat to achieve. Moreover, it takes real hard work and discipline to do it, so you need to maintain it. To do that, you need to keep doing the right things like paying bills on time and other activities. 

    Frequently Asked Questions

    How likely is it to achieve the perfect credit score of 900?

    Well, it is very likely to achieve a perfect score of 900. However, it is not that easy.

    Will my 800 credit score help me get a home loan faster?

    Yes, with a high credit score, the initial loan approval process becomes easy and less time-consuming. However, the property verification will take its due time, and then the final approval will come.

    Will I get any preference services with a high credit score of 800?

    That will depend on the financial institution you are dealing with. If they have such provisions, you will get preference services.

    Can I take my credit score from 600 to 800 in one month?

    It is highly unlikely that you can get a 200 points hike on your credit score within a month.

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