802 credit score: A quick guide
Quick insights
- An 802 credit score is considered exceptional or super prime by the scoring model used.
- Having a high credit score like 802 can provide better financial opportunities as it can impact loan and credit card approvals as well as interest rates.
- Maintaining a good credit score requires responsible financial habits such as making on-time payments and keeping credit utilization low.
An 802 credit score is considered excellent by the scoring models and can provide better opportunities. With a score of 802, you may be more likely to be approved for loans and credit cards with better terms and lower interest rates.
What else is there to know about an 802 credit score? Let's find out.
Understanding credit scores
Credit scores are three-digit numbers that represent an individual's creditworthiness, which is a measure of how likely someone is to pay back a loan on time. They are calculated based on information in an individual's credit reports such as payment history, credit utilization and length of credit history. If you’re curious to find out what your credit score is, consider enrolling in Chase Credit Journey®, a free online tool anyone can use to check their credit.
Credit scores generally range from 300 to 850, with higher scores indicating a lower risk for lenders. This may lead to more credit opportunities, as well as better credit rates and terms.
802 credit score: Is it good?
A credit score of 802 is classified as super prime or exceptional, depending on which scoring model you’re looking at. According to Experian, as of 2024, VantageScore® 3.0 and 4.0 scores are broken down like this:
- 300-600: Subprime/not prime
- 601-660: Near prime
- 661-780: Prime
- 781-850: Super prime
FICO® scores are categorized like this:
- 300-579: Poor
- 580-669: Fair
- 670-739: Good
- 740-799: Very good
- 800-850: Exceptional
A score of 802 may reflect responsible credit usage and could open up various financial opportunities. Lenders view individuals with high credit scores as lower-risk borrowers, making them more likely to approve loan and credit card applications. High scores can also lead to more favorable terms such as lower interest rates and higher credit limits.
An 802 score falls within the top range of credit scores, which typically starts at 800. A score of 800 or above demonstrates to lenders that you have a strong history of managing credit responsibly. It shows that you have consistently paid your bills on time, kept your credit card balances low and have a good mix of credit types, including loans and credit cards.
Why does having good credit matter?
Lenders view an 802 score as a low-risk indicator, which means they're more willing to trust you with larger loan amounts and more favorable terms. Additionally, this high credit score can also help towards better offers on auto loans, mortgages and even personal loans, as well as credit cards with higher limits and more rewards.
With an 802 credit score, you're likely to receive more ideal interest rates, which can significantly reduce the cost of borrowing over the life of a loan. This score can also help you with other financial and non-financial aspects of your life, such as securing a home or apartment, obtaining lower insurance rates and sometimes even enhancing your job prospects, as some employers check credit scores as part of their hiring process.
Benefits of having an 802 credit score
Some opportunities of having an 802 credit score include the following:
- Interest rates: One benefit of having an 802 credit score is the potential for lower interest rates on loans and credit cards. With a high credit score, lenders may be more likely to offer competitive interest rates, which can save individuals money over the life of a loan. For example, if you're looking to purchase a home, a mortgage with a lower interest rate can result in lower payments over the life of the loan.
- Credit cards: In addition to lower interest rates, an 802 credit score can also impact credit card approvals and terms.
- Products and offerings: People with higher credit scores may be able to get more premium credit cards with rewards and benefits like cash back or travel rewards. These credit cards can provide valuable benefits for individuals who use them responsibly.
Maintaining and improving your credit score
- Maintaining a high credit score like 802 requires ongoing responsible financial habits. This includes doing things like:
- Making on-time payments
- Keeping credit utilization low (about 30% or less)
- Monitoring credit reports for errors
- Avoiding unnecessary hard credit checks
Individuals with high credit scores should continue to practice good credit habits to maintain their score. For those with lower credit scores, there are steps that can be taken to improve it. This includes a similar list of responsible credit practices, including paying down debt, making on-time payments and avoiding new credit checks. By following these tips, individuals can work toward improving their credit score over time.
It's also essential to monitor credit reports regularly to ensure they're accurate. Errors on a credit report can negatively impact credit scores, so it's crucial to dispute any errors found.
In summary
A credit score of 802 is considered a high credit score that could potentially help you get approved for lower interest rates and better credit terms. Maintaining a good credit score requires ongoing responsible financial habits such as making on-time payments and keeping credit utilization low. By continuing to practice good credit habits, individuals with high credit scores can maintain their score and enjoy the benefits that come with it.
