780 to 850: Excellent credit score and what it means
You may have heard about the exceptional credit score range of 780–850. But what does an excellent credit score mean, really? After all, your ultimate goal may be excellence, but it can be hard to understand what that truly entails. One thing's for certain: achieving this highest-level credit status puts you in quite an exclusive group. That’s because only about 1.6% of Americans have an 850 credit score. If that’s where you stand now, you may wonder how to maintain this primo position. Whereas if you’re in the majority, you might be curious about how realistic and achievable an excellent credit score may be for you. Let’s take a look at this exceptional credit score and find out.
What is an excellent credit score?
VantageScore® calculates the most commonly used consumer credit scores. Within the VantageScore model, the excellent credit score range is categorized as 781-850. On the other hand, the FICO® model categorizes an excellent credit score as anything above 800. These two major credit agencies use similar credit score ranges but calibrate them somewhat differently.
Overall, the highest credit score category can show that you reached a pinnacle when it comes to how you manage your credit. That means historically your credit habits likely matched well with the favorable factors credit agencies measure. These include credit usage practices like payment history, credit mix, credit utilization, and how long you’ve held active credit accounts.
Credit usage factors like these often change over time. For instance, closing an account can impact both the age of your open accounts as well as your credit utilization ratio. Shifts like these in your credit behavior can alter your credit score over time. So, you may want to keep potential for change in mind as part of the meaning in any credit score — even the very best.
Advantages of an excellent credit score
The benefits of an excellent credit score extend beyond mere kudos. If you have one of the highest credit scores, that helps your chances for getting loans and credit accounts at lower interest rates. Sometimes an excellent credit score may also help you get into higher reward programs and better your chances at elite credit cards. Keep in mind, though, that you don’t necessarily need the highest credit score to reap these rewards.
There are other factors to consider as well. Credit scores are only one part of what lenders look at when deciding to grant credit. They also consider income as well as other information from your credit report. In other words, creditors understand that you are not solely your credit score and that it’s only one indicator of your creditworthiness.
Is it possible to get a perfect credit score?
Yes, earning a perfect credit score can be possible. But that level of perfection most likely represents a peak on a continuum. Although more people may achieve this perfect credit score, at any given moment, few can maintain it. If this inspires you to shoot for the best credit score in the land, there are ways to improve your standing step by step.
Ways to get the highest credit score
As a first step, you may want to find out your current standing and check your credit score. With Credit Journey® you can check your credit score without any impact to it. When you’re rebuilding credit from a less-than-stellar score, you can make progress much like a newcomer to credit might. You might even do better than a beginner. That’s because one of the factors in calculating credit score focuses on the age of your accounts — the older the better.
Distill best practices into everyday habits
To make progress toward credit score perfection, it can help to develop better credit habits. These best practices include paying your bills on time and keeping an eye on your account balances. Lucky for you, Credit Journey could help put these habits into practice. Features like credit monitoring can help raise awareness of your credit status and account changes. This level of keen attention could assist you on the path to earning your best credit score.
Fix what’s fixable — or at least try
Errors on your credit report may hinder progress toward your highest credit score. But you can find these mistakes with a credit report check. If you find any false information in your report, you can try to correct these errors. You can often remedy errors on a credit report with a filed dispute at each of the credit bureaus, Equifax®, Experian™, and TransUnion®. Once each bureau validates your claim, they can then remove the false information from your credit report and that can raise your credit score.
So, there are potential methods to help guide you on the path to earning an excellent credit score. Once achieved, staying in that credit echelon could seem like yet another challenge on the horizon. But if you can achieve an excellent credit score, it’s likely you developed at least some of the best practices for maintaining it as well.
How to maintain the best credit score
Credit Journey has tools and resources that can work with you like a credit partner to assist in maintaining your best credit score. For example, you can check your credit score and monitor account activity whenever it suits you. Credit Journey also offers free credit report alerts, which can help you keep up with your credit standing. Thanks to these handy tools in your mobile device, you can see a clear picture of your credit no matter where you are in the world. These resources can keep you in touch with your accounts even when your busy life takes precedence.
The bottom line
Achieving your best credit score means that you likely practice conscientious habits with your accounts. Paying your bills on time and keeping up with credit report changes can help you get to your most excellent credit score and maintain it. But you don’t have to go alone. Whether you’re reaching for an excellent credit score as a long-term goal or wish to remain in the highest credit score range, Credit Journey can help.
