How To Get Your Credit Score To 800
A credit score in the 800s is a remarkable milestone. Although it will take time, its completely possible to achieve. Heres how to get started:
- Pay all of your bills on time.
- Never max out your credit cards.
- Dont apply for every credit card you see.
An 800 credit score is a great goal but itll likely take many years to reach this elite status as credit scores factor account ages into the score. As your average account age grows, so can your credit score.
Dispute Negative Accounts On Your Credit Report
Its a good idea to grab a copy of your free credit report from each of the three major credit bureaus, Equifax, Experian, and TransUnion to see what is being reported about you. If you find any negative items, you may want to hire a credit repair company such as Lexington Law. They can help you dispute them and possibly have them removed.
Lexington Law specializes in removing negative items from your credit report. They have over 18 years of experience and their clients saw over 6 million removals on their clients in 2021 alone.
They can help you with the following items:
What Factors Affect Your Credit Score
Your credit score is comprised of five factors: payment history, amounts owed, length of credit history, new credit, and credit mix.
If your FICO Score is 700 to 749, youre probably perfect or near-perfect in the payment history category. At worst, you may have one or two 30-day late payments in your distant past, but nothing recent.
In this credit score range, is likely to be a bigger factor. Its the amount you owe on your credit cards, divided by your total credit card limits.
For example, if you owe $5,000 in credit card debt, and you have $20,000 in credit card limits, your credit utilization ratio was 25%. Any number below 30% is considered good.
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How Can You Improve Your Credit Score
Improving your credit score is possible, but it takes time. To make a significant improvement in your credit score, you need to make sure that all of your payments are made on time and that you do not carry any high-balance credit cards. Reducing existing balances and negotiating with creditors can also help improve your credit score.
Aside from those, you can use credit-building methods such as obtaining secured credit cards, becoming an authorized user on someone elses account, and ensuring that your name is not listed on any fraudulent accounts.
The most important thing you can do is monitor your credit score over time, as this can give you an idea of how effective your efforts have been. You can request a free credit report once a year from each of the three major bureaus: Equifax, Experian, and TransUnion. Once you get your hands on your credit report, check for errors and dispute them with the credit bureaus.
Best Rewards Credit Cards For Good Credit
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When you have good credit typically a FICO score of 690 or higher you have a lot of options when it comes to rewards credit cards. You can choose between a card that earns cash back and one that earns points for travel and other redemption options. You can also decide between a card that earns different bonus amounts across multiple categories or a flat-rate card that earns the same amount regardless of purchase type.
The most important factors to consider are what you spend money on and what types of rewards you prefer to earn. Here are the best credit cards to consider if you have good credit:
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Capital One Quicksilver Cash Rewards Credit Card Pros & Cons
offers a simple 1.5% cash back on all spending — worthy of a spot in every wallet.
Notably, this card does not charge foreign transaction fees. So, you can also carry it around during your international trips for purchases abroad.
The card has no annual fee.
Is It Okay To Use A Credit Card If You Pay It Off Every Month True Or False
You can use your cards more frequently once you have your debt paid off and know how to avoid new debt. As long as you pay your balance in full and on time each month, there is nothing wrong with using credit cards instead of carrying cash, or in taking advantage of rewards like cash back or frequent flier miles.
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How To Improve Your 700 Credit Score
A FICO® Score of 700 provides access to a broad array of loans and credit card products, but increasing your score can increase your odds of approval for an even greater number, at more affordable lending terms.
Additionally, because a 700 FICO® Score is on the lower end of the Good range, you’ll probably want to manage your score carefully to prevent dropping into the more restrictive Fair credit score range .
40% of consumers have FICO® Scores lower than 700.
The best way to determine how to improve your credit score is to check your FICO® Score. Along with your score, you’ll receive information about ways you can boost your score, based on specific information in your credit file. You’ll find some good general score-improvement tips here.
Get A Secured Credit Card
As mention earlier, getting a secured credit card is a great way to establish credit. Secured credit cards work much the same as unsecured credit cards. The only difference is they require a security deposit that also acts as your credit limit. The credit card issuer will keep your deposit if you stop making the minimum payment or cant pay your credit card balance.
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How Long Does It Take To Go From A 700 To 800 Credit Score
The amount of time it takes to go from a 700 to 800 credit score could take as little as a few months to several years. While your financial habits and credit history will play a role in how long it takes, there are some factors that have specific timelines. For example, it takes up to 2 years for a hard inquiry to go off your credit report. As hard inquiries are removed, your score can go up. Your score also goes up the longer youve had credit. Each year you have your credit, your credit history gets longer, helping your score improve.
Both of these examples show why its important to consider opening new accounts when building your score. When you open a new account, you put a new hard inquiry on your report and you bring down the average age of your credit. Youll also want to consider the impact closing an account can have on your score, too. Closing an older account can lower the average age of your credit history.
How Do I Use The Card To Improve My Credit Score
A credit card can be an excellent tool to improve your credit score. Whether you have an average credit score, bad credit, or limited credit history, using a credit card and paying it on time each month can help you build credit over time.
In addition to paying your bill on time, its also important to keep credit card balances low to avoid credit card debt and maintain a good . A good rule of thumb is to keep your total credit utilization at or below 30%. This means if you have a $5,000 credit limit, your unpaid card balance should never exceed $1,500, which is 30% of that limit.
Using your credit card strategically to improve your score will help you access better rates and terms for a personal loan, consolidation loan, car loan, or even a mortgage. Most so you can track your credit progress over time.
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Learn More About Your Credit Score
A 700 FICO® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most. Read more about score ranges and what a good credit score is.
Whats A Good Credit Score
So, what is a good credit score, anyway? Lets start at the beginning.
According to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time.1 It can be an important part of building your financial confidence and security.1 For example, building a good credit score could help you get approved for loans and larger purchases, like a home.1 You may also be able to access more competitive interest rates.1
There are two main credit bureaus in Canada: Equifax and TransUnion.1 These are private companies that keep track of how you use your credit.1 They assess public records and information from lenders like banks, collection agencies and credit card issuers to determine your credit score.1
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How Can You Improve Your Score From Good To Excellent
The best way to move your score from good to excellent is to take inventory of how youre taking care of your credit. Like a good garden, you have to tend your credit regularly. Payment history is a huge factor in your FICO score. Consider setting up auto-pay to ensure that you never miss another payment.
Student Loans With A 700 Credit Score
Student loans are some of the easiest loans to get with a 700 credit score, seeing as more than 70% of them are given to applicants with a credit score below 740. A new degree may also make it easier to repay the loan if it leads to more income.
Note: Borrower percentages above reflect 2022 Equifax data.
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Become An Authorized User
If you have a trusted family member with a good credit score, you have an opportunity to dramatically increase your credit score. You can become an authorized user of their account in order to boost your score.
However, this can be a taxing emotional burden. If you dont repay your debts, then you could hurt their credit score. Talk through the pros and cons with your family member before trying this method.
Is It Worth Paying An Annual Fee
You may wonder whether its worth paying an annual credit card fee. This depends on how you use the card and whether the benefits outweigh the annual fee.
For example, if you have the Chase Sapphire Preferred® Card that increases the value of points you redeem through Chase Ultimate Rewards, you may find this benefit worth the annual fee.
Or, you could consider switching to another Chase rewards card, such as the Chase Freedom Unlimited®, that doesnt have an annual fee. Think about how often you plan to spend with the card and how you earn and redeem rewards. If the card provides bonus rewards each year or a free night stay at a hotel of your choice, this could be another reason to keep the annual fee.
Decide early on if you can afford the annual fee. If it doesnt make sense financially, know that plenty of great rewards credit cards dont have an annual fee.
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Where To Go From Here
Its important to know which factors make up your credit score. As you can see in the image below, there are 5 factors that make up your credit score.
Pay down your balances and keep your credit utilization under 30%. Its also wise to have different types of credit accounts to establish a solid credit mix because it accounts for up to 10% of your FICO score. So, youll want to have both installment and revolving credit showing up on your credit report.
Of course, you also want to focus on making timely payments from here on out. Even one late payment can be very damaging to your credit.
Length of credit history also plays an essential role in your credit scores. You want to show potential creditors that you have a long, positive payment history.
Building excellent credit doesnt happen overnight, but you can definitely speed up the process by making the right moves. So give Lexington Law a call for a free credit consultation at and get started repairing your credit today! The sooner you start, the sooner youll be on your way to having exceptional credit.
Discover It Cash Back
One of the most popular cash back cards on the market, it regularly tops our list of the best cash back cards. cardholders can maximize their cash back earnings in popular categories that change every three months. Spending limits apply.
Discover is also recognized for having the top-rated customer service team in the credit card biz, so you can rest assured youll be in good hands if theres ever an issue with your account.
New cardholders can also enjoy attractive promotional APRs for both purchases and balance transfers upon account opening, after which theyll pay the regular 15.74% – 26.74% Variable APR.
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Watch Out For The Balance Transfer Trap
A 0% introductory APR is an outstanding benefit to have, but only if you use it the right way. And the right way is to pay off any balance transferred before the 0% APR introductory term ends.
To do otherwise is to put yourself in a potential trap.
- Balance transfer fees. Credit cards routinely charge an upfront fee of between 3%-5% of the balance transferred. If you transfer $10,000, that will be $300 to $500, paid up front.
- The 0% introductory APR could convince you to keep the balance outstandingafter all, it wont be costing you any money.
- The 0% introductory APR will end, and then youll be subject to the regular interest rate. Its possible that rate will be higher than the one youre paying on the card you transferred the balance from.
If you wont be able to pay the balance in full within the introductory term you might want to avoid a balance transfer entirely. In that situation, itll just be moving debt from one credit line to anotherwith an interest rate reprieve in the middle.
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Blue Cash Preferred Card From American Express
- Annual Fee: $95, waived for the first year
- Welcome Bonus: Earn $250 cash back when you spend $3,000 in the first 6 months.
- Pre-approval: Find out if youre approved with no impact to your credit score
- 0% Intro APR: 0% intro APR on purchases and balance transfers for 12 months from the date of account opening, then a variable APR, 17.74% – 28.74%.
How To Choose A Credit Card For Good Credit
With so many credit cards out there, how do you know which one is right for you? A few things:
- Does it have a signup bonus? This doesnt have to be a dealbreaker. But, it might be the deciding factor if youre having trouble choosing between two cards.
- Is there an annual fee? Think of an annual fee the same way one would think of membership dues. Is it really worth it to be part of the club? What are you getting in return?
- Are you planning a balance transfer? 0% APR is the best way to go. Zero interest offers rock, and credit scores of 700 to 749 qualify for these deals all the time.
The right card matches your spending profile. Be sure that you understand your numbers before you apply. For example, even if a card offers a weet bonus and tons of rewards on travel, it wont be worth it if you dont travel often.
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Lower Your Credit Utilization Ratio
Reducing your will raise your score. That means paying down your credit card balances so they make up a small percentage of your overall available credit. To quickly determine your current ratio, check out Bankrates credit utilization ratio calculator.
Just because a lender says you can borrow a certain amount, does not mean that you should, says Sechrist. You should keep your utilization rates under 35 percent. For example, if your monthly credit card limit is $10,000, then youd want your balance to be under $3,500 at all times.
Another way to lower your credit utilization ratio, even if you pay your entire balance every month, Rossman adds, is to make your payment early or make an extra payment in the middle of the month.
Even if you pay your bills in full, you still might have a high credit utilization ratio, says Rossman. Your balance is reported on the statement date, so bring your balance down before the statement comes out.
While it may be tempting to close credit cards youre not using, think twiceespecially if theres no annual fee, says Sechrist. Those cards can help keep your credit utilization ratio low, and if youve had them a long time, help you maintain a long length of credit history.