Is 800 a Good Credit Score?

By Jackie Lam

An 800 FICO Score is better than good: It’s considered excellent. If you have an 800 score, you’ve likely put in the hard work of getting to that number and deserve some kudos.

An excellent credit score can feel like getting to the front of the line at an exclusive club. It boosts your purchasing power as a consumer, and you’ll have an easier time landing lower interest rates and better terms on that car loan or mortgage.

Here, learn more about what an 800 credit score contributes to your personal finances and how you can make the most of it.

What Does an 800 Credit Score Mean?

In the world of consumer credit, scores range from 300 to 850. The most common credit scoring model is the FICO Score, which is used by 90% of lenders.

Here are the FICO credit score ranges:

•   Poor: 300–579

•   Fair: 580–669

•   Good: 670–739

•   Very Good: 740–799

•   Excellent (or exceptional): 800–850

Going by the breakdown, an 800 credit score is just over the line and puts you in the range of “excellent” or “exceptional” credit scores. The next lowest credit score range is “very good,” which ends at 799.

Each lender determines what you can qualify for based on your score. With an 800 credit score, you’ll likely qualify for the most favorable terms and lowest interest rates, but lenders usually also factor in other financial information, such as income and debt-to-income (DTI) ratio.

What Else Can You Get With an 800 Credit Score?

As a member of the 800 credit score club, not only can you qualify for a mortgage, personal loan, credit card, or car loan, but you’ll likely get approved for larger loan amounts, lowest interest rates, and more flexible terms than with a lower score.

A credit score, while important, is one of the many things lenders and creditors look over when gauging whether to offer you loan or credit. As mentioned, they also usually fold in your income, DTI ratio, and collateral. If a down payment is required, they’ll take that into consideration.

Recommended: Secured Versus Unsecured Personal Loans–What’s the Difference?

Can I Get a Credit Card With an 800 Credit Score?

With an excellent credit score, you’ll likely get approved for plastic with top-notch credit card rewards, such as travel perks and cash back. While you probably won’t run into much trouble landing a credit card of your choice, it’s a matter of shopping around and looking for a credit card that is the best fit for your needs.

To help you decide on the best credit card for you, think about what you’ll primarily be using the credit card for, and how it fits into your “money ecosystem.” For instance, how much do you anticipate putting on the card and for what sort of purchases? That may steer you to the options that best suit your needs: Do you care more about the credit card interest rate or the airport lounge access your plastic could deliver?

Of course, you’ll want to pay your balance in full if possible, which can help you avoid paying a lot in interest plus help keep your credit utilization low.

Can I Get an Auto Loan With an 800 Credit Score?

According to recent data gathered by Experian®, the average credit score for a new car in Q2 of 2024 was 753, and the average credit score for a used car was 689. So with an 800 credit score, you’ll likely be able to secure low interest rates and more flexible terms.

Currently, the average interest rate on a car loan hovers at 9.65%. The rate also can depend on your credit history, down payment, the type of car, and other financial and credit criteria, such as your DTI ratio and income.

Can I Get a Mortgage With an 800 Credit Score?

An excellent credit score can help you land a mortgage with more favorable rates than if you had a lower score. Here’s a look at the minimum credit score requirements for different types of home loans:

•   Conventional home loans: You usually need a minimum credit score of 620 for a conventional home loan.

•   Jumbo loans: Lenders typically want to see a credit score of at least 700 for a jumbo loan, which for 2024 is defined as a home loan that exceeds $766,550 to $1,149,825, depending on the location.

•   FHA loans: For an FHA loan, applicants can typically qualify with a 580 minimum credit score if they can provide a 3.5% down payment.

•   VA loans: While the VA doesn’t require a minimum credit score, lenders will typically want a credit score of at least 620.

•   USDA loans: Expect to provide at least a 640 credit score. If your score falls below that, or if you have had a significant delinquency, a full credit review is required.

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

An 800 credit score is in the excellent range, which means the odds are strong that you can land a personal loan with higher loan amounts, low interest rates, and more flexible terms. Personal loans, which are typically unsecured, may have a higher interest rate than secured loans, but they are a flexible way to pay for anything from a major dental bill to a wedding to vacation costs.

Per the Federal Reserve Bank of St. Louis, the average interest rate for a 24-month personal loan is 11.92% as of May 2024, so you might be able to qualify for a lower rate with a strong score.

If you’re curious about pursuing a credit card debt consolidation loan, you’ll also likely qualify for lower interest rates than those with a lower than 800 credit score. This can make lumping together your existing credit card debt with a new personal loan worthwhile.

Recommended: Personal Loan Calculator

The Takeaway

An 800 credit score is considered better than good: It qualifies as an excellent score. When you have an excellent score, it’s a matter of knowing which features of a loan or credit line are most important to you, and shopping around for the lowest rates and best terms, plus the right funding type and amount.

When you have options, it’s a good idea to avoid high-interest credit card debt. A SoFi personal loan might be just the right fit.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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