Is 807 a Good Credit Score?

By Jamie Cattanach

An 807 credit score is better than good. If you have a credit score of 807, congratulations are in order: Your credit score is in the highest tier possible, which is known as excellent or exceptional.

Having a high credit score can unlock many doors in the world of loans and lines of credit. You are likely to receive the most favorable interest rates, terms, and perks.

What Does an 807 Credit Score Mean?

An 807 credit score is in the highest possible range on most credit-scoring systems, like the FICO® Score scale. Before delving into more detail on that, consider what credit scores are.

Credit scores are three-digit numbers that are used by lenders to quickly assess your riskiness as a potential borrower. They’re based on the following factors:

•   Payment history, which accounts for 35% of your score, tracks how often you’ve paid your existing debts on time.

•   Amounts owed, which accounts for 30% or your score, tracks how much of your available credit you’re using. (This is also known as a utilization ratio.)

•   Length of credit history, which accounts for 15% of your score, refers to the overall age of your credit accounts, with a longer lifespan counting toward a higher score.

•   Credit mix, which accounts for 10% of your score, refers to the number of different types of credit (such as installment loans, credit cards, and mortgages) you have on your credit profile. A more diverse mix counts toward a higher score.

•   New credit, which also accounts for 10% of your score, refers to how many new credit accounts you’ve opened in a short amount of time. Having too many hard inquiries or new credit accounts on your report can decrease your score.

From these factors, credit scores are ranked from 300 (the lowest/poorest) to 850 (the highest/best). Scores are typically further broken down into the following credit rating scale:

•   Poor credit: 300–579

•   Fair credit: 580–669

•   Good credit: 670–739

•   Very good credit: 740–799

•   Excellent credit: 800–850

As you can see, a score of 807 puts you in the excellent category (sometimes called exceptional), which is the highest. With excellent credit, you can enjoy a high likelihood of success when applying for various types of loan products, along with the lowest interest rates available.

A little more information about how your three digits compare: About 21% of Americans have a credit score over 800, and the average credit score in U.S. is currently 717.

What Else Can You Get with an 807 Credit Score?

With an 807 credit score, you will probably have a high likelihood of being approved for installment loans and lines of credit. You may also snag the most favorable rates and terms. Credit cards may be available with a rich array of benefits.

But, before going into more detail about that, it’s worth noting that lenders may look at other factors as well. For instance, such attributes as your income, job history, and your debt-to-income ratio (how much you owe vs. your earning power) may matter, too.

Can I Get a Credit Card with an 807 Credit Score?

Short answer: Yes. If you have a credit score of 807, you’re probably a great candidate for many credit cards. Usually, a credit score of at least 670 is needed to qualify for an unsecured credit card. Since an 807 score is so much higher, you might be a good candidate for cards with low interest rates and top-notch perks, such as extensive travel benefits, cash back, and more.

Of course, just because you can get a credit card doesn’t necessarily mean you should — at least without proper research and an understanding of how to use credit cards responsibly. Swiping is all too easy, and many people wind up buying more on credit than they can afford to repay in cash, leading to a revolving balance that can come with high interest rates and the potential to ding your credit score.

For best results, pay off your entire credit card bill each and every month on or before the due date. That way, you’ll enjoy the benefits of the card without ever paying interest. (If your credit card balances do get higher than you’d like, you might consider a credit card consolidation loan, which combines multiple balances into a single installment loan, typically at a significantly lower interest rate.)

Can I Get an Auto Loan with an 807 Credit Score?

With a credit score of 807, you’re in fine shape to qualify for an auto loan. You can actually often get a car loan with a much lower credit score, but your interest rate will probably be much higher. For instance, with a credit score of 720 to 850, you might pay an interest rate of 7.062% according to Experian® as of late 2024. If your score is 590-619, that figure jumps to 16.32%. That will make a considerable difference in your monthly payments and the amount of interest you pay over the life of the loan.

Also, while you’ll probably qualify for a car loan, remember that getting an auto loan has you paying interest on a depreciating asset. You’ll likely end up paying far more over the lifetime of the loan than the car’s initial value, let alone its value five or ten years down the line.

Saving up a substantial down payment for the vehicle can reduce the amount of the loan, which can help decrease the total amount you’ll pay in interest over the loan’s lifetime.

You might also consider buying a high-quality used car in cash, if you have enough money in savings to do so without dipping into your emergency fund.

Recommended: How to Apply for a Personal Loan

Can I Get a Mortgage with an 807 Credit Score?

Ready to become a homeowner? People getting ready to take out a mortgage often talk about “getting their ducks in a row,” and if you have a credit score of 807, congratulations: That’s one duck taken care of. In other words, an 807 FICO score is likely to qualify you for a mortgage. Typically, for a conforming loan, you need a score of 620 or higher.

With a score of 807, you are well-positioned to qualify for favorable interest rates for a conventional mortgage as well as for a jumbo loan, which means the principal is for a higher amount. Lenders usually look for a credit score of 720 or higher for a jumbo loan.

Still, there are other considerations that your mortgage lender will look into when qualifying you for a loan. For example, your debt-to-income ratio, or DTI, is a measure of how much you owe each month in existing debt payments versus your gross income. Generally, mortgage lenders will want to see a DTI of 36% or less (some, however, will accept up to 43% or even higher).

The underwriting process will also include a review of your employment history and existing assets, so when it comes to buying a house, it’s not just about building a strong credit score.

Can I Get a Personal Loan With an 807 Credit Score?

Personal loans are one of the most flexible financial products on the market. If you successfully apply, you can use the funds for just about anything you want. What’s more, they typically have a significantly lower interest rate than, say, charging something with your credit card.

Among the uses of personal loans can be:

•   Funding a wedding

•   Paying for family planning costs

•   Financing a vacation

•   Taking care of a major medical bill

•   Paying for a home renovation

Because they’re not secured by collateral (like a house for a mortgage or a car for an auto loan), personal loans tend to have more stringent qualification requirements. However, with a credit score of 807, you should be in good shape to qualify, provided you also have a steady, reliable income and a low enough level of existing debt. Usually lenders like to see a credit score of at least 580 to qualify for a personal loan. With your score, you may unlock the most favorable interest rates and terms.

A personal loan calculator can help you understand how much you’ll pay in interest over the entire lifetime of the loan. Be sure to look for one that allows you to make early repayments or additional principal payments without penalty.

The Takeaway

A credit score of 807 is not just good, it’s excellent. It falls into the highest possible range of credit score. Such a lofty score should help you qualify for credit, such as lines of credit and installment loans, with favorable interest rates and terms.

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.

View your rate