Building a solid credit score takes time, particularly if you’re set on that elusive 800 to 850 number. An 800 credit score or higher can help you get approved for larger loans with more favorable terms and lower interest rates. A FICO report says that only 1% of people with a credit score of 800 or higher have an 800 or higher score.
Though it’s possible to get a perfect credit score, perfect isn’t permanent in this case. Credit scores fluctuate based on your credit behaviors, and it can take years of responsible credit use to build and maintain a perfect score. What does it mean to have a high score? How do you get one? What are the best ways to keep it?
It can seem impossible to get your credit score up to 800, especially if you’re starting from a score of 700. But it is possible to get to 800 if you work hard and are smart with your money. We’ll talk about reasonable deadlines, important factors that affect your score, and useful tips that you can use to reach your goal in this article.
What is Considered an Excellent Credit Score?
The most commonly used credit scoring models are FICO and VantageScore, which both rate scores on a scale of 300 to 850. Scores from 700 to 749 are considered good credit, while 800 and above is deemed exceptional. As you cross into the 800s, you gain access to the very best interest rates and loan terms.
Just how rare is an elite score? According to FICO only 1% of Americans have credit scores over 800 as of 2022. So reaching this height puts you in an exclusive financial club. While the journey takes diligence and patience the benefits make it worthwhile.
Realistic Timeframes for Boosting Your Credit Score
Reaching 800 from 700 won’t happen overnight. Most financial experts say that it takes between two and five years of hard work to raise your credit score by 100 points. But your exact time frame will depend on your starting score and financial situation.
Here are general estimates based on your current score:
-
Starting score 700-750 Approximately 2-3 years if you have a long credit history already established Shorter if you have limited history but practice good habits
-
Starting score 650-699: Approximately 3-5 years as you’ll have more ground to cover in building positive history.
-
Starting score 550-649: At least 5 years, potentially longer with negatives to overcome. Developing good credit habits is crucial.
While these estimates aren’t exact, they help set realistic expectations. If you stick with it, it should take less time the higher you start.
Key Factors that Influence Your Credit Score
As you work towards 800, it helps to understand what impacts your score the most. The five main factors that make up your FICO score are:
-
Payment History (35%): Pay all bills on time, every time. This has the greatest impact, especially for scores below 700.
-
Credit Utilization (30%): Keep balances low, ideally below 30% of your limit. High utilization drags down scores.
-
Length of History (15%): Have established accounts open for many years. Newer profiles take longer to build.
-
Credit Mix (10%): Have different types of credit (credit cards, loans, mortgage). Variety helps.
-
New Credit (10%): Reduce the number of hard inquiries and new accounts, especially if you are new to credit. Too many can lower scores.
Focus first on improving factors with high percentage weights for the fastest boost to your score. Payment history and utilization are most influential, so master those two areas. Then work on the longer-term actions like lengthening your history and diversifying your credit mix.
Actionable Tips for Reaching an 800 Credit Score
Now that you understand the main influences on your score, here are proven tips to help you reach 800:
-
Always pay bills on time. Set up automatic payments or payment reminders if needed. Even one 30-day late payment can drop your score.
-
Keep credit utilization low. Aim for 30% or less of your total available credit. Pay off balances monthly.
-
Don’t close old accounts. Having long, active positive history helps your score.
-
Become an authorized user. Ask a family member with good credit to add you to a long-standing account.
-
Limit hard inquiries. Too many credit checks when applying for new credit can lower your score. Space out applications.
-
Monitor your credit. Review your reports regularly and dispute any errors. Mistakes can impact your score.
-
Practice good habits. Such as not spending beyond your means and maintaining financial discipline. This contributes to long-term credit health.
Reaching higher credit scores takes diligence across years, not months. But with focused effort on the key factors, climbing from 700 to above 800 is absolutely attainable. Be patient, stay committed to smart habits, and let your actions speak for your creditworthiness.
Monitor your credit report
Check your credit reports with the three credit bureaus regularly to ensure your information is correct and that there are no errors. Keep an eye out for accounts you don’t recognize, wrong account statuses, derogatory marks, unknown addresses, and wrong balances or credit limits. These can all hurt your credit and credit score badly.
“If an error is found, it is best to notify the financial institution of the issue for two reasons,” said Max Axler, chief credit officer at Synchrony. “The first is that it might be a systemic issue and without this feedback from consumers, the financial institution may not identify the issue. The second is that financial institutions have robust processes to take consumer feedback, diligence the issue and modify the reporting to the bureaus. ”.
If you do find any errors, you can dispute them for free with the credit bureaus. You can now get a free credit report every week from all three of the big credit bureaus. You do that through AnnualCreditReport. com (it used to be that you could get a free report only once a year).
Add your bills to your credit report
You can report your monthly bills and positive banking activity to your credit file with free tools like Experian Boost and UltraFICO. You can even report your rent payments through third-party sites like Rental Kharma, RentTrack and PayYourRent. Keep in mind, however, programs like Experian Boost and UltraFICO only impact your Experian credit report.
Griffin said, “If you’re trying to build your credit history, report your rent, cell phone bill, natural gas bill, electric bill, and water bill. They can all help raise your score.” “Even today, things like your Netflix bill can help you build your credit history. So take advantage of those [tools] available to you. ”.
How to RAISE Your Credit Score Quickly (Guaranteed!)
FAQ
How long does it take to get an 800 credit score from 700?
It could take anywhere from a few months to several years to go from a 700 credit score to 800. To speed up the process, make sure you have a perfect payment history and use as little of your available credit as possible.
How to raise credit score from 700 to 800?
Improving Your Credit ScoreKeep track of your progress. Always pay bills on time. Keep credit balances low. Pay your credit cards more than once a month. Consider requesting an increase to your credit limit. Keep unused accounts open. Be careful about opening new accounts. Diversify your debt.
How long does it take to go from 700 to 800?
If you possess a good credit history and maintain a low credit utilization ratio, reaching an 800 credit score could be achievable within a few years. Conversely, if your credit history is poor or your credit utilization ratio is high, the journey might take longer.
Is there a big difference between 750 and 800 credit scores?
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.