What is an excellent credit score?

Generally, credit scores above 800 are considered excellent. But people can have multiple credit scores, and lending decisions are ultimately up to individual lenders. So what one lender considers excellent may not be the same as another. 

But generally, the higher your credit score the better. So how do you get excellent credit scores? And how can you find out where your credit scores stand?

What you’ll learn:

• Excellent credit scores are usually 800 or above on a scale of 300-850.

• An excellent credit score can help borrowers qualify for better loan terms and interest rates.

• You can build an excellent credit score by using credit responsibly over time. 

• Responsible habits include paying bills on time and applying only for the credit you need.

When it comes to credit scores, descriptions are subjective. Remember, decisions about loan and credit applications are ultimately up to individual lenders. But you can get an idea by examining how credit-scoring companies describe their scores. 

Take a look at the credit score ranges from FICO®  and VantageScore® to see what they say.

FICO categorizes most of its credit scores on a scale of 300-850. And it defines scores between 800 and 850 as exceptional:

• Exceptional: 800-850

• Very good: 740-799

• Good: 670-739

• Fair: 580-669

• Poor: Less than 580

VantageScore uses the same 300-850 range. But it categorizes credit scores a little differently. VantageScore says “superprime is the best rating you can have.”

Here’s how VantageScore categorizes its credit ratings: 

• Superprime: 781-850

• Prime: 661-780

• Near Prime: 601-660

• Subprime: 300-600

Higher credit scores could help you qualify for credit with better terms, lower interest rates and more benefits. 

Higher scores can also affect insurance premiums, apartment applications and job applications.

Working toward excellent credit scores starts with understanding what financial behaviors affect credit. According to the Consumer Financial Protection Bureau (CFPB), a few factors that generally affect credit scores are:

• Payment history

• Debts owed

• Length of credit history

• New credit

• Credit mix

• Credit utilization ratio

To build and maintain excellent credit scores, it’s important to use your credit accounts responsibly over time. Here are some ways to do that:

Your payment history shows how well you’ve done making payments on time. Late or missed payments can lower credit scores. But setting up reminders or automatic payments can help you remember to make on-time payments.

Credit utilization refers to the amount of credit you’re using compared with your total credit limit. The CFPB says to keep your credit utilization ratio below 30%. So if you had a credit limit of $1,000, you’d want to keep your credit card balance below $300.

Having a diverse credit mix of revolving and installment loans shows lenders your ability to handle different types of debt.

A long and positive credit history suggests you can manage credit responsibly. This is why it’s important to consider how closing an older credit card account could affect your credit scores.

When you apply for new credit, it usually results in a hard inquiry. And that can cause a temporary drop in your credit scores. The CFPB also says applying for multiple credit cards over a short period could give lenders the impression your financial situation has changed for the worse.

Mistakes in your credit reports could negatively affect your credit scores. You can monitor your credit for free with a tool like CreditWise from Capital One. Using it won’t hurt your credit either. You can also visit AnnualCreditReport.com to get free credit reports.

The CFPB notes four ways to access your credit scores:

• Check your credit statements. Some lenders show customers their credit scores on monthly statements. Or if you’ve applied for credit recently, lenders usually tell you the credit score they pulled at the time of application.

• Sign up for a free credit monitoring service. You can sign up for CreditWise. It allows you to monitor your VantageScore 3.0 credit score and check your TransUnion® credit report.

• Get them from a credit-scoring company. You might access your credit score from FICO and VantageScore. But it could cost money.

• Ask a nonprofit credit counselor. Some credit counselors can show you your credit scores and help you understand them. You can visit the National Foundation for Credit Counseling or the Financial Counseling Association of America to find a reputable service. To find out if it’s trustworthy, you can consider looking it up with your state’s attorney general or consumer protection agency.

Learn more about excellent credit scores with answers to these common questions.

Having excellent credit scores can help you get the best rates and terms when you apply for loans, mortgages and credit cards. It could even help you when applying for a new job, apartment or cellphone plan.

For help tracking your credit, you can check CreditWise. It’s free to use, and it won’t hurt your credit—no matter how often you use it.

Credit in a great place already? Explore credit cards for excellent credit.

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