Is 802 a Good Credit Score?

A credit score of 802 is considered excellent by credit scoring companies like FICO and VantageScore. In fact, it falls in the highest credit score range, making it one of the best scores a person can have.

What Does a Credit Score of 802 Mean?

• A credit score of 802 is in the “exceptional” score range which ranges from 800-850. This is the highest possible score range.

• According to FICO, only 21% of consumers have credit scores in the exceptional range. So a score of 802 puts someone in an elite group of top credit scorers.

• People with 802 credit scores are extremely unlikely to become delinquent on credit obligations or default on loans. Less than 1% of people with scores this high are expected to run into serious credit troubles.

• An 802 credit score indicates a long history of responsible credit management. This person pays bills on time every month keeps credit utilization low and has likely never missed a payment or defaulted on a loan.

Why a Credit Score of 802 Is Considered Excellent

There are a few reasons why a credit score of 802 is viewed as excellent by lenders:

• Low credit risk – Exceptional scores like 802 mean the person poses very little risk of late payments or default. Lenders want to lend to low-risk borrowers

• Access to best rates and terms – An 802 score qualifies for the very best interest rates and loan terms offered by lenders. This can save thousands over the life of a loan.

• Wide loan approval – Such a high score increases approval chances substantially. Credit, loans, mortgages, credit cards – a borrower with an 802 score should get approved for just about anything.

• Large credit limits – Lenders will approve higher credit limits and loan amounts for someone with an 802 credit score compared to moderate or low scores.

• Premium rewards offers – Credit card and loan companies reserve their most lucrative rewards offers – travel miles, cash back, etc – for borrowers with exceptional credit.

How to Get a Credit Score of 802

Reaching a credit score as high as 802 takes dedication over many years to build a solid credit history and consistently practice excellent credit habits. Here are some tips:

• Never miss payments – The quickest way to an 802 score is to never make a late payment. This builds a flawless track record over time.

• Keep balances low – Maintaining credit utilization of 30% or less on each card will support an excellent score. And the lower the better.

• Have credit diversity – Having different types of credit (credit cards, car loans, mortgages, student loans etc) shows lenders you can handle diverse accounts responsibly.

• Limit hard inquiries – Each application for new credit results in a hard inquiry, which can lower scores temporarily. Limit applications to when truly needed.

• Grow credit history – The longest credit histories contribute to exceptional scores. Allowing accounts to age over many years demonstrates stability.

• Monitor credit – Catching any reporting mistakes early allows quick corrections and prevents score drops.

Benefits of an 802 Credit Score

A perfect credit score isn’t necessary to get approved and enjoy great rates. But an 802 score delivers some nice perks:

• The lowest interest rates on mortgages, saving potentially tens of thousands in interest over the life of the loan.

• Easy approval for top rewards credit cards with lucrative sign-up bonuses, travel perks, and cash back rewards.

• Higher credit limits approved, allowing greater purchasing power.

• Much higher loan approval chances for financing cars, education, procedures, and more.

• Lower insurance premiums on auto, home, and life insurance policies.

• Better terms on cell phone contracts and utilities like cable or internet.

• Higher likelihood of rental application approval with no need for deposits.

• Greater negotiating leverage when purchasing vehicles to get the best price.

• Priority status for credit limit increases with existing accounts.

Is There Room for Improvement from an 802 Score?

For most people, a credit score of 802 would be an amazing accomplishment. But there is still room to improve:

• A “perfect” FICO score is 850. So inching up from 802 to 850 is possible with diligent credit management. However, improvements become much harder in this range.

• An 802 score is at the bottom edge of the 800-850 exceptional range. Raising the score keeps options open for the very top tier credit offers.

• Someone with an 802 score can aim for a higher score still to offset any potential future setbacks like missed payments or credit applications.

• A higher utilization rate for an 802 scorer means lowering balances could bump the score up.

• An 802 score may be negatively impacted by a thin credit file with few total accounts or short history. Building more diversity and history may increase the score over time.

Maintaining an 802 Credit Score

An exceptional 802 credit score takes dedication and vigilance to maintain. Here are some tips:

• Continue making all payments, including utilities and rent, by the due date every month.

• Keep credit utilization below 10% on all accounts. Consider paying down balances before the statement date.

• Be extremely selective about applying for additional credit. Too many hard inquiries can lower scores temporarily.

• Review all 3 credit reports annually for errors or fraudulent accounts that could undermine the scores.

• Consider credit monitoring to be alerted of any sudden score drops that indicate problems.

• Ask for credit limit increases periodically to keep utilization low as expenses increase.

• Avoid account closures, as this can shorten credit history length and increase utilization.

• Contact creditors immediately if unable to make payments to avoid damaging score drops.

An 802 Credit Score Opens Doors

A credit score of 802 is an impressive accomplishment that demonstrates long-term responsible credit management. This elite score gives access to the very best loan rates and terms, highest credit limits, premium rewards programs, and easy approval for future credit applications. Diligent maintenance is required to stay in this top tier, but it is well worth the effort.