Is 828 a Good Credit Score?

Your credit score is one of the most important factors lenders consider when reviewing your application for a loan or credit card. But with dozens of scoring models and ranges it can be confusing to know where you stand. So is 828 a good credit score?

The short answer is yes, 828 is an excellent credit score according to most scoring models In this article, we’ll break down exactly what a credit score of 828 means and why it’s considered so good.

What is a Credit Score?

A credit score is a three-digit number calculated from the information in your credit reports. It’s designed to represent your creditworthiness – or how likely you are to repay debts on time.

The most widely used credit scoring models come from FICO and VantageScore. Both models range from 300 to 850. The higher the score, the lower your risk looks to lenders.

Your credit scores are based on factors like:

• Payment history – Do you pay bills on time?
• Credit utilization – What percentage of available credit are you using?
• Length of credit history – How long have you had credit?
• Credit mix – Do you have experience with different types of credit?
• New credit inquiries – How often do you apply for new credit?

Why 828 is Considered an Excellent Credit Score

A credit score of 828 is in the top tier for both FICO and VantageScore models.

For FICO scores:

• 800-850 is considered “exceptional”
• 740-799 is “very good”
• 670-739 is “good”

For VantageScores:

• 750-850 is “excellent”
• 700-749 is “good”
• 650-699 is “fair”

So with a score of 828, you’re well within the “exceptional” range for FICO and “excellent” for VantageScore.

In fact, only a small percentage of consumers have credit scores over 800. According to FICO, just 14% of consumers fall in the 800-850 range. And only 1.4% have scores above 850.

Why is 828 an Excellent Score?

There are a few key reasons why a credit score of 828 is so high:

1. Perfect Payment History

To achieve an 828 score, you likely have no late payments or collections on your credit reports. Payment history makes up a significant portion of your scores – 35% for FICO and 40% for VantageScore. One late payment can knock down an otherwise excellent score by 100 points or more.

2. Low Credit Utilization

With a score near 850, your credit utilization is probably very low. This means you use a small percentage of your total available credit limits. Experts recommend keeping credit utilization below 30%. But those with scores in the 800s often use less than 10% of available credit.

3. Long, Well-Aged Credit History

Exceptional credit scores are usually achieved after many years of responsible credit management. Your credit reports probably show a robust history of open accounts in good standing. Credit history length accounts for about 15% of a FICO Score.

4. Mix of Credit Types

Lenders like to see you’ve successfully managed different types of credit like credit cards, auto loans, mortgages, etc. This credit mix demonstrates your ability to handle diverse credit responsibilities.

5. Minimal Hard Inquiries

When you apply for new credit, the lender conducts a hard inquiry on your credit reports. Too many hard inquiries in a short timeframe can indicate high credit risk. But with an 828 score, you likely have very few inquiries relative to your long credit history.

Benefits of an 828 Credit Score

So why go through the effort to achieve and maintain such a high score? An 828 unlocks the most favorable loan terms and gives you exceptional borrowing power.

Low Interest Rates

The higher your credit score, the lower interest rate lenders will offer you. With a score of 828, you’ll qualify for the lowest rates available today. On a $300,000 mortgage, an 828 score could save you $100,000+ over 30 years compared to a 760 score.

Higher Lending Limits

Lenders will approve you for larger loans and higher credit limits when you have excellent credit. This gives you purchasing power whether you need a jumbo mortgage or premium travel rewards card.

Fast, Easy Approval

A high credit score makes the application process quick and seamless. Lenders recognize you as an ultra low-risk borrower, so you can be instantly approved for new credit.

Better Rewards & Perks

The top rewards credit cards cater to consumers with exceptional credit. An 828 score gives you access to cards with lucrative travel perks, large signup bonuses, and premium benefits.

More Financing Options

From 0% interest credit cards to low-rate personal loans, you’ll have your pick of financing options. Lenders will compete for your business when they see your near-perfect score.

Maintaining an 828 Credit Score

Congratulations on achieving this elite credit score! But don’t let your good habits slip. Follow these tips to keep your 828 score in the exceptional range:

• Check credit reports regularly for errors or suspicious activity.
• Keep credit utilization very low, around 3-5% if possible.
• Don’t close your oldest credit accounts. Let them age to build history.
• Make payments a week before due dates to avoid ever being late.
• Only apply for credit you need – minimize hard inquiries.
• Ask for credit line increases instead of opening new accounts.

While an 828 credit score takes time and diligence to build, the financial benefits are well worth the effort. By continuing your responsible credit management, you can enjoy exceptional borrowing power for years to come.

No, a credit score of 900 is not possible in the United States.

Yes, people do have 850 credit scores, though it’s quite rare. While 850 is the highest possible FICO score, only a small percentage of consumers achieve it.