How Much Can I Borrow With an 800 Credit Score?

Having an 800 credit score is considered excellent. In fact, Experian says that if your Fico score falls between 800 and 850, then you have exceptional credit. Only 21% of consumers have credit scores in this range and an abundance of perks come with having this credit score, most importantly, excellent loan terms whatever the amount you are borrowing. 

Highlights /Key Takeaways

• Learn how to get an 800+ credit score
• Know the benefits of having a high credit score and how to use them to your advantage
• Maintain your credit score 

Lending Benefits of Having an 800 Credit Score

Borrowing amounts on a personal loan are usually based on the credit score of the borrower, their payment history, their employment history, their income, and their debt-to- income ratio. If you qualify for the loan and can afford it, there isn’t necessarily a limit to how much you can borrow with an 800 credit score. You may be able to take out a personal loan for $100,000, a car loan for $250,000, or even a home loan mortgage for $2.5 million. 

A lender’s primary concern is risk aversion when it comes to deciding who qualifies for a loan, especially a no collateral personal loan. Borrowers with higher credit scores have shown that they pay back their creditors on time, thus making them less risky than borrowers with lower scores. 

Some of the perks of having a perfect credit score include:

• Access to the best loan products and exclusive loans that are only available to top-tier borrowers
• Lower interest rates which save you money over the life of the loan
• More flexible repayment terms
• Higher loan amounts: You may qualify for a higher loan amount than someone with a lower credit score because your credit profile shows that you pay back your debt on time and are a responsible borrower
• Lower insurance rates: Most insurance companies do a credit check before issuing a homeowners or auto insurance policy. The higher your credit score, the more likely that you will qualify for the insurance and that you will get the best rate.

Online lenders like Credible offer personal loans for borrowes with good, very good, and excellent credit scores. 

Traits of Consumers With Perfect Credit Scores

People with 800 credit scores tend to have a few things in common. 

• They make their payments on time
• They’re usually wealthy, and they have long standing relationships with banks and other financial institutions.
• They also only use a small fraction of their available credit, also known as a credit utilization rate. 

Credit utilization and on time payments are the factors that most affect your credit score. In fact, 35% of your credit score is determined by your payment history. 

Table of Credit Score Ranges

How to Get an 800 Credit Score

There are a variety of ways to get your credit score to 800 or above. Some people work with a credit repair agency or file disputes with all of the credit bureaus and others make sure each of their credit cards are paid off before the date that the credit card companies report to the credit bureaus. This varies by credit card and you can find it on the issuer’s website or by calling the credit card company. 

Another tip is to be added as an authorized user on someone else’s credit card. This should be someone that already has good credit and pays their bills on time. The idea is that you piggyback on the main user's good credit behavior. When their good credit behavior is reported (since you are also listed on the credit card) your “good” behavior will be reported as well.  

Other ways to help you get an 800 credit score include:

• On time monthly payments: Set up auto pay so you never forget to pay your bills on time. Even just one missed payment can have a negative affect on your credit score. 
• Credit utilization: Aim to use 25% or less of your available credit. For example, if you have a credit card with a credit limit of $10,000, you should only use $2,500 or less when possible. 
• Build your credit history: Don’t be afraid to open up new accounts. You need to have credit history in order to have a high credit score. Just make sure you can pay for what you spend. 
• Pay off your balances: Each month you should pay off your entire credit card balance. Not only is this good for increasing your credit score, but it also saves you money in interest payments.  
• Monitor your credit score: Make sure you haven’t been a victim of identity theft or fraudulent charges. Also check that each line of credit is being reported correctly. 

What To Do When Your Credit Score Reaches 800

It’s a great feeling to see that coveted 800 credit score! Now you need to know how to get the most out of your new found credit score. You now have 800 credit score purchasing power. 

Once your credit score reaches 800, you should:

• Ask for credit limit increases: This doesn’t mean you need to spend more. It simply means that you should qualify for a higher credit limit on your credit cards because of your high credit score. In turn, this will lower your credit utilization rate and raise your credit score even more. 
• Refinance: Do you have a high interest car loan or a home mortgage with a high interest rate? Refinance your high rate. You should now qualify for a lower rate and there may be better terms available as well. 
• Shop for new insurance: Ask your current insurance provider for discounted rates based on your 800 credit score. You can also shop around and compare rates so you’re saving the most money. 

Tips to Maintain Your 800 Credit Score

Now, you know what you can do with excellent credit, you need to know how to maintain it. You worked hard to get your credit score to 800 and you want to rightfully keep it there. Some tips and tricks to maintain an 800 credit score include:

• Don’t increase your spending: Just because you have more perks available and more credit doesn’t mean you need to spend it. Only spend what you can afford to pay back and keep your credit utilization as low as possible.
• Keep those good habits in place: Keep doing everything that you did to get your credit score to 800 in the first place. Make on time monthly payments, pay off credit card balances, and keep being a responsible borrower. 
• Set up auto pays: The more credit lines you have, the harder it is to keep track of them. Auto pay ensures you don’t miss a payment or make a late payment. 

Ways to Improve an 800 Credit Score

We all know that 800 is an exceptional score, but 850 is even better. Here are some ways to improve an 800 credit score:

• Diversify your lines of credit: Mix it up. Have some loans, credit cards, mortgages, and car payments. 
• Review your credit reports: Keep an eye on your bills and that there aren’t any reporting errors. Disputing an error or a fraudulent item or something that you already paid off but is still showing as unpaid can help your credit score jump up at least a few points. 
• Don’t close out old accounts: One of the keys to a high credit score is having established accounts. The length of your credit history helps determine your credit score. Even if you don’t use that old credit card, it’s a good idea to keep it active so you can show that ten or twenty year old positive credit line. 

My Credit Score Has Dropped - What Can I Do?

It’s always disappointing when your credit score drops, but remember that credit scores are always evolving and may vary a few points from one month to another. If you check your credit score before the end of the month and before you have paid off all of your credit card balances, it may be a bit lower than if all of your balances have been paid off and your payments have been reported as paid on time. 

Some things you can do when your credit score has dropped are:

• Check with TransUnion, Experian, and Equifax: These are the three major credit bureaus in the U.S. They each provide free annual credit reports and you can look for reasons as to why your score has dropped. Is it a mistake? Did someone illegally use your credit? Or did you just forget to make a timely payment? You can file disputes online with all three agencies if there is a mistake on your credit profile. You can also attach any proof you have of the mistake. For example, if you have a payment receipt for your Mastercard but they’re reporting that you didn’t pay this month. 
• Pay off your credit cards: This will decrease your credit utilization and increase your credit score. 
• Watch out for credit inquiries: If you recently were car shopping, your score may drop a few points because banks and lenders run your credit score to get you approved for an auto loan. The same happens when you’re applying for a mortgage. 

Final Word: How Much Can I Borrow With an 800 Credit Score

Finding out how much you can borrow with an 800 credit score really depends on how much you can afford, the loan, and its terms. Your credit score is considered exceptional so you will have access to the most options in terms of loan products. You will also receive the best interest rates and the most flexible repayment terms. 

Remember to use your high credit score to your advantage. Negotiate with every lender, refinance high-interest loans, and shop around to compare rates, terms, and fees. You’re in a position of power because you have such a strong credit score so you deserve to receive the best loan offers on the market. 

Online lenders like SoFi offer personal loans for borrowes with good, very good, and excellent credit scores. They do this so they can offer premium loan products with competitive rates. SoFi offer multiple personal loans including ones for weddings, home improvements, travel, and more.