Looking for the best ways to get your credit score to 800? Welcome to our “boost your credit score” challenge for 2023. Only 20% of people have an exceptional credit score. We want to change that in 2023. Check out this free guide on how to raise your credit score by 50 to 100 points in 30 days. A credit score is a numerical representation of your creditworthiness, based on information from your credit report.
Credit Score Factors
First, make sure you understand what factors make up a great credit score.
- Good Payment History: 300 Points
- Credit Utilization Ratio: 255 Points
- Length of Time: 125 Points
- Credit Mix: 85 Points
- New Credit: 85 Points
Quick Tip: Did you know that you can add your kids as a signer on your credit cards? The date you opened the credit card account extends their length of time. Since it makes up 125 points, you are helping your child boost their credit score.
Your 800 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
How to Get a 800 Credit Score
A credit score of 800 is considered excellent and can be achieved by following a few simple steps:
- Pay your bills on time: Late or missed payments can negatively impact your credit score.
- Keep your credit card balances low: High balances on your credit cards can hurt your credit score. Try to keep your balances below 30% of your credit limit.
- Don't open too many new credit accounts at once: Opening multiple credit accounts in a short period of time can hurt your credit score.
- Don't close old credit accounts: Closing old credit accounts can reduce the overall credit limit available to you, which can hurt your credit score.
- Check your credit report regularly: Checking your credit report regularly can help you catch errors and make sure that the information is accurate. You are entitled to one free credit report from each of the three major credit bureaus every year.
Related Article: Fastest Way to Get a Credit Score of 800
By following these steps, you can improve your credit score and potentially reach a score of 800. However, it's important to keep in mind that credit scores can vary depending on the credit scoring model used, so the steps outlined above may not guarantee a credit score of 800.