802 Credit Score
802 Credit Score
Your 802 FICO(r Score is in the 802-850 range, which is considered exceptional. Your FICO(r), score is much higher than the average credit score. This means that you will likely get approvals for new credit applications quickly.
Only 1% of consumers with exceptional FICO(r), scores are likely to become serious delinquents in the future.
802 FICO(r), is much higher than the average credit score (704). Although it’s not as high as you can get credit scores, it is still possible to improve it.
Checking your FICO(r), Score is the best way to find out how you can improve your credit score. You will receive a report along with your score that includes specific information from your credit report. This report will explain why your score isn’t higher. Although your score is exceptional, it is unlikely that any of these factors will have a significant impact on your score. However, you might be able tweak them to improve your score.
Credit scores in the Exceptional range are indicative of a history of credit management excellence. You have a track record of paying bills on time and managing debt well.
Individuals with exceptional credit scores are less likely to make late payments than 30 days overdue. These late payments are only 6.0% of credit reports for people with 802 FICO(r).
Banks and credit card issuers often offer the best terms to borrowers with exceptional credit scores. You may be able to refinance older loans at lower rates than you were able in years past. There are also excellent chances of getting approved for credit cards that offer premium rewards and low interest rates.
An 802 FICO(r), Score is a long-term achievement. To build an exceptional credit score, it takes dedication and consistency. You can keep your credit score up by paying more attention.
You’re doing an amazing job of navigating the factors that affect credit scores, whether you do it instinctively or intentionally.
Rate of utilization for revolving credit. The usage rate or utilization is a measure how close you are from “maxing out” your credit card accounts. To calculate your utilization rate for each credit card account, divide the outstanding balance by the card’s borrowing limit and multiply that number by 100 to get a percentage. Your total utilization rate can also be calculated by multiplying the sums of all your card balances and all of their spending limits (including those on cards that have no outstanding balances).
Most experts agree that you can avoid lower credit scores by keeping your utilization rates below 30% on all accounts and each account. Your credit score will be affected if your utilization rate increases. Anything above 30% can lead to credit scores that are lower. Nearly one-third (30%) is attributed to your credit score’s utilization rate.
Both missed and late payments are important. You wouldn’t be able to have an exceptional credit score if late or missed payments were a significant part of your credit history. However, prompt payment behavior is the most important factor in improving your credit score. Missing a payment can quickly ruin a nearly perfect score.
You have time on your side. Your credit history can affect as much as 15% of the credit score.
Your credit score can be affected by credit applications and opening new credit accounts. Credit-scoring systems will flag you as more likely to be able pay your bills if you apply for credit or take on new debt. Although credit scores may drop slightly when this happens, they usually rebound within a few weeks if you continue to make all your payments. Your overall credit score can be affected by new credit activity. It could contribute as much as 10%.
Composition of debt. FICO(r), a credit scoring system, tends to favor multiple credit accounts with a mix revolving credit (accounts like credit cards that allow you to borrow against a spending cap and make monthly payments of varying amounts) or installment loans (e.g. car loans, student loans, and mortgages with fixed monthly payments and payback periods). Your credit score is about 10% due to your credit mix.
Public records can have a negative impact on your credit score. Although bankruptcies are not included in every credit report they can have a significant impact on your credit score.
Consumers with exceptional credit scores have an average mortgage loan amount of $208,977. Average auto-loan debt for people with 802 FICO(r).
Identity theft is a fast-growing crime that targets people with exceptional credit scores.
Credit score monitoring services are like a home security system to monitor your credit score. You can be alerted if your score begins to fall and, if it falls below the Exceptional range (802850), you can quickly take action to help it recover.