Is 802 A Good 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.
Credit Score 802
Your 802 FICO (r) Score falls within the range 800 to 850 that is classified as Exceptional. Your FICO (r) Score is significantly higher than average and will allow you to apply for credit quickly.
Only 1% are likely be seriously delinquent with their Exceptional FICO(r), Scores.
802 FICO(r), a score that is significantly higher than 704. This score is close to the average credit score, but it may still be possible to improve it.
Your FICO(r), score, is the best method to assess your credit score. A report will be provided that analyzes specific information about your credit reports to determine why your score is not higher. You can tweak these factors to make your score even better.
A credit score in the exceptional range is a sign of good credit management. Your track record of timely bill payments and prudent debt management is almost flawless.
People with exceptional credit scores have a low incidence of late payments exceeding 30 days. They are found on 6.0% credit reports of 802-level FICO(r) Scorers.
People with outstanding credit scores are a great customer for banks and credit card companies. They often offer you the best loan terms. These could include refinance opportunities at lower rates than what you were able get years ago, as well as the possibility of being approved for credit cards with premium rewards programs or the lowest interest rates.
It is possible to achieve a FICO(r), score of 802 over time. You need to be consistent and disciplined in order to achieve an extraordinary credit score. It takes extra care to keep it going.
You are doing a remarkable job in navigating the factors that influence credit scores, either instinctively or deliberately.
Revolving credit utilization rate. Utilization rate (or usage rate) is a measure to see how close you’re to maxing out your credit cards accounts. It can be calculated for each credit card account by taking the outstanding balance and the card’s borrowing limits, then multiplying 100 to get the percentage. The sum of all card balances divided by all spending limits can be used to calculate your total utilization rate.
Experts agree that you won’t lower your credit scores if you keep your utilization rates under 30% for all accounts. Allowing your utilization to rise will lead to a lower credit score. In fact, a score of over 100% could cause serious damage. Your credit score is almost one-third (30%) responsible for your utilization rate
It is important to pay on time and miss payments. A poor credit score would not be possible if you have a history of late or missed payment. Keep in mind, however, that there is no single factor that can improve your credit score than prompt payment behavior. And missing a payment is one of the fastest ways to ruin an otherwise perfect score.
Your time is on your side. Time is on your side.
New credit accounts and credit applications can have a short-term impact on your credit score. Credit scoring systems identify you as more at risk of not being able to repay your debts if you apply or take out new credit. The effect on credit scores is small, with a slight drop in your credit score. However, it will usually rebound in a few months if you pay all your bills on time. Credit activity that involves new credit can make up 10% of your credit score.
The composition of your debt. FICO(r), the credit scoring system favors multiple credit accounts. This includes revolving credit (accounts that let you borrow against a spending limit and make monthly payment of varying amounts) as well as installment loans (e.g. student loans and car loans with fixed monthly payments and set payback periods. About 10% of your credit score can be attributed to credit mix.
Your credit score can be severely affected if public records are included on your credit report. Bankruptcies and other public records do not appear on every credit report. However, they can be very detrimental to your credit score and overshadow other factors.
For consumers with exceptional credit scores, the average mortgage loan amount is $208,977 For those with FICO(r), Scores 802 or higher, the average auto loan debt is $18,764.
People with outstanding credit scores are prime targets for identity theft. This is one of the fastest-growing criminal crimes.
Your credit score monitoring service acts as a home security alarm for your score. It will alert you if you notice a decline in your credit score and, if you see it falling below the Exceptional range, 800-850, you can take immediate action to help it recover.