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.

Credit Score 802