How to Increase Your Credit Score to 800
Raising Your Credit Score to 800
Are you trying to finance a new car? If so, is 800 a good credit score for that purpose? Credit scores range from 350 to 850, so 800 represents an above-average score. Many St. Louis residents looking for a new vehicle ask, “How can I raise my credit score to 800?” and “What can you do with an 800 credit score?” Green Light Auto Credit covers how to increase your credit score to 800 below!
How Can I Raise My Credit Score to 800? Assessing Your Credit
Is 800 a good credit score for buying a car? It’ll usually net you a solid deal, depending on the type of car loan you get. The first step for how to increase a credit score to 800 is to know where you stand currently. Here are some important things to consider when assessing your credit:
- Debt to Credit Ratio: Your debt to credit ratio measures the amount of debt you have versus the amount of credit available to you. When this gets above 30%, your credit score can take a hit.
- Number of Balances: Having a good number of credit cards – say, two or three – isn’t a bad idea and can even help raise your credit score if handled responsibly. But too many credit cards can look worrisome to lenders.
- Age of Debt: Even if it’s small, an outstanding debt can seriously impact your credit score.
How is 800 a good credit score compared to, say, 400? With a lower credit score, lenders will put higher interest on the loan as a means of security. You could end up paying thousands more dollars in interest than someone with a higher credit score!
How Can I Raise My Credit Score to 800? Ways to Improve Credit
There’s more than one way to get a higher credit score. Many times, taking out a loan and making payments on it really improves things! Here’s how to increase your credit score to 800:
- Pay Your Bills: This is an obvious first step. Pay your bills on time and you’ll see your credit score improve.
- Increase Your Credit Limit: Above, we covered the importance of the debt to credit ratio in determining your credit score. You can improve this by asking your credit card company for a higher credit limit.
- Pay Multiple Times a Month: If you can, making more than just one payment a month can both bite away at your debt and improve your credit score in the process.
- Low Credit Car Financing: Herculaneum residents struggling with credit can get bad and no-credit car financing and start making timely payments to improve their credit score. Then, you can find out what you can do with a 800 credit score!
How Long Does it Take to Achieve a Credit Score of 800?
Minor changes to your credit score can be accomplished in as little as 30 days, but 800 is a much loftier goal. Even if you’re currently in good financial standing, it can take a few years to achieve a credit score of 800. This is because in order to get a score that high, you need to maintain a positive payment history for several years, without any setbacks or missed payments along the way.
What Can You Do with an 800 Credit Score?
Why aim for an 800 credit score, anyway? A score of 800 or higher is essentially your ticket to just about any type of loan, as most lenders will view you as an exemplary borrower. You can secure fantastic rates on home and auto loans, with the potential to refinance in the future and save even more money. Not just that, but desirable credit cards with exclusive rewards could also become accessible.
Explore Auto Financing With Green Light Auto Credit
At Green Light Auto Credit, we’re dedicated to helping drivers from St. Louis to Florissant with workable auto loans. You can fill out a secure online finance application today if you’re looking for vehicle credit, or contact us with all your auto credit questions!
