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How to get your credit score above 800 and keep it there

How credit scores can both help and hurt Americans

Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan.

FICO scores, the most popular scoring model, range from 300 to 850. A “good” score generally is above 670, a “very good” score is over 740 and anything above 800 is considered “exceptional.”

Once you reach that 800 threshold, you’re highly likely to be approved for a loan and can qualify for the lowest interest rate, according to Matt Schulz, LendingTree’s chief credit analyst. 

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There’s no doubt consumers are currently turning to credit cards as they have a harder time keeping up with their expenses and there are a lot of factors at play, he added, including inflation. But exceptional credit is largely based on how well you manage debt and for how long.

Earning an 800-plus credit score isn’t easy, he said, but “it’s definitely attainable.”

Why a high credit score is important

The national average credit score sits at an all-time high of 716, according to a recent report from FICO.

Although that is considered “good,” an “exceptional” score can unlock even better terms, potentially saving thousands of dollars in interest charges. 

For example, borrowers with a credit score between 800 and 850 could lock in a 30-year fixed mortgage rate of 6.13%, but it jumps to 6.36% for credit scores between 700 and 750. On a $350,000 loan, paying the higher rate adds up to an extra $19,000, according to data from LendingTree.

4 key factors of an excellent credit score

Read More: How to get your credit score above 800 and keep it there

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