How to Increase Your Credit Score to 800 Points

Written by Banks Editorial Team
4 min. read
Written by Banks Editorial Team
4 min. read

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Are you looking to join the ranks of individuals with excellent credit scores? While an 800-credit score isn’t the top rating, it’s only 50 points shy of having a perfect score, and you’ll likely qualify for the best terms on credit card and loan products. And with the right actions and time, it’s possible to get there. 

Monitor and Improve Your Credit Score

The Benefits of Having an 800 Credit Score

There are several perks to having an 800-credit score: 

  • Competitive interest rates: Lenders and creditors generally have a minimum credit score requirement. But with an 800-credit rating, you won’t have to worry about if your score is high enough to qualify for financing, assuming you meet the other qualifying criteria. 
  • Access to better credit card and loan offers: An 800-credit score also opens the door to credit cards with generous rewards programs, cashback offers, and travel perks, just to name a few. Or you may be eligible for a larger loan amount with better terms. 
  • Reduced insurance premiums: If you live in a state where providers are allowed to assess premiums based on your credit rating, an 800-credit score coupled with a good driving record means you’ll qualify for the best rates. 
  • Lower deposits: When you apply for a rental, the landlord may require a smaller deposit if you have an 800-credit score. You could also have service provider deposits waived as the likelihood of default is lower with a score this high. 

How Long Does It Take to Build an 800 Credit Score?

It depends on your current score, what’s in your credit report and how committed you are to reaching your goal. If your current score is in the 700s and you take an aggressive approach to reach a higher credit score, you could speed up the process. Still, it could take two years or more to get a score of 800 or higher. 

Ways To Increase Your Credit Score to 800

Consider these strategies as you work towards increasing your credit score to 800: 

Make On-Time Payments 

Payment history is the most significant component of your FICO score, accounting for 35 percent. Once an account reaches 30 or more days past due, the creditor can report the delinquency to the credit bureaus, resulting in a significant drop in your credit score. And if the account is charged-off after several months of nonpayment, your score could drop even more. 

Past-due accounts with service providers can also mean bad news for your credit score if they become collection accounts.

Late payments, collection accounts and charged-off accounts linger on your credit report for up to seven years. So, it’s pertinent that you pay your outstanding debt obligations and bills on time. Otherwise, you risk hurting your credit score and delaying progress towards meeting your goal of an 800-credit score. 

Sign Up for a Credit Builder Feature

If your score is on the lower end or you have a minimal credit history, a credit builder feature could help you get one step closer to an 800-credit score. Through the Sesame Cash Account, you can enable the Credit Sesame Credit Builder that lets you use your own cash to build credit1, and there’s no credit check. You’ll get a virtual secured line of credit, and you set your own credit limit and utilization. 

Even better, you’ll never pay interest or fees on what you spend. And unlike most credit builder apps, you’re allowed to withdraw your cash at any time. The Credit Sesame app allows you to keep tabs on your finances and more, even while on the go.

Monitor Your Credit Score and Reports

It’s challenging to keep tabs on your credit health without credit monitoring. Fortunately, it’s available, along with your free credit report, through Credit Sesame and provides you with accurate credit information and real-time alerts so you can easily detect errors and fraudulent activity.

Credit monitoring also allows you to address credit reporting issues promptly and avoid damage to your score from inaccurate or untimely information. 

Lower Your Credit Utilization Below 30%

Credit utilization is the second-largest component of your credit score. It’s determined by the percentage of your credit limit in use. Aim to keep this percentage at or below 30 percent to give yourself the best shot at an excellent credit score – the lower, the better. 

For example, assume you have three credit cards with a $500 limit, bringing the total credit limit to $1,500 across the board. If you spend $250 on each card or $750 collectively, your credit utilization ratio will be 50 percent. Ideally, you want to pay down the balances, so they equal $450 or lower, collectively. 

Monitor and Improve Your Credit Score

Avoid Hard Inquiries on Your Credit Report

A hard inquiry is generated each time you apply for new credit (i.e., a credit card or loan) and drops your credit score by a few points. Although this may not seem like much, several applications for credit in a brief period could significantly impact your credit score.

The upside is the impact is temporary and only lasts for a few months. Plus, the credit scoring model doesn’t penalize you when shopping around for a car loan or mortgage. Still, you only want to apply for credit as needed while on the road to an 800-credit score. 

Leave Old Accounts Open

When you close an old account, you could hurt your average age of credit accounts which makes up 15 percent of your score. You could also inadvertently increase your credit utilization percentage. 

A better idea: use old accounts once every few months to keep them active. Pay the balance before the statement period ends to avoid interest. 

Consolidate Your Debts

A debt consolidation loan can help you pay off debt faster and improve your credit score. It involves taking a loan, preferably with a lower interest rate than you’re currently paying on your credit cards, and using the proceeds to pay off your balances. 

In turn, your credit utilization will drop, and your score will likely increase. Even better, you’ll streamline the repayment process, avoid late payments as you’ll only have to pay one creditor instead of several each month and possibly save a bundle in interest. 

How To Get an 800 Credit Score: The Bottom Line

Ultimately, it takes hard work and discipline to get your credit score to 800, especially if it’s on the lower end. But you can take the first step towards reaching a high credit score by signing up with Credit Sesame to assess your credit health and monitor activity as it takes place in your credit report.

Credit Sesame

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