March 16th, 2015 by Jason M. Kaplan, Esq.
5 Incredible Benefits of Having an 800+ Credit Score
Everyone knows that a great credit score is the key to opening a world of benefits in today’s consumer-driven market. Still, many don’t know what constitutes a great score and what are the real benefits.
Credit scores range from 300 to 850, with most lenders considering 700 to be a good score. Though, a great credit score is 800 or higher. A credit score of 800 or higher shows that you handle your finances and credit extremely well web based project management tools. Your bills are paid on time and you probably have a fairly low income to debt ratio.
According to Fico.com, approximately 18.3% of the population have a credit score of 800+. Thus, this goes on to show that a credit score of 800 is a possibility.
So, what benefits can you expect to receive from being in that 18.3%? Let’s take a look:
- Loan Approvals Are Faster And Easier
A great credit score shows that you have a good track record when it comes to managing your credit and it is highly unlikely you will default on a loan. Lenders love this, especially if you have a decent income to go along with it.
- Credit Card Companies Offer Better Rates and Rewards
As your credit score increases, so do the benefits offered by credit card companies. Depending on the card and the company, you may qualify for benefits such as 24-hour concierge service, complimentary access to airport VIP lounges, and a variety of other travel benefits such as express check in and no foreign transaction fees.
- Qualify For Loan Rates As Low As 0%.
Some lenders, especially those which make automobile loans, will offer customers with the highest credit ratings financing rates as low at 0%, which means that even though you don’t pay cash up front, you still end up paying the cash price. Even if a lender doesn’t offer 0% financing, a great credit score will qualify you for their lowest rates.
- Qualify For Lower Insurance Premiums.
Some insurance providers check your credit score when determining your premium. Insurance isn’t financed, but a high credit score can be indicative of a higher level of responsibility. Thus, this may be used as justification for a lower premium.
- Get A Leg Up On Employment Competition:
Many employers include a credit check as part of a potential employee’s background investigation, especially for jobs in government or finance. If you are running neck and neck with someone else for a job, a higher credit rating may put you over the top.
You don’t have to be rich to have a great credit score, just very responsible. As 18.6% of Americans have a credit rating of 800-850. That’s almost one-fifth of the population! So while you do have to work for it, it’s not an unreachable goal.
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