Will 800 credit score get me a house?
Yes. An 800 credit score is considered “exceptional” by FICO and is in the highest tier of scores. As long as you meet the lenders' other requirements, your score is high enough to qualify for just about any mortgage loan.
You can borrow over $100,000 with an 800 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
Today, in order to get the best mortgage rate possible, you need a credit score of above 800. If you do end up qualifying for a mortgage with a less than a 800 credit score, your lender will likely be charging you 0.125% – 0.75% more than if you had had a 800+ credit score.
With an 800 credit score, you can breathe easy — you will typically qualify for most financial products and get among the very best rates. That may not be the case if you are relatively new to credit, however, because lenders look for more than a high score.
In case of a $300,000 home, that translates to a down payment of $9,000, which is the lowest possible unless you qualify for a zero-down-payment VA or USDA loan. A 620 credit score is typically required, but lenders might have different rules.
An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
Car Loan APRs by Credit Score
Excellent (750 - 850): 2.96 percent for new, 3.68 percent for used. Good (700 - 749): 4.03 percent for new, 5.53 percent for used. Fair (650 - 699): 6.75 percent for new, 10.33 percent for used.
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
With an 800 credit score you may qualify for a personal loan up to $100,000. However, if you have a lot of debt or an unfavorable debt-to-income ratio, some lenders may limit how much they are willing to loan. Most lenders use a variety of factors to qualify borrowers for a loan.
Just getting your credit score over 800, officially an excellent credit score, gives you the same advantages and benefits that come with a perfect credit score. Experian reports that 21 percent of all consumers have achieved excellent credit, compared to just 1.6 percent with a perfect 850 credit score.
Does anyone have a 900 credit score?
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
It can take a long time to build a credit score in the 800 range. To boost your chances, make sure you pay your bills on time, avoid carrying debt from month-to-month, and aim to have more than one type of credit in your arsenal.
Generation | Average Credit Card Limit | Average Credit Score |
---|---|---|
Generation Z (age 18-25) | $11,290 | 679 |
Millennials (age 26-41) | $24,669 | 687 |
Generation X (age 42-57) | $35,994 | 706 |
Baby Boomers (ages 58-76) | $40,318 | 742 |
So, to estimate the salary you'll need to comfortably afford a $300,000 home purchase, multiply the annual total of $24,000 by three. That leaves us with a recommended income of $72,000. (Keep in mind that this does not include a down payment or closing costs.)
To be approved for a $200,000 mortgage with a minimum down payment of 3.5 percent, you will need an approximate income of $62,000 annually. (This is an estimated example.)
A person who makes $50,000 a year might be able to afford a house worth anywhere from $180,000 to nearly $300,000. That's because your annual salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.
An 800 credit score shows lenders you are an exceptional borrower. You may qualify for better mortgage and auto loan terms with a high credit score.
You don't need all of these account types on your credit report, but you should aim to have more than one since a person with an 800 credit score has an average of 8.3 open accounts.
Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.
How to qualify for a 0% APR car deal. Zero percent financing deals are generally reserved for borrowers with excellent credit — typically classified as a credit score of 800 and above.
Why is my APR so high with good credit?
Key takeaways. Your credit card APR can go up if the prime rate changes, you paid your credit card bill late, your intro APR offer ended or your credit score dropped. If your APR increases, you can work on paying down your balance or transfer your balance to a card with a low or 0 percent intro APR offer.
With a FICO score of 740 or higher, you're likely to get the best jumbo mortgage rates. Using a mortgage calculator can make clear how even a slightly lower rate can make a big difference.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.
For a conventional mortgage in California, you typically need a minimum score of at least 600. If you qualify for certain government-backed loans, however, you may be able to buy a home with a score as low as 500.
Average FICO 8 Score by Generation | ||
---|---|---|
Generation | 2022 | 2023 |
Generation Z (ages 18-26) | 679 - Good | 680 - Good |
Millennials (27-42) | 687 - Good | 690 - Good |
Generation X (43-58) | 707 - Good | 709 - Good |
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