9 things to do now if you have a credit score of 800


Your FICO score is a credit scoring tool created by Fair Isaac Corporation. It’s used to determine whether you are eligible for credit cards or loans. FICO credit scores range between 350 and 850. Let’s see how they break down.

With a credit score over 800, you will be eligible to receive the best credit cards and loan approvals. Although you can reap the rewards of having a great credit rating, you still need to keep it up. Here’s how to maximize your credit rating and keep it up. Learn more at paydaynow.net.

9 THINGS TO DO IF YOUR CREDIT SCORE IS 800

If you have a great credit score, it can be tempting for you to make big financial moves. But you want to preserve your score. So only take actions that will benefit you overall financial plan. Here are nine tips to help you profit from and protect your 800 Credit Score.

1. CONTACT YOUR PRIVATE CREDIT CARD ISSUERS

Now that your credit score is exceptional, it’s time for you to negotiate with your creditors for lower interest rates. Explain to each creditor that your loyal customer has always paid on-time and that you would like a lower interest.

2. BUY NEW AUTO INSURANCE

Savings of up to 800 on your credit score could be a big help when shopping for new auto insurance. HighYa.com, a website dedicated educating consumers about the company’s products and services, reports that auto insurance companies will often assess your credit score to determine whether you are likely to be sued. Talk to your provider and other companies to learn about the potential premium rate reductions that your outstanding score can bring.

3. REFINANCE AN AUTO OR A HOME

If you are dissatisfied with your current rate, compare rates for home and auto loans. The better your credit score, the higher the rate you’ll receive. Find out if you can prequalify to rates. This will not affect your credit score. You can also use the my FICO online calculation for home and auto loan savings to find out how much you could save.

4. CONSIDERCREDIT CARDS – PROMINENT Credit Scores

Your credit score is a great advantage. You will be able to search for the right credit card for you. You might qualify for credit cards with better APRs, benefits and rates.

5. Continue to pay your bills on time

Your payment history makes up 35% of the FICO score. For a high score in this area, you must pay all your bills by the due date. You can set up automatic payment and pay more than the minimum to make sure that you don’t miss any payments.

6. MAKE SURE YOUR CREDIT UTILIZATION RATIO STAYS LOW

30% of your score is determined by how much credit you have. Lenders expect borrowers to not use more that 30% of their available credit. A credit card with a maximum limit of $ 55,000 should be used to the extent that 30% is less than $ 1,500.

7. DON’T CLOSE CREDIT CARD ACCOUNTS

Even if you use your credit card less often than you used for years, do not close it. Credit history accounts for 15% of your credit score. This allows creditors see how well you manage credit over time.

8. DON’T APPLY FOR CREDIT YOU DON’T NEED

Your FICO score will be 10 percent if you have new credit. The application for credit is considered serious and can have a negative impact on your score. A high number of difficult inquiries can lead to a drop in your credit score. Even with an extraordinary credit score of 800 you are just one step away to reducing your credit standing to “very bad.”

9. MONITOR AND PROTECT YOUR CREDIT

It is vital that you monitor your credit reports regularly to ensure there aren’t any misinformation. This will help to protect your credit score. Sign up for a credit monitoring program that will notify you if there are any changes to credit reports. You can also order free copies of your credit reports from AnnualCreditReport.com to make sure they contain perfectly accurate information.

An identity theft protection service can be added to your account. It will alert you if someone changes your address, requests new services or applies for a cash loan. The Federal Trade Commission has more information about identity protection services.

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