Most people have a general idea of what a credit score is, but they don't specifically know what the number means. They don't know the range or what constitutes a "good" or "excellent" credit score. They might not even realize the advantages that a high score can get them or the ways in which a low score can impair their ability to get credit. If you know the ranges and what they mean, you'll know whether 808, or any other number, is a good credit score.
FICO credit scores start at a high of 850 and can run all the way down to 300. The higher your score, the better your credit rating. This means that 808 would be considered an excellent credit score because it is so close to the top of the scale.
An 808 credit score is high enough to earn special benefits. You won't have any problems opening new credit card accounts or getting loans. You'll be able to buy anything from furniture to a car to a house without any credit rating issues. You'll also qualify for the lowest interest rates. According to FICO, with an 808 credit score, you'll pay about 1 percent less in interest than someone with a 659.
Many factors go into achieving an 808 credit score. An excellent score requires a good payment history, with no late payments on your loans and other accounts. FICO says you must also have reasonable account balances as compared to your income. You must have long-term accounts that are in good standing and be using a good balance of account types, including both credit cards and installment accounts such as car or furniture loans.
According to Tamara Holmes of Bankrate, only 13 percent of U.S. residents have a credit score exceeding 800. If your score is 808, you fall into this elite percentage of people with a top-tier score. The majority of people have a score between 799 and 750, with 27 percent of the population falling into that category. A score in the high 700s is still good.
Your credit score changes continually, based on your financial activities. If you have an 808 credit score, you'll need to maintain an on-time payment history and handle your accounts responsibly to maintain it. If you miss payments, open too many accounts or even make too many applications in a short period of time, your 808 credit score will go down.
- FICO information
- Bankrate article
- Fair Isaac Corporation. "What is a Credit Score?" Accessed Oct. 11, 2020.
- VantageScore Solutions, LLC. "Who Uses Credit Scores?" Accessed Oct. 11, 2020.
- VantageScore Solutions, LLC. "Free Score Providers." Accessed Oct. 11, 2020.
- Fair Isaac Corporation. "What's In My FICO Scores?" Accessed Oct. 11, 2020.
Based in Kissimmee, Fla., Barb Nefer is a freelance writer with over 20 years of experience. She is a mental health counselor, finance coach and travel agency owner. Her work has appeared in such magazines as "The Writer" and "Grit" and she authored the book, "So You Want to Be a Counselor."