With the credit business in a severe crunch, rating credit risk is an important part of daily operations. Even in today’s marketplace, an 800 credit score is something that will open a lot of doors for someone interested in a loan. Click here to get your Credit Score
A excellent credit score is reserved for someone with a credit score over 700; an 800 credit score is as good as it gets. These individuals will receive the best interest rates on loans and will be able to take out more money on credit than those with lesser scores. People with scores in the 600s are still considered to be solid credit prospects and will likely receive good rates; once the credit score starts dropping into the low 500s, however, most lenders will consider that a rating credit risk.
An individual with an 800 credit score have done just about everything perfectly when it comes to taking care of their credit. They have paid off their bills on time, paid back loans in advance and made sure they have not kept balances on their credit cards. As a result, they will receive credit card and loan offers at lower interest rates and better terms than anyone else.
If someone has an 800 credit score, they had better know about it and be prepared to take steps to protect it—especially if faulty information has helped knock down their credit rating. Thanks to federal legislation, consumers can now get all three credit bureau reports by visiting a single Web site. All three major credit reporting agencies, Equifax, TransUnion and Experian, are now required by law to give consumers access to their credit reports for free once a year. By going to annualcreditreport.com, consumers can see what their credit report holds. All three credit bureau reports can be different, so receiving all three is important to make sure your credit has not been adversely affected in a way that was picked up by one credit agency and missed by others. If there is false information, it should be immediately reported to the credit agencies, as this will help keep an 800 credit score in place.