In summary, obtaining a very good or excellent score can lead to access to some of the best deals and prices available. Excellent credit scores typically indicate you have a good chance of being approved for loans and other credit products with favorable terms, though lenders take a number of factors into account when evaluating a credit or loan application. Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect.
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Compensation may factor into how and where products appear on our platform (and in what order). However, since the majority of our revenue comes from the offers you accept, we make an effort to present you with offers we believe are a good fit for you. Thats why we provide features like your Approval Odds and savings estimates.
Naturally, not all financial products are represented by the offers on our platform, but our aim is to present you with as many excellent options as possible.
Is 802 a good credit score? Absolutely! In fact, it’s not just good, it’s exceptional. With a score of 802, you’re in the top 21% of consumers nationwide, putting you in an elite group with access to the best financial opportunities
But what does having an 802 credit score mean? How did you get here and how can you keep this impressive score soaring? Let’s dive deep into the world of credit scores and explore the secrets to maintaining your exceptional status.
Understanding Your 802 Credit Score
Credit scores range from 300 to 850, with higher scores indicating better creditworthiness. Your score of 802 is in the Exceptional range, which includes scores in the 800–850 range. This indicates that you are a low-risk borrower with a track record of managing your credit responsibly.
What Makes Your 802 Credit Score Exceptional?
Several factors contribute to your outstanding credit score:
- On-time payments: You consistently pay your bills on time, demonstrating reliability and financial responsibility.
- Low credit utilization: You keep your credit card balances low compared to your credit limits, showing you’re not overextending yourself.
- Positive credit history: You have a long and positive credit history, indicating stability and experience in managing credit.
- Limited inquiries: You haven’t applied for too much new credit recently, avoiding unnecessary inquiries that can impact your score.
- Favorable credit mix: You have a healthy mix of credit accounts, including revolving credit (credit cards) and installment loans (mortgages, auto loans), demonstrating responsible diversification.
Benefits of an 802 Credit Score
Your exceptional credit score unlocks a world of financial benefits:
- Lower interest rates: You qualify for the best interest rates on loans, mortgages, and credit cards, saving you money in the long run.
- Higher credit limits: You’re more likely to be approved for higher credit limits, giving you greater financial flexibility.
- Access to premium rewards: You qualify for premium credit cards with lucrative rewards programs, maximizing your spending power.
- Improved insurance rates: In some cases, your credit score can influence your insurance premiums, potentially leading to lower rates.
- Greater financial opportunities: Your exceptional credit score opens doors to better financial opportunities, such as qualifying for mortgages with lower down payments.
Maintaining Your Exceptional Credit Score
Keeping your 802 credit score requires ongoing effort. Here are some tips:
- Continue making on-time payments: This is the single most important factor in maintaining a good credit score.
- Keep your credit utilization low: Aim to keep your credit card balances below 30% of your credit limits.
- Monitor your credit reports regularly: Check your credit reports from all three major credit bureaus (Experian, Equifax, and TransUnion) for errors or fraudulent activity.
- Limit new credit applications: Avoid applying for too much new credit in a short period, as each inquiry can slightly lower your score.
- Maintain a healthy credit mix: Continue using a mix of credit cards and installment loans responsibly.
Additional Resources for Understanding Your Credit Score
- Experian Credit Education: https://www.experian.com/blogs/ask-experian/
- Credit Karma: https://www.creditkarma.com/
- Federal Trade Commission (FTC): https://www.consumer.ftc.gov/topics/credit-identity-theft
Congratulations on your outstanding 802 credit score! You can continue to benefit from excellent credit for years to come by being aware of the factors that affect your score and taking action to maintain it. Remember, responsible credit management is a journey, not a destination. Your 802 credit score will remain a source of pride and financial benefit if you continue to make wise financial decisions.
Hard inquiries by credit score range
| Credit score range | Average number of inquiries |
|---|---|
| 300–639 | 8 |
| 640–699 | 5 |
| 700–749 | 4 |
| 750–850 | 3 |
Ranges identified based on 2023 Credit Karma data.
Auto loans for excellent credit
Although it’s not a guarantee, having excellent credit can increase your chances of being accepted for auto loans at the best rates.
To get the best loan terms and rates available to you, it’s crucial to shop around and compare offers. Rates offered at dealerships may be higher than those at a bank, credit union, or online lender, even if your credit is excellent.
Using our auto loan calculator, you can determine how these various rates and terms might affect your monthly payment for an auto loan.
And when you decide on an auto loan, consider getting preapproved. When haggling over a car’s price at a dealership, a preapproval letter from a lender can be useful, but be advised that it may require a hard inquiry.
If your credit is outstanding, it might also be worthwhile to calculate the costs associated with refinancing an existing auto loan. If your credit has improved since you initially financed the vehicle, you might be able to find a better rate.
Compare car loans on Credit Karma to explore your options.
What your credit score actually means
FAQ
What can I do with an 802 credit score?
How many people have a credit score of 802?
How rare is an 800 credit score?
How rare is 900 credit score?
Is 802 a good credit score?
It’s accurate to the best of our knowledge when posted. An 802 credit score is often considered very good — or even excellent. With excellent credit, your credit scores become more of a bridge and less of a roadblock — a high score can help you qualify for premium rewards credit cards, auto loans and mortgages with the best terms.
What are the benefits of a good credit score?
With excellent credit, your credit scores become more of a bridge and less of a roadblock — a high score can help you qualify for premium rewards credit cards, auto loans and mortgages with the best terms. Having excellent credit scores doesn’t guarantee approval, but it certainly helps.
What is a good credit score?
An excellent credit score is like the top math score on the SAT. With both, 800 is exceptional. But if your credit score isn’t near that number, you should know what constitutes a good credit score that will let you qualify for a loan at a decent interest rate. The answer: It should be at least in the mid to high 600s.
Can you get a loan with a FICO score of 600?
With a FICO score of under 600, you might be able to get a credit card or subprime bank loan—called a signature loan—but it could charge up to 36 percent interest, the highest allowable by law, McClary says.