Congratulations! Your 898 credit score is exceptional and falls within the range of 750 to 900, considered excellent. This score places you significantly above the average credit score, making you a highly desirable borrower.
What does a 898 credit score mean?
- Easy Approvals: Lenders are likely to approve your applications for new credit with minimal hassle.
- Favorable Interest Rates: Your exceptional credit score qualifies you for the best interest rates on loans and credit cards.
- Lower Insurance Premiums: Some insurance companies offer lower premiums to individuals with high credit scores.
How to maintain a 898 credit score?
1. Pay Your Bills on Time: This is the most crucial factor affecting your credit score. Make sure to pay all your bills, including credit card payments, utility bills, and rent, on time every month.
2. Maintain a Low Credit Utilization: The percentage of your available credit that you are currently using is known as your credit utilization. Aim to keep your utilization below 30% to maintain a healthy credit score.
3, Limit New Credit Applications: Opening too many new credit accounts in a short period can negatively impact your credit score,
4 Monitor Your Credit Reports: Regularly check your credit reports from all three major bureaus (Equifax, Experian, and TransUnion) for any errors or suspicious activity
5. Take a look at a Credit-Builder Gold Loan: By proving your ability to make consistent monthly payments, gold loans can assist in improving your credit profile.
Is 898 the Highest Possible Credit Score?
While 898 is an exceptional score, it’s not the absolute highest. There are models of VantageScore that go up to 990, and the FICO Score ranges up to 900. Still, getting an 898 is an amazing result that places you in the upper echelon of borrowers.
Additional Resources:
- indiagold.co/credit-scores/898
- myFICO.com
A credit score of 898 is a testament to your responsible credit management. You’ll continue to benefit from simple approval processes, affordable interest rates, and reduced insurance premiums if you keep up this score. Keep up the good work!.
What factors influence your credit score
Credit scores are calculated differently depending on the credit scoring model. Here are the key factors FICO and VantageScore consider.
- Payment history (35% of your score): Whether you have consistently made on-time payments on previous credit accounts
- Amounts owed (30%): The total amount of credit and loans you are using in relation to your total credit limit, also referred to as your utilization rate.
- Duration of credit history (15%): The amount of time you have had credit
- New Credit (10%): How frequently do you apply for and open new accounts?
- Credit mix percentage (10%): The range of credit products you possess, such as credit cards, installment loans, finance company accounts, mortgage loans, and so forth
- Extremely influential: Payment history
- Very important factors include the kind, length, and percentage of credit limit utilized.
- Moderately influential: Total balances/debt
- Less influential: Available credit and recent credit behavior and inquiries
The rundown: Excellent credit scores
The credit bureaus (Experian, Equifax, and TransUnion) that pull the scores and the credit scoring model (VantageScore versus FICO) that is employed determine the ranges of credit scores. Below, you can check which credit score range you fall into, using estimates from Experian.
FICO Score
- Very poor: 300 to 579
- Fair: 580 to 669
- Good: 670 to 739
- Very good: 740 to 799
- Excellent: 800 to 850
VantageScore
- Very poor: 300 to 499
- Poor: 500 to 600
- Fair: 601 to 660
- Good: 661 to 780
- Excellent: 781 to 850
What’s a Good Credit Score (or Excellent, Fair, Bad)? What do credit score ranges mean (really)?
FAQ
What does a credit score of 898 mean?
How rare is 900 credit score?
What percent of people have a credit score over 800?
Does anyone have a credit score of 850?
Is 848 a good credit score?
An 848 credit score is considered exceptional. Find out more about maintaining and improving your credit score. An 848 credit score is considered exceptional. Find out more about maintaining and improving your credit score. Sign In Search Don’t enter personal info like your SSN, email or phone number Skip to main navigation Consumer Small Business
What is the best credit score?
Two companies dominate credit scoring. The FICO score is the most widely known score. Its main competitor is the VantageScore. Generally, they both use a credit score range of 300 to 850. Each company has several different versions of its scoring formula, too. The scoring models used most often are VantageScore 3.0 and FICO 8.
What does a 848fico® score mean?
Your 848FICO® Score is nearly perfect and will be seen as a sign of near-flawless credit management. Your likelihood of defaulting on your bills will be considered extremely low, and you can expect lenders to offer you their best deals, including the lowest-available interest rates.
What is a good credit score for a car?
A score of 720 or better puts you in the “excellent” credit score range. Atlanta-based credit expert John Ulzheimer, who has worked for FICO and credit bureau Equifax, says a healthy range depends on what your goals are. If you want to buy a car, you probably need a score of at least 720 to get the lowest interest rates, he says.