Congratulations! With an 846 credit score, you’ve achieved the coveted “exceptional” credit score range. This puts you in the top 21% of consumers nationwide, opening doors to a world of financial benefits and opportunities. Let’s delve deeper into what your 846 credit score means and how you can leverage it to your advantage.
What does an 846 credit score mean?
With a credit score of 846, you are considered exceptionally creditworthy and low-risk to lenders. This translates to several advantages:
- Easy loan approvals: With a stellar credit score, you’re highly likely to get approved for loans, including mortgages, auto loans, and personal loans.
- Favorable interest rates: Your exceptional credit score qualifies you for the best interest rates available, potentially saving you thousands of dollars over the life of a loan.
- Access to premium credit cards: Many premium credit cards with lucrative rewards programs and exclusive perks are only available to those with exceptional credit scores.
- Lower insurance premiums: Some insurance companies offer discounts on premiums to individuals with high credit scores, potentially saving you money on car insurance, homeowners insurance, and other policies.
How to maintain your exceptional credit score
Maintaining your 846 credit score requires consistent effort and vigilance Here are some key strategies:
- Pay your bills on time, every time: This is the single most important factor impacting your credit score. Even a single late payment can significantly lower your score.
- Keep your credit utilization low: Aim to keep your credit card balances below 30% of your available credit limit. This demonstrates responsible credit management.
- Limit opening new credit accounts: Every time you apply for a new credit card or loan, a hard inquiry is placed on your credit report, which can temporarily lower your score.
- Monitor your credit reports regularly: Check your credit reports from all three major bureaus (Experian, Equifax, and TransUnion) for any errors or suspicious activity. You can access your free credit reports annually at AnnualCreditReport.com.
Leveraging your 846 credit score for financial benefits
With an exceptional credit score you can unlock a world of financial opportunities. Here are some ways to leverage your 846 credit score to your advantage:
- Shop for the best loan rates: Compare interest rates and terms from multiple lenders to secure the most favorable loan for your needs.
- Apply for premium credit cards: Take advantage of lucrative rewards programs and exclusive perks offered by premium credit cards.
- Negotiate lower insurance premiums: Contact your insurance providers and inquire about potential discounts based on your high credit score.
- Consider refinancing existing debt: With a lower credit score, you may qualify for lower interest rates on existing loans, potentially saving you money over time.
Remember, maintaining your exceptional credit score requires ongoing effort. By following these tips and actively managing your credit, you can continue to reap the rewards of your excellent credit score for years to come.
Additional Resources:
- Credit Karma: Learn more about credit scores, credit reports, and how to improve your credit health.
- WalletHub: Access free credit score simulations, personalized credit analysis, and financial tools.
- Experian, Equifax, and TransUnion: Obtain your free credit reports annually and monitor for any errors or suspicious activity.
- Federal Trade Commission (FTC): Learn about identity theft and how to protect your personal information.
Through responsible credit management and utilization, you can attain your financial objectives and open up a plethora of financial opportunities.
Do You Need an 850 Credit Score?
Nothing magical will happen if your credit score of 846 ticks up to 850. And most importantly, you probably won’t save more money. You don’t need to take our word for it, though. We consulted a panel of financial experts, all of whom said the same thing.
Popular Credit Cards for an 846 Credit Score
A person with an 846 credit score has a very good chance of being approved for the best credit cards, which usually require good or excellent credit. The trick is finding the right card for your needs.
If you intend to use your credit card for regular purchases that you can pay off by the end of the month, you should compare credit cards with rewards. If you’re planning large purchases or a balance transfer that will take months to pay off, check out credit cards with 200 percent introductory annual percentage rate offers.
This Is What Your FICO Score REALLY Means
FAQ
Is 846 a good credit score for a mortgage?
Does anyone have an 850 credit score?
How rare is a 845 credit score?
Is it possible to have a credit score of 900?
Is 846 a good credit score?
Credit Rating: 846 is an excellent credit score, which is even better than a good score. You can even classify an 846 credit score as being perfect. Borrowing Options: All borrowing options are available, and the terms are likely to be very attractive. For example, you should be able to qualify for the best credit cards and the best personal loans.
What is a 846 FICO ® score?
Your 846 FICO ® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO ® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO ® Scores in the Exceptional range.
What is the average utilization rate for a credit score of 846?
Among consumers with FICO ® credit scores of 846, the average utilization rate is 5.8%. The best way to determine how to improve your credit score is to check your FICO ® Score. Along with your score, you’ll receive a report that uses specific information in your credit report that indicates why your score isn’t even higher.
How can i Improve my 846 credit score?
Best Way to Improve an 846 Credit Score: Reducing the credit utilization on your credit card accounts could quickly boost your score. You can also check out your WalletHub credit analysis for personalized tips.