807 credit score: A guide to credit scores
Quick insights
- An 807 credit score falls within the “excellent” ranges for both VantageScore® and FICO® scoring models.
- With this score, a person may be better positioned to seek approval for new credit cards, loans and rentals or refinance existing loans to lower rates.
- Keeping up good financial habits, monitoring your credit score and adding to your credit mix are some of the ways to help maintain and improve your credit score.
If you’re making plans for your financial future, an 807 credit score isn’t likely to stand in your way. This score falls in the top credit score ranges for both VantageScore and FICO scoring models. With this credit score, you may have better chances of being approved for credit cards, loans, rentals and employment. Someone with an 807 credit score may also have the opportunity to access better rates when it comes to borrowing, which can help keep costs in check over time.
In this article, we’ll dig into the significance of an 807 credit score, including:
- The potential opportunities of having a high credit score
- Contributing factors to an 807 credit score
- Protecting your score
- And finally: is 807 a good credit score?
The upsides to having excellent credit
Someone who has reached an 807 credit score is likely to have maintained healthy financial habits over a long period of time. At 807, these habits have turned into a high score that indicates “creditworthiness” to lenders, landlords, authorities and future employers. This number indicates that a person is “creditworthy,” and that they have a track record of responsible credit management. However, scores are not the only factor evaluated by potential lenders.
Here’s how having an 807 credit score may help open doors for you:
- Approvals: Your credit score is typically one of various decision-making factors when it comes to credit cards and loans. This high credit score may help improve your chances of approval for credit.
- Terms and rates: Lenders may be inclined to offer better rates and terms to borrowers with higher credit scores, which can result in savings over time.
- Other opportunities: Higher credit limits or premium credit cards with robust rewards programs may be more available to someone with an 807 credit score.
What goes into an 807 credit score?
If you have a credit score, there are several likely factors contributing to it in different proportions. VantageScore and FICO scoring systems vary slightly in how credit scores are calculated, but each consider elements such as:
Credit utilization
“Credit utilization” refers to how much of your available credit you’re using at one time. Using less than 30% of your available credit at once is considered responsible use of credit. For example, if you have a credit card with a $5,000 limit, you should avoid spending more than $1,500 before repaying the balance. This is considered the highest impact factor in the VantageScore model.
Timely payments
Making on-time payments to creditors over many months helps establish a positive payment history. This is another high-impact factor for scoring. Missing a single bill may have a negative impact on your credit score.
Credit history
Having “mature” credit accounts may also contribute to a high score. Someone with an 807 credit score may have loans or credit cards that they have been responsibly paying for multiple years.
Credit mix
Maintaining different types of credit accounts—such as an auto loan, a credit card and a student loan—can also help improve your score. This is known as a credit mix and indicates that a person understands how to use and manage different types of credit.
Can I improve an 807 score?
While 807 is in the top credit scoring categories for both scoring models, it is not the highest possible credit score a person can have. If you plan to continue building toward the maximum credit score (850), it's important to maintain the healthy habits you’ve had to date. If you are considering increasing your credit limit or mix, these additional steps may help further improve your credit.
Protecting and improving your credit score
Monitoring your credit score can help you identify errors or areas of improvement. Chase Credit Journey® is a free online tool that allows you to view your VantageScore 3.0 anytime with no impact to your credit. Another helpful feature of this tool is identity monitoring, which can notify you if your info is found on suspicious websites. And for those wondering, you don’t need to be a Chase customer to sign up.
In conclusion
So, is 807 a good credit score? Based on its “excellent” designation in both scoring systems, a person with an 807 credit score may feel their score is good. Obtaining this score takes consistent, positive efforts to manage your credit. Following through on those habits and monitoring your credit score can help you stay in this range and improve.
