How Much You Can Borrow with an 800 Credit Score (2024)

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How Much You Can Borrow with an 800 Credit Score? ›

If you qualify for a loan and can afford it, there isn't necessarily a limit to how much you can borrow with an 800 credit score. You may be able to take out: A personal loan for $100,000. A car loan for $250,000.

An 800 credit score shows lenders you are an exceptional borrower. You may qualify for better mortgage and auto loan terms with a high credit score. You may also qualify for credit cards with better rewards and perks, such as access to airport lounges and free hotel breakfasts.

Despite those high balances, it's equally important to note that those with high credit scores also have high credit card limits. For those with 800-plus scores, their average credit card limits are $69,346. That's up from the $58,514 average we found in May 2021.

Experian, the largest credit reporting agency in the UK, gives credit scores ranging from 0 to 999. Usually, an 881-960 credit score for a loan is considered good. A credit score below 720 is regarded as poor or very poor credit score.

You can get the best rates on credit cards and loans

With an 800 credit score, you can breathe easy — you will typically qualify for most financial products and get among the very best rates. That may not be the case if you are relatively new to credit, however, because lenders look for more than a high score.

Applicants with “very good” scores (740-799) are having an easier time accessing credit, with 44 percent facing a loan denial. Just 29 percent of applicants with “exceptional” credit (800-850) have been rejected.

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

How can I raise my credit score 100 points overnight? ›

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.

If you qualify for a loan and can afford it, there isn't necessarily a limit to how much you can borrow with an 800 credit score. You may be able to take out: A personal loan for $100,000. A car loan for $250,000.

Twenty-three percent of Americans have a credit score between 800 and 850, considered "exceptional" by FICO. A credit score at the top of that range -- 850 -- is considered a perfect score. Twenty-four percent have a FICO® Score between 750 and 799, making the "very good" bracket.

While there is no set credit score to get an auto loan, a majority of approved borrowers have scores above 660. Having a low credit score won't necessarily keep you from getting an auto loan, but you will likely pay a higher interest rate.

You will likely need a credit score of at least 580 for a $50,000 personal loan, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old, having a valid bank account, and being a U.S. citizen, permanent resident, or visa holder.

Here are just a few advantages to having an 800+ credit score: You have a better chance at getting approved for a home loan. You may qualify for a low mortgage rate. You have more power to negotiate your interest rate and closing costs.

A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.