how to get an 800 credit score? With a “Full Court Press” mentality, use all the tactics below to reach your goal (you can also call on some help).
You will have to space some things if you don’t have all the resources at once, you also double-up on action steps month by month.
For example: While you’re getting credit increases or looking for a car loan, you can get a credit repair service to remove negative items from your credit reports while you make other moves.
Either way, your results will all depend on where you start from and how effective you are with these tactics.
Now let's break down how to boost credit score to 800 points.
How Is Your FICO Score Calculated?
They are calculated based on percentages of these 5 categories:
- 35% Payment History
- 30% Amount Owed (Credit Utilization)
- 15% Length Of Credit History
- 10% Mixed Credit
- 10% New Credit
How To Get A 800 Credit Score
Most of what we will cover will affect your Credit Util. Take a peek at number two in the last section, Credit Utilization accounts for 30% of your FICO score.
Payment History is a larger percentage, yes, but we cant aggressively attack your history as efficiently as we can attack Credit Util.
10 Action Steps: How To Increase Credit Score To 800
Step 1 and 2 of how to increase credit score to 800 we check your credit reports to see if we can “erase the past”.
1. Know Where You Stand And Gather Your Info
The 1st step to how to get to an 800 credit score is to be prepared and organized (its the 1st step to boost your score to any credit score range)
Get whatever information you deem necessary.
In general, the most important piece of intel you’ll need is your credit report.
Get to know your credit report and look through it thoroughly (print it out if you can). If you see anything fishy or false make a note of the inaccuracy.
You can get your report here (it’s free if it’s your 1st for the year)
2. If You Find Errors, Dispute and Remove Them
People in the 800 credit score club have little to no blemishes on their credit reports. So, you have to aim for that type of perfection.
'Shoot for the moon. Even if you miss, you'll land among the stars.'- Norman Vincent Peale
This is where we attempt to “erase the past” ourselves and have a few options to recruit others. You are looking for errors or inaccuracies in your report.
What types of errors are on credit reports?
- Wrong Names, addresses, a loan or credit amounts, etc
- Incorrect dates or payment dates
- Identity Theft: Unknown accounts
- Furnisher Errors
- Re-aging of Old Debts
To find these derogatory marks on your credit report you can get a copy from each credit bureau: Experian, Equifax, and TransUnion.
You want to check all three and if something is on all three reports, then you write and send a dispute letter to all three credit bureaus.
But if there are 4 errors on an Auto Loan account, then you only need to file one dispute.
You can dispute errors on your credit report with each of the credit reporting agencies online or by mail. Make sure to follow up on your disputes.
You Can Hire A Credit Repair Service To Do This For You!
3. Target Collection Accounts
People who've learned how to get a 800 credit score and achieved it have dealt with collections one way or another.
In some cases, a collection agency may be willing to negotiate and settle your debt for less than the full amount.
Again, you’ll want to get something in writing showing that the debt was settled and the account closed.
Keep in mind that this kind of arrangement may appear on your credit report as a settlement that may be less positive than if you pay in full.
4. Consider Secured Credit
If your FICO score is in the mid 500s to low 600s, you should consider a Secured Credit Card to help you build a new credit line and have timely payments reported to the bureaus.
Secured Credit Cards work just like any other credit card except that you first have to deposit money in a savings account to “secure” your credit line.
Most secured credit cards can be converted to traditional credit cards (and you get your security deposit back) after a period of responsible use.
So, once you’ve reached your goal, you can get rid of it.
5. Increase Your Credit Limits For A Boost
If you’re in a less than great credit situation, this may sound strange to you but requesting a higher credit line with an existing account can actually help your credit score.
Only ask creditors you are in good standing with, otherwise it's pointless. It’s all about the credit-to-debt ratio.
The more credit you have and the less you owe the better your credit score. Once granted an increase on your credit lines, you have a better chance of seeing a credit score boost soon after.
After hearing this, people often wonder: Does asking for a credit increase hurt my credit score?
6. The Authorized User Effect
When you’ve been added as an Authorized User to someone else’s credit card account, you can piggyback off their credit.
With that in mind, you should really only become an authorized user on an account owned by someone with good (670-799) or excellent credit (800-850).
Preferably excellent credit, since we’re learning how to get credit score into 800. Otherwise, you both are in the same boat and your score wouldn’t improve much.
Most major card issuers report authorized user data to the three main credit bureaus — Experian, Equifax, and TransUnion — you can call your issuer to confirm.
7. Make A Big Purchase For More Leverage
Right here is where we tackle #4 on the FICO scoring calculation list, Mixed Credit (see above).
Creditors like to see a mix of different credit lines; revolving and non-revolving credit lines.
The different types of credit that might be part of a consumer’s credit mix include credit cards, student loans, automobile loans (motorcycle, RV, boat, etc.), and mortgages.
The latter two are the big purchases: Car Loans and Home Loans.
Can you get an 800 credit score without a mortgage? Yes, it has been done without a morg. It has been seen on reports with an average age of 2 years.
But, this is not the norm. Most people with a 800 FICO score have an installment loan or two.
You May Be Wondering: How Fast Will A Car Loan Raise My Credit Score?
8. Be A 10 Percenter (or Less)
Have you heard of the 30% credit utilization rule? It is when you pay down your debt to 30%, basically to be in a safe space.
But, we aren’t trying to be safe.
We are trying to be aggressive and enter into an elite group of consumers who has a mid 700 to 800+ credit score.
So let’s shoot for a below 10% range (preferably 8%).
You don’t want to pay it off because you need the record to show that you use credit and you can handle debt responsibly.
“Pay Debts On Time: Late payments (past due 30 days) appear in the credit reports of 29% of people with FICO® Scores of 720 - Experian.
9. Monitor Your Credit Consistently
This one is as simple as it sounds. From now on pay closer attention to your credit reports.
Choose how frequently you want to check them (once a week, twice a month, quarterly, etc).
If you opt to call one of the credit repair companies above for a free consultation, ask them about their credit monitoring features.
You can also get a credit monitoring service of your own.
You want to consistently check for what working and what’s not working; improvements, inaccuracies, possible identity theft, etc.
10. Cut Up Those Cards and Minimize Hard Inquiries
If you have a bunch of cards, pay off a few and get a couple to 8% util.
DO NOT close those accounts. Members of the 800 credit score club rarely close credit cards.
The more credit, the better. But, cut the cards up to subdue the temptation to use them.
Unless it is to mix up your credit profile or it's needed, Don’t add a bunch of unnecessary hard inquiries to your report.
Related: What's the Minimum Score For A Boat?
Perks Of Having A 800 Credit Score
800 Credit Score Benefits:
- Get Big Initial Credit Card Bonus
- Upgrade to better cards with greater rewards: (platinum, diamond or black cards)
- No-Foreign-Fee Credit Card
- Get Lower Interest rates on cards, loans and higher credit limits: Call your current creditors and ask for a better deal or you can research a 0% balance transfer card deal.
- Refinance Your Car or Homes
- Best Mortgage Rate
- You Can Qualify For Auto Loans with 0% Intro Rate
- Lowest Auto Insurance Premium
- Best Personal Loan Rate
- Airline/Hotel Credit Card
- Your Favorite Store’s Credit Card
How To Boost Credit Score To 800: How Many Points Do You Need?
Not Starting From Zero? Do you need to reach a 800 credit score from 500?
Here are a few articles that mix all these steps up with the intention to improve your FICO:
- How to Increase credit score by 200 points
- Can You Raise My Credit Score 100 Points Overnight
- How long does it take to raise your credit score 50 points
- Can I Get A 30 Point Increase in a Week?
How long does it take to get an 800 credit score?6 to 12 months depending on where you started. But, if you apply pressure to your credit health efforts you can make it happen.
Moving Forward (Good Luck Getting To The 800 Credit Score Club!)
Now you know how to increase your credit score to 800. Take action.
Stay consistent throughout this process. Keeping up with your payments and only applying for things you need will keep you on your path.
Even if you hire a credit repair service to help you along the way (they send updates and such) but still, open and read the emails.
Follow up, follow up, follow up! Get on the phone with someone if you can (creditor, credit repair service, etc.).
If you decide to go the DIY route. Make sure you are sending out those dispute letters and monitor your credit report so that you know what is working (or what does not move the needle).
Stay on your (and their) necks.