What Does a Credit Score of 807 Mean?
May 26, 2023 By Triston Martin

With a good credit score, you can gain access to premium rewards credit cards, auto loans, and mortgages with the most favorable terms, turning your credit score from a hindrance into an ally.

A good credit score is not a requirement for acceptance, but it helps.

When your credit scores are high, you become more appealing to potential lenders because they may perceive you as less dangerous. When lenders have confidence in your ability to repay loans, they are less likely to require high down payments, large security deposits, or low credit ceilings.

Lenders do not base their decisions only on your credit scores. Your employment and financial situation are also taken into account.

You may also have dozens of credit ratings, each with different implications. And it is not always clear which score a given lender considers, much less how high your score needs to be for optimal approval and terms.

In any case, they will be impressed by your stellar credit history.

Strategies Toward A Better 807 FICO Score

The typical FICO® Score is 714. Therefore, a score of 807 is excellent. It is close to the maximum score, but there is room for improvement.

You have a credit score that is right on the border between the Very Good and Exceptional categories, between 740 and 799. A Very Good score is nothing to worry about, but maintaining a score at the Exceptional level can increase access to the most important credit deals.

Checking one's FICO® Score is the most excellent way to determine what may be done to raise one's credit rating. You will also receive a report that uses information from your credit report to explain why your score is not higher. (Since your score is so high, none of those things are likely to have had a significant impact, but you might be able to adjust them to get even closer to flawless.)

Tips For Maintaining Your Credit Score

We hope to show you that there is more to you than your credit score indicates. But that is not mean you should not be proud of your stellar credit rating.

Now that you have reached the level of excellent credit, you should work on keeping it that way so you may continue to take advantage of the finest loan rates and conditions available. The first step is to constantly vigil over your credit record and score. Several excellent credit monitoring programs will notify you once there is a change to your credit reports. Some of these may seem obvious, but here are the best ways to keep your credit score in the excellent range.

1. Paying Your Bills On Time

If your credit score is 807, it is safe to assume you have always been on time for payment. One of the most important things you can do to keep your excellent credit score is always make every payment on your credit accounts. One way to accomplish this is to set up automated payments on your loan accounts.

2. Maintain A Low Credit Utilization

People with a FICO score of 795 or above use only 7% of their revolving credit lines, as reported by Kiplinger. Maintaining a low debt-to-credit ratio puts you in a solid position to maximize your excellent credit.

3. Let Your Money Sit And Mature

Time is your best friend when it comes to establishing credit. Credit scores can be raised simply by allowing accounts to age. Remember that people with a FICO score of 800 to 850 tend to keep their credit card accounts active for roughly 12 years before canceling them.

Apply for new credit only if you genuinely require it.

The typical consumer submitted the last application with perfect credit nine months ago. While a single credit query is not likely to shift your score by more than a few points, multiple questions within a short period can harm your score.

4. Best Credit Cards For BEST Credit

You may be eligible for preferential credit card terms if you have stellar credit. Some examples of such cards include those that offer premium privileges and rewards such as free nights at hotels, airport lounge access, free upgrades, and elite status. It is important to remember that these cards typically come with high annual fees and interest rates if you carry a balance. You need to determine if the financial rewards outweigh the expenses involved.

The best balance transfer cards typically include extended introductory 0% APR periods and more considerable credit limits, which may be attractive if you are working to pay down credit card debt.