Is a credit score of 800 good?
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach, and consistently maintain, such a high credit score.
What is the range of credit scores?
There are three credit rating agencies authorized by the RBI to issue credit scores in India – CIBIL™, Equifax, Experian and CRIF High Mark. They issue a score that is a three digit number ranging from 300-900. Most lenders look for a credit score of 750 or above to approve of a loan. Anything above 750 makes you an attractive, low-risk customer and banks are eager to lend to people with such a good credit profile.
Advantages of a credit score of 800
- A high credit score means that you will have faster access to credit and on much better terms.
- Your loan/credit card application will be approved much more quickly. With a high score, the approval is completed in a matter of days, if not less.
- The bank/credit card company will offer you the loan at lower rates of interest since they are confident that you will repay on time.
- A good score might also result in a longer loan period.
- A person with a high score might also be eligible for a much larger loan amount – again, since the banks are confident that it will be repaid on time and in full.
Additioanl Reading: How To Get Into the above 800 Credit Score Club
It is advisable to aim to reach the best possible credit score you can. CreditMantri can guide you on how to improve your score so that you become eligible for loan offers that have much more attractive terms and conditions