Is a credit score of 850 good?
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans or credit card applications. A score of 850 signifies a low-risk customer who is unlikely to default on payments. Banks are eager to lend to customers with such a healthy credit profile.
Is it possible to get a credit score of 850?
Yes, it is possible. But first, if your score is below 750, it is important to improve it so that your loan application is not rejected. Each rejection causes your score to drop even further.
Advantages of a credit score of 850
A high credit score means that you will have faster access to credit and on much better terms.
1. 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.
2. 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.
3. A good score might also result in a longer loan period.
4. 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.
It is possible to get a credit score of 850. It is very important to reach a score of at least 750 before applying for a credit card/loan to avoid rejection. If your score is below 750, CreditMantri can guide you on how to improve your score so that you become eligible for loans, and avoid rejection.