An 804 credit score is a gold standard for excellent credit. According to Experian, this means you have an exceptional credit score. Only 23% of the scorable population has a credit score of 804 or above, according to a report by FICO. Having a credit score of 800 or above puts you in the top tier of creditworthy consumers and gives you access to the best terms and interest rates on loans and other lines of credit.
Let’s get started to understand what it means, why 804 credit score helps and how to get one.
There are many benefits that come with having great credit score, and the good news is that you don’t need a perfect 850 score to start enjoying them. Just getting your credit score over 804 – which is officially excellent – gives you the same advantages as having a perfect score.
When you have an 804 credit score, you’ve done everything you need to do to prove that you are a responsible borrower. Banks and credit card issuers will be eager to lend you money, often at very favorable terms. People with 800+ credit rarely hear the word “no,” whether they’re asking for a mortgage preapproval letter or turning in a rental application.
How to improve your 804 credit score
Even though a FICO® Score of 804 is already excellent, there's always room for improvement. Plus, your score is on the lower end of the Exceptional range, and it's getting close to the Very Good credit score range (740-799). A Very Good score is nothing to worry about, but if you can keep your score in the Exceptional range, you'll have a better chance of being approved for the best credit offers.
If you want to avoid lowering your credit score, it's important to keep your credit utilization rate at or below 30%. This means that you shouldn't be using more than 30% of your credit limit on any one account and that your total credit utilization across all accounts shouldn't exceed 30%.
If all other factors are equal, having a longer credit history will result in a higher credit score than having a shorter credit history. This is because length of credit history is responsible for up to 15% of your credit score. Therefore, if you want to improve your credit score, it's important to focus on building a long and positive credit history.
While applying for new credit or taking on additional debt may result in a short-term drop in your credit score, as long as you keep up with all your payments, your score should rebound within a few months. New credit activity can actually contribute up to 10% of your overall credit score. So don't let a temporary dip in your score discourage you from taking steps to improve your financial health.
804 Credit Score: What does it mean to have it?
An 804 FICO score indicates an extremely positive credit history. There are no missed payments or credit utilization issues to lower your credit score from its exceptional ranking. You’ve likely been using credit successfully for many years, and probably have a healthy mix of credit accounts that includes both revolving credit (like credit cards) and installment credit (like a mortgage). Having a high credit score like this means you can take advantage of the best interest rates and terms when you apply for new loans or lines of credit.
This is why you should be happy with your exceptional credit score
A credit score in the Exceptional range is a reflection of your longstanding history of excellent credit management. Your record of on-time bill payments and prudent handling of debt is essentially flawless.
Banks and credit card issuers find borrowers with Exceptional credit scores very attractive and typically offer their best lending terms to these types of customers. This may include opportunities to refinance older loans at better rates than what you were able to get in years past, as well as excellent odds of approval for credit cards with premium rewards programs and the lowest-available interest rates.
What does a 804 credit score get you?
Credit Cards For 804 Credit Score
Card
Suitable For
low-interest and low cost
Upgrade Cash Rewards Visa®
Card details
dining and entertainment
Capital One SavorOne Cash Rewards Credit Card
Card details
first-year rewards
Discover it® Cash Back
Card details
groceries and online shopping
Blue Cash Everyday® Card from American Express
Card details
travel redemptions
Capital One Venture Rewards Credit Card
Card details
car enthusiasts
My GM Rewards Card™
Card details
groceries
Blue Cash Preferred® Card from American Express
Card details
gas stations and restaurants
Discover it® chrome
Card details
rewards on internet, TV, and cellphone service
Credit One Bank® Platinum X5 Visa®
Card details
flexible travel rewards
Capital One VentureOne Rewards Credit Card
Card details
flat-rate cashback
Citi® Double Cash Card
Card details
starter rewards card
Chase Freedom Unlimited®
Card details
simple cash back
Capital One Quicksilver Cash Rewards Credit Card
Card details
rewards on small purchases
Citi Rewards+® Card
Card details
The benefits of exceptional credit score
Higher credit limits
When you have an 804 credit score, you'll likely gain access to higher credit limits, which improves your purchasing power. Higher credit limits not only give you more buying power but also help you maintain a low credit utilization ratio—which is essential for keeping your excellent credit score.
Another benefit of high credit limits is that they help you keep your credit utilization ratio low, which helps you maintain your excellent credit score. So if you're looking to keep your pristine credit rating, make sure to keep your credit limits high.
Better credit offers
If you have an 804 credit score, you'll have access to the best credit offers available. With such a high credit score, you'll be an ideal candidate for all of the best credit cards on the market, including cards specifically designed for people with excellent credit.
People with a credit score over 804 are also likely to be accepted for other lines of credit, including personal loans, mortgages, and car loans. Not only will most banks and credit issuers be eager to loan money to someone with a near-perfect credit score, but the terms of the loan will often be more favorable than the terms offered to people with lower credit scores.
Better credit approval odds
It's reassuring to know that your 804 credit score is likely higher than any minimum credit score requirements set by lenders. As long as you meet other eligibility requirements, like having a stable income and employment, you have a good chance of being approved for the credit you're applying for.
Lower interest rates
There are many benefits to having a credit score of 804, but lower interest rates are near the top of the list. If you have an exceptional credit score, you will likely be offered rates that are significantly lower than the national average. These low rates can save you a lot of money over time, especially if you get a fixed interest rate on a long-term loan.
For example, low interest rates can save you hundreds or even thousands of dollars on mortgages, car loans, credit card balances and personal loans. So if you're looking to save some money in the long run, aim for that perfect 804 credit score.
Better insurance rates
If your state allows insurance providers to consider your credit score when calculating premiums, you could potentially get a lower rate on your homeowners or auto insurance if you have a near-perfect credit score. Unless your state has restrictions on credit-based insurance scores, it's worth considering this factor when shopping for a new policy.
How to get an 804 Credit Score
One of the best ways to demonstrate to lenders that you are a responsible borrower is to always pay your bills on time. Payment history is the most important factor in FICO credit scoring models, accounting for 35% of your credit score. So it's essential that you make timely payments on all of your bills.
If you do happen to miss a payment, don't worry - you can correct the mistake and avoid any negative consequences to your credit score. Usually, lenders don't report missed payments to the credit bureaus until they're 30 days past due. So as long as you pay any outstanding bills before then, you should be fine.
Adding to your credit portfolio can give you a boost, especially if you don't already have the type of credit you're looking to add. For example, if you only have installment loans, like a car loan or personal loan, adding a new credit card can help diversify your credit mix. This is important because your credit mix makes up 10% of your credit score. Additionally, by adding to your credit limit, you may be able to reduce your overall credit utilization ratio.
It's important to keep tabs on your credit score. Many credit monitoring services will provide you with an updated score every week, along with an analysis of why it might have changed. This way, you can learn what is likely to raise your score and avoid anything that might bring it down. A good credit score is important for many aspects of your life, so it's worth taking the time to understand how it works.
It's important to keep your credit utilization low in order to avoid a serious hit to your credit score. A good rule of thumb is to keep your credit utilization ratio under 30%.
It's a good idea to review your credit reports with the three credit bureaus (Equifax, Experian, and TransUnion). Many Americans have errors on their credit reports—and those errors could inadvertently lower your credit score.
Make sure all the information on your credit reports is accurate and learn how to dispute credit report errors with the credit bureaus. This way, you can maintain a good credit score and access the best interest rates and loan terms.
Benefits of improving your score to:
813 822 831 840 849
Drawbacks of worsen your score to:
794 784 774 764 754
