Is 847 a good credit score?
The FICO score range, which ranges from 300 to 850, is widely used by lenders and financial institutions as a measure of creditworthiness. As you can see below, an 847 credit score is considered Exceptional. For context, the average credit score in America is 714.
|Credit Score||Credit Rating||% of population|
|300 – 579||Poor||16%|
|580 – 669||Fair||17%|
|670 – 739||Good||21%|
|740 – 799||Very Good||25%|
|800 – 850||Exceptional||21%|
847 Credit Score Credit Card & Loan Options
Borrowers with credit scores in the Exceptional range tend to be the most appealing to lenders. With a credit score of 847, you should focus on maintaining your credit status to ensure that you continue to receive the best interest rates and loan terms available.
Can you get a credit card with an 847 credit score?
Credit card applicants with a credit score in this range should have no issues getting approved for any credit card they want. However, remember to always make your monthly payments on time and keep your balance below 30% of your credit limit.
Can you get a personal loan with a credit score of 847?
Most personal loan lenders will approve you for a loan with an 847 credit score. In fact, you will likely qualify for the best loan rates available. However, keep in mind that your credit score is just one factor that lenders consider when deciding whether to approve your loan application. Other factors, such as your income, debt-to-income ratio, and employment history, may also come into play.
See Also: 12 Best Personal Loans for Good Credit
Can I get a home loan with a credit score of 847?
The minimum credit score is around 620 for most conventional lenders, so you should qualify with no issues. With a higher credit score, you can expect the best interest rates and loan terms. This can save you thousands of dollars over the life of the loan.
See also: 10 Best Mortgage Lenders for Good Credit
Can I get an auto loan with an 847 credit score?
You should have no issues getting an auto loan with an 847 score. Again, you should qualify for the best interest rates they have to offer. However, remember that other factors are taken into account, so even with an excellent credit score, it’s not a guarantee that you’ll be approved for a loan.
See also: 10 Best Auto Loans for Good Credit
How to Get an 847 Credit Score
Having an 847 credit score is a remarkable achievement that can significantly improve your financial health. With exceptional credit scores, you’ll have access to the most competitive interest rates, credit card offers, and loan terms. However, getting an 847 credit score is not a walk in the park. It requires consistent financial discipline, exceptional credit management skills, and patience.
Here are some steps to help you achieve an 847 credit score:
1. Pay all your bills on time
Payment history is one of the most significant factors that determine your credit score. Missing even one payment can significantly lower your score. Therefore, it’s crucial to pay all your bills on time, including credit cards, loans, and utilities. Consider setting up automatic payments or reminders to ensure you never miss a payment.
2. Keep your credit utilization low
Your credit utilization ratio is the amount of credit you’re using compared to your available credit limit. Keeping your credit utilization low is crucial in achieving an 847 credit score. Ideally, your credit utilization should be below 30%. For instance, if your credit limit is $10,000, try not to use more than $3,000.
3. Maintain a healthy credit mix
Credit mix refers to the different types of credit you have, such as credit cards, car loans, personal loans, and mortgages. Maintaining a healthy credit mix can help improve your credit score. Having a variety of credit types including installment and revolving credit shows that you can handle different types of credit responsibly.
4. Avoid opening too many accounts
Opening too many credit accounts can lower your credit score as it makes you look like a higher credit risk. Each time you apply for credit, it triggers a hard inquiry on your credit report, which can lower your score by a few points. Therefore, only open accounts when necessary, and avoid opening too many within a short period.
5. Monitor your credit report regularly
Regularly monitoring your credit report can help you spot errors or fraudulent activities that could hurt your credit score. You’re entitled to one free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) every 12 months. Review your credit report carefully and report any errors or discrepancies to the credit bureau.
6. Keep your oldest accounts open
The length of your credit history also plays an essential role in determining your credit score. Therefore, you should keep your oldest accounts open as they demonstrate to potential creditors that you have a long, positive payment history.
Closing your oldest accounts can shorten your credit history, which can lower your score. If you have an old account that you no longer use, consider keeping it open with a low balance or using it occasionally and paying it off in full each month. This way, you can maintain a long credit history and show lenders that you’re a responsible borrower.