What your score means
An 805 credit score is considered an excellent score by most lenders.
That means, unless you’re running afoul of a specific lender’s rules, you should be able to get any credit product you apply for. In addition, you can expect the best interest rates on loans and high credit limits on cards.
Your score – in context
Here’s what various score ranges mean (based on definitions from Experian regarding FICO scores):
805 credit score – what it means
|800+||Excellent||Consumers in this range can expect easy approval for credit products and the best terms.|
|740-799||Very good||Consumers in this range can expect to qualify for a wide range of products and are eligible to receive favorable terms.|
|670-739||Good||Consumers in this range may vary in their qualification for credit products. Those at the lower end may get denied for premium products, or may have less-favorable terms/lower credit limits. Still, getting approved for a card or loan is absolutely feasible.|
|580-669||Fair||Consumers in this range can expect higher interest rates and may not qualify for some credit products. Results will vary, based on whether the score is due to thin credit history or a troubled one (bankruptcies and late payments).|
|579 and lower||Poor||Consumers in this range will have trouble qualifying for most credit products.|
Your 805 score puts you in the top row. Lenders will almost certainly want to do business with you — although you probably already knew that from the premium credit card offers flooding your mailbox. When it comes to major loans, you can expect the lowest interest rates. For example, FICO has breakdowns of expected interest rate by credit type for mortgages, and you’ll find yourself in the top row there, too.
What you’ll qualify for with a 805 score
If you see a credit card you want, you can probably get it. Just remember that some issuers may reject you if you already have too many cards from them already.
In the market for a new card? Here’s how to make sure you get one you deserve:
- See what you qualify for: Use a soft-credit-pull tool to see the offers you’ve been prequalified for. You’ll probably like the results.
Here’s one we recommend:
- Cards designed for those with excellent credit: Think of these as the behind-the-velvet-rope cards. Not everyone can get in. You probably can.
- Cards with the best offers: Cards frequently offer increased (limited-time-only) sign-up bonuses and balance transfer offers. With your credit, you can watch for the best offers and pounce when a great one shows up:
More about credit scores
There are various scoring models out there, FICO being the most commonly used by lenders, VantageScore being the most commonly provided by free scoring sites.
While you clearly know a thing or two about credit, use the factors below to ensure your credit stays top-tier.
We’ve listed FICO’s scoring factors in order of priority (biggest to smallest):
- Payment history (35 percent of your FICO score): Payments are made on time.
- Utilization (30 percent of your FICO score): Use up as little of your credit limits as possible. At a bare minimum, stay below 30 percent. Because you probably will qualify for high limits, this shouldn’t be a huge challenge. But consider paying down very large purchases early, before your issuers to the bureaus.
- Length of credit history (15 percent of your FICO score): FICO’s algorithm rewards you for accounts that have been open a long time. Rapidly opening new accounts will decrease your average age of accounts and lower your score.
- New credit (10 percent of your FICO score): Every time you apply for a new credit product, expect a hard inquiry, which will temporarily lower your score. That’s why it’s so important to be choosey when applying for credit.
- Credit mix (10 percent of your FICO score): FICO (and, by extension, lenders) want to see that you can juggle a variety of credit types. Having both installment loans and revolving credit (ie, cards) on your report will help you maximize this factor. It’s a small portion of your score though, so we don’t recommend taking out a loan just for the sake of building credit.