Financial Education
Understanding Your 804 Credit Score
An 804 credit score is excellent, placing you in the top credit tier. Maintain this score by making on-time payments, keeping credit utilization low, and maintaining a diverse credit mix.
Financial institutions consider credit scores higher than 800 points to be perfect.
In fact, only about 1 in 6 American consumers have a FICO credit score of 800 or higher.¹ In 2023, the average credit score was 718, much lower than 804.
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Key Takeaways for a 804 Credit Score
Overview of Your Rating
An 804 credit score is excellent, which is even better than a good credit score. Excellent scores demonstrate a long history of timely payments and exceptional financial management.
Borrowing Options
Borrowers with a credit score higher than 800 can usually expect an easy approval process for credit card accounts and installment loans. A higher credit score can also help you secure a lender's lowest APRs.
Improving Your Score
Although an 804 credit score is exceptional, it’s still possible to raise it even higher. If you want to obtain an 850 credit score, maintain a low credit utilization ratio.
Is a 804 Credit Score Good?
An 804 credit score falls within the exceptional range, which is higher than the good credit score range. An exceptional credit score shows that you practice responsible credit management and have a history of financial stability. As a result, consumers with such a high credit score can generally qualify with any lender and get desirable loan terms.
Pro Tip: Many lenders look beyond just the score. Consistent income and recent payment history can still unlock opportunities.
US Population Credit Score Distribution
25
20
15
10
5
0
300-579
580-669
670-739
740-799
800-850
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Personal Loans
A personal loan is a popular installment loan option because it can be used for almost anything. Borrowers typically use personal loans to pay medical bills, car repairs, and unexpected emergencies. Personal loans generally range from a few hundred up to several thousand dollars. As a borrower with an 804 credit score, you may qualify for the maximum loan amount a lender offers at a great rate.
But remember that every lender is different; some may offer better terms than others. For example, if you want the ability to repay your personal loan early, avoid working with a financial institution that charges prepayment penalty fees.
But remember that every lender is different; some may offer better terms than others. For example, if you want the ability to repay your personal loan early, avoid working with a financial institution that charges prepayment penalty fees.
Bank Loans
A bank loan is generally challenging to qualify for due to high minimum credit score requirements, but borrowers with a higher credit score need not worry. Bank loans can be very high, which makes them ideal for people who need a significant lump sum for home improvement projects, large-scale car repairs, and more. But keep in mind that the approval process for bank loans can be time-consuming. You may be better off working with an online lender if you need money now.
Credit Cards
Credit cards are helpful for all types of purchases, but credit card interest rates can be very high. According to Bankrate, the average APR on a credit card is just over 20%.² But if your FICO Score exceeds the average credit score, you can get the lowest rates and the best rewards. When a credit card offers rewards for purchases, you can earn gift cards, cash back, or miles.
These are some of the best credit cards for 804 credit scores:
• Wells Fargo Active Cash® Card
• Chase Sapphire Preferred® Card
• Delta SkyMiles® Blue American Express Card
• Capital One SavorOne Cash Rewards Credit Card
• The Platinum Card® from American Express
These are some of the best credit cards for 804 credit scores:
• Wells Fargo Active Cash® Card
• Chase Sapphire Preferred® Card
• Delta SkyMiles® Blue American Express Card
• Capital One SavorOne Cash Rewards Credit Card
• The Platinum Card® from American Express
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How To Maintain Your 804 Credit Score
Are you doing everything you can to maintain your higher credit score? Here are some helpful tips to help you avoid going back down to an average credit score:
Limit Your Credit Applications
Having a higher credit score means that you may get preapproval for the best offers on credit products. But while it’s tempting to apply for a platinum credit card or 0% intro APR loan, remember that opening new accounts can negatively impact your credit score.
Submitting a credit application can deduct as much as 10 points from your credit score. And if you apply with multiple creditors, especially within a short period, you can easily go back down to an average credit score. In addition, those inquiries will appear on your credit report, which can make you appear financially unstable to future lenders.
Submitting a credit application can deduct as much as 10 points from your credit score. And if you apply with multiple creditors, especially within a short period, you can easily go back down to an average credit score. In addition, those inquiries will appear on your credit report, which can make you appear financially unstable to future lenders.
Increase Your Credit Limit
Increasing your credit limit can help you improve your excellent credit score! A higher credit limit means you can spend more without negatively affecting your credit utilization. Creditors typically increase credit limits annually, but you can also reach out and request one. If you have an excellent credit score, you have a good chance of getting a credit limit increase if you haven’t already.
Decrease Your Credit Utilization
Your credit utilization rate is the percentage of available credit that you’re using on your credit cards. Credit utilization counts for 30% of your credit score, so it can significantly affect your financial standing.
Financial experts advise borrowers to avoid using more than 30% of their total credit. By keeping your credit balances low, you can maintain your higher credit score and even improve it further over time. You can avoid too much credit card debt by paying more than the minimum each month and only purchasing items you can pay off right away.
Financial experts advise borrowers to avoid using more than 30% of their total credit. By keeping your credit balances low, you can maintain your higher credit score and even improve it further over time. You can avoid too much credit card debt by paying more than the minimum each month and only purchasing items you can pay off right away.
Can I Buy a House With a 804 Credit Score?
You may have heard financial experts advise homebuyers to work on getting an average credit score before applying for a home. But if you have a higher credit score than the average, you should know that you are in a prime position to buy a home!
Borrowers with an 804 credit score can expect to qualify for most conventional loans. A lot of mortgage lenders offer conventional loans, which greatly increases your lending options. Conventional loans offer higher loan limits and flexible interest rates. And if you can provide a 20% down payment upfront, you do not need to get private mortgage insurance (PMI).
Borrowers with an 804 credit score can expect to qualify for most conventional loans. A lot of mortgage lenders offer conventional loans, which greatly increases your lending options. Conventional loans offer higher loan limits and flexible interest rates. And if you can provide a 20% down payment upfront, you do not need to get private mortgage insurance (PMI).
Mortgage Type
Description
Credit Score Requirements
Key Features
FHA Loan
Insured by Federal Housing Administration.
As low as 500 with 10% down.
Lower down payment requirements.
VA Loans
Backed by Dept. of Veterans Affairs.
Typically 620 (varies by lender).
No down payment required; no PMI.
USDA Loans
For homebuyers in rural/suburban areas.
640 for automatic underwriting.
No down payment required.
Disclosure: This table provides estimates; requirements and features can vary by lender and situation.
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