By CreditNinja Reviewed by Matt Mayerle
Modified on May 22, 2024

A 797 credit score is considered a very good credit score. It’s only three points away from the highest credit score category! And so, even a small improvement will be helpful if you want to move up with your average credit score. 

Borrowers who have a 797 score won’t be seen as a credit risk to lenders, which can be extremely helpful when you are trying to borrow from a loan or credit card. Once you get to a great score, there are a few things you can do and some things to avoid to help maintain your credit. Continue reading to learn more about a 797 credit score. 

Key Takeaways for a 797 Credit Score

Overview of Your
Credit Rating

A 797 credit score is considered a very good credit score, and it has many benefits.

Borrowing Options With a 797
Credit Score

You’ll have access to several borrowing options with a 797 credit score, which can be very helpful.

Maintaining a 797
Credit/FICO Score

Maintaining a 797 credit score will require positive actions like paying your bills on time.

Is a 797 Credit Score Good?

A 797 score is considered better than a good credit score; it’s considered a very good credit score. With this score, you’ll have lots of financial agency, which can be extremely helpful in all kinds of situations. Continue reading to learn more about a 797 credit score.

What Can You Get Approved for With a 797 Credit Score?

Below, we’ll go over some popular loan choices and their uses:

Personal Loans

Usually unsecured loans, personal loan options may be available to borrowers with all kinds of credit scores. In most cases, people use personal loans for home repairs, medical bills, car repairs, or even planned expenses. They are perfect for a variety of expenses because they usually don’t have limitations on what you can use them for. 

Bank Loans

Bank loans are any loan option that comes from a bank. Depending on the loan you decide to take out, how the loans can be used will vary. People go to banks for all kinds of loans and expenses, and most banks have at least a few different types of loan options available. However, they may not be available to everyone. The good news is that a 797 credit score will put you in good shape for credit approval with a bank loan. Of course, there will be other general and specific requirements that you will have to meet as well.

Credit Cards

Credit cards are a form of revolving credit that is a form of revolving credit. Many people use credit cards for all kinds of expenses, such as emergency travel, groceries, gas, car repair, home repair, and any other unexpected expenses. With a 797 credit score, you should be able to have access to the best credit card offers! Here are some credit cards for very good scores:

  1. Chase Sapphire Preferred® — Card Known for its travel rewards and sign-up bonus.
  2. American Express® Gold Card — Offers generous dining and travel points.
  3. Citi® Double Cash Card — Rewards with cash back on all purchases.
  4. Capital One Venture Rewards Credit Card — Good for travel miles and flexible redemption options.
  5. Bank of America® Premium Rewards® Credit Card — Combines travel and dining rewards with flexible redemption.
  6. Discover it® Cash Back — Features rotating cash back categories and a cashback match in the first year.
  7. The Platinum Card® from American Express — Offers extensive travel benefits and luxury perks.

Auto Loans

Unlike all the loans above, car loans have one specific use—to finance the purchase of a used or new vehicle. There are lots of auto loan lenders, and with a 797 score, you should have a good amount of lenders and auto loan options to choose from. You may be able to negotiate your terms because of your excellent score, which can be helpful with personalization.

Products To Help Maintain a 797 Credit Score

Once your average credit score falls within the very good category, the last thing you probably want to do is fall into a lower category. The good news is that there are lots of products out there that can help you stay within your high credit rating and maybe even improve your credit. 

Credit Monitoring Services

Credit monitoring services keep tabs on your credit history and alert you of any changes. If an error happens, you’ll know about it right away! And credit report errors are pretty common! According to a study conducted by the Federal Trade Commission, one in five people have an error on at least one of their credit reports.¹ These kinds of errors can hurt your credit and stay there until you correct them. 

Debt Management Plans

Debt can impact several aspects of your credit scores, such as the diversity of your credit accounts and your credit utilization ratio, and it can even affect your payment history! A debt management plan can help you manage old and newly acquired debt, which can keep things from becoming overwhelming.

Credit Score Simulators

These simulators aren’t perfect, but they can be a great tool before you take an action that may hurt your credit scores. Gauging the impact of potential actions is usually easy when starting off with credit scores and building credit history; however, things can get complicated once you have a solid credit portfolio. This is where simulators come in. They’ll gauge the general impact of a potential action so you can maintain your average credit score. 

Benefits of a 797 Credit Score

Here are some benefits that come with a 797 score:

Lower Borrowing Costs 

The most apparent benefit of having very good credit is lower borrowing costs with loan and credit card products, which can mean hundreds or thousands of dollars in savings. 

More Job Opportunities

With very good credit, you may have access to more job opportunities compared to someone with lower credit scores. In some cases, employers may take credit scores and credit history into consideration, and a higher credit score will give you an advantage. 

The Ability To Build Wealth

Many people build wealth with a combination of investment types, some of them likely assets like property, homes, cars, boats, and businesses. With very good credit scores, you’ll have better access to these kinds of assets! 

How To Maintain Your 797 Credit Score

Here are some ways you can work on maintaining your positive credit scores and credit history:

Pay Your Bills On Time

The most important thing you can do for your credit scores is to pay your bills on time, specifically credit accounts like auto loans, credit cards, installment loans, payday loans, mortgages, etc. To make this easy, you can implement tools like auto pay and reminders on your phone or calendar.  

Keep Closed Revolving Accounts Open 

Revolving accounts are any accounts that can be used multiple times; credit cards and home equity loans are two common examples. One thing you can do to help maintain your credit scores is to keep these accounts open even after paying them off, as closing them can raise your credit utilization rate. 

Be Mindful of the Kinds of Credit Accounts You Have

Your credit mix is an important factor for credit, and so it’s important to think about the kind of credit accounts you have had in the past and have currently before choosing a borrowing option. Having the same kind of credit accounts can harm your credit, while diversity can help.

FAQs About 797 Credit Scores

When discussing credit scores, it’s important to understand the distinction between FICO scores and other types of credit scores. FICO scores are specific credit scores used by many lenders to assess credit risk, while different credit scores might be calculated by other scoring models and may not be used as frequently by lenders. Knowing which type of credit score your lender uses can help you better prepare for credit applications.

Your credit limit plays a significant role in determining your credit scores by influencing your credit utilization ratio. A higher credit limit can lower your credit usage, assuming your spending remains constant, which can positively affect your FICO score. Managing your credit limit wisely ensures that your credit use stays within a range that supports a healthy credit score.

While there is no universal minimum credit score required to qualify for the best interest rates, generally, a higher FICO score improves your chances. Most lenders prefer a FICO score that falls within the very good to excellent range. Ensuring your payment history is positive and your credit usage is low can help you reach the credit score needed to secure the most favorable terms.

Regularly checking your credit report is crucial for maintaining a good FICO score. It is recommended to review your credit report at least once a year from each of the three major credit reporting agencies. This allows you to verify that all the information is accurate and up-to-date. An error on your credit report can negatively impact your FICO score, so prompt identification and correction of these errors are essential for keeping your credit health in optimal condition.

What Interest Rate Can I Get With a 797 Credit Score?

Interest rates when you have an excellent credit score will be on the lower end! This is due to your proven track record of handling credit responsibly, which a 797 credit score will reflect! Lower interest rates can be extremely beneficial and save you lots of money with financing and borrowing options. 

Can I Buy a House With a 797 Credit Score? 

Credit is just one part of the home-buying process. However, with a 797 credit score, you should be able to get credit score approval from most mortgage lenders. Here are some of the other factors that lenders will pay attention to for mortgage approval:

Factor

Description

Debt-to-Income Ratio

Evaluates whether you can manage monthly payments alongside existing debts.

Employment History

Considers stable and consistent employment to ensure ongoing income for loan repayment.

Down Payment

Affects loan terms and interest rates; a larger down payment can lead to more favorable terms.

Savings and Assets

Assesses financial resilience through your savings and assets beyond income.

Credit History

Looks at the length and depth of your credit history, including payment history and credit usage.

Property Type and Value

Considers the type of property and its value, which can influence loan criteria and approval.



 

Top 5 Resources for a 797 Credit Score

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