Financial Education

Understanding Your 799 Credit Score

A 799 credit score is fantastic. Maintain this score by making on-time payments, keeping credit utilization below 30%, and avoiding high-risk debt products like payday loans or cash advance apps.

Being a part of the “very good” credit category, consumers with a 799 credit score are usually labeled as financially responsible individuals.

What’s even better is with just one more point of improvement, you’ll be sitting at the top of the credit score ranges in the “excellent” category!

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Excellent

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Key Takeaways for a 799 Credit Score

Overview of Your Rating

799 is at the very top of the “very good” credit range. Just one more point, and you’re in the “excellent” range!

Borrowing Options

Getting approved for most borrowing options should be pretty straightforward. But remember to borrow responsibly!

Improving Your Score

Keeping a pristine payment history, avoiding “bad debts” like payday loans, and keeping your credit utilization low will help maintain your score.

Is a 799 Credit Score Good?

Yes, it is! 799 is a very good credit score. According to Experian, 25% of consumers have a FICO score in the “very good” range.1 If you have a 799 credit score, you should be proud. Building such a strong credit record takes time and a lot of financial responsibility, so good for you!

Pro Tip: Many lenders look beyond just the score. Consistent income and recent payment history can still unlock opportunities.

US Population Credit Score Distribution

Poor

Fair

Good

Very Good

Exceptional

300-579

580-669

670-739

740-799

800-850

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Personal Loans

A personal loan is a type of installment loan, which means borrowers receive their loan in one lump sum and pay it back in equal monthly installments. Personal loans are available in either high or low loan amounts, making them ideal for a wide variety of expenses.

Like most financial institutions, direct lenders for personal loans usually favor borrowers with higher credit scores. So, you shouldn’t have to worry about getting approval for your desired loan product when you have an excellent credit score like 799.

Bank Loans

You can also get personal installment loans from a bank. Some of the most popular bank loans come from Chase, Wells Fargo, or Bank of America. Traditionally, banks only extend credit to borrowers with a great credit history, which usually includes people with a good credit score of 799!

Credit Cards

Revolving credit accounts may also be a viable financial solution, depending on the type of expense. Credit card issuers usually reserve their best credit limit options and interest rates for consumers with the best credit scores.

Just make sure to pay off your credit card balance in full as often as possible to avoid extra interest rate charges and accumulating annoying credit card debt.

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Action Plan

How to Maintain Your 799 Score

Protect your credit scores by keeping your credit report in tip-top shape. Here are some tips that may help:

Keep Your Credit Accounts Open

Keep your credit accounts open, even if you don’t use them all the time

Watch Your Credit Mix

Watch your credit mix and avoid accumulating too many “bad debts” like payday loans

Keep Up with Your Payment History

Keep up with your payment history (this is the most important!)

Prioritize Paying Off Loans

Prioritize paying off loans and credit card balances ASAP

Check Your Free Credit Score Regularly

Check your free credit score regularly, at least a few times a year

Can I Buy a House With a 799 Credit Score?

Buying a home is almost always a lengthy, expensive, and often complicated process. While you may be able to get through the credit approval process for many types of home loans, you’ll still want to research multiple lender options and carefully compare offers before you close on a loan.

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.

Brand

Loans like Lendumo®

Lendmo is an online tribal lender that offers installment loans. Similar lenders to Lendmo include River Valley Loans, Mawka Finance,…

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