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

According to most credit scoring models, an 802 credit score is labeled as “excellent” credit.

Most consumers strive for a credit score in this “excellent” category, as it is the highest possible credit ranking tier.

Other credit score range categories include: 

  • Very good credit: Scores between 740 and 799
  • Good credit: Scores between 670 and 739
  • Fair credit: Scores between 580 and 669
  • Poor credit: Scores between 300 and 579

Here, you’ll learn what it takes to get a great credit score like 802 and how to maintain it once you’ve achieved it! 

Key Takeaways for an 802 Credit Score

Overview of Your
Credit Rating

Great news! 802 is among the highest credit score tiers, labeled as “excellent” credit, including all scores between 800 and 850.

Borrowing Options With an 802 Credit Score

Just about any borrowing option should be available with some of the best rates and terms available!

Maintaining an 802
Credit/FICO Score

Continue making payments on time, keeping your credit utilization low, avoiding accumulating unnecessary debts, and diversifying your credit mix.

Is an 802 Credit Score Good?

Yes! An 802 credit score is an absolutely fantastic credit score to have. In order to achieve a credit score in the “excellent” category, consumers must have a proven track record of good spending habits, responsible borrowing, and a clean credit history. So, if you have an 802 credit score, you should be proud!

What Can You Get Approved for With an 802 Credit Score?

Thankfully, with an average credit score of 802, you should be able to meet the minimum credit score requirement for most types of funding. Just make sure you are always researching lenders and comparing offers to get the best deal available! 

If you need a loan, start your search off here by learning more about some of the most popular products you should have access to when you have an 802 credit score. 

Personal Loans

A personal loan is a type of funding borrowers can use for a wide variety of expenses. With personal loans, borrowers usually receive their approved funds in one lump sum via direct deposit. Then, borrowers will repay their balance plus interest in monthly installments. Usually, the longer the loan terms are, the more expensive the loan will be. Therefore, consumers are often encouraged to submit more than their minimum monthly amount when paying back their personal loan balance. This can help them save money on interest rates as well as pay off their personal loan balance faster. 

However, you’ll want to make sure your lender doesn’t charge a prepayment penalty or other early payment fees. The good news is that most reputable lenders won’t penalize you for paying back your loan early! 

Bank Loans

Consumers with exceptional credit scores may also consider going directly to a bank when they need a loan. They can apply with a popular bank chain like Chase, Bank of America, CitiBank, or a smaller local bank chain. 

Traditionally, bank loans are used for large purchases, such as debt consolidation, home repairs, or other more pricey expenses.

Credit Cards

Credit card accounts are a type of revolving credit. That means account holders can access a set credit limit, which renews at the end of every billing cycle. Many consumers prefer credit cards to installment loans because you don’t have to re-apply whenever they need additional funding. However, if you spend your total balance and only repay minimum monthly payments, you run the risk of accumulating unaffordable credit card debt. According to the Federal Reserve Bank of New York, Americans collectively owe about $1.13 trillion in credit card balances.1 

So, to use your credit card wisely, make sure you are paying off the balance in full as often as possible. 

Some credit card products available for consumers with exceptional credit scores are: 

  • Chase Freedom Flex℠
  • Discover it® Cash Back
  • Chase Sapphire Preferred® Card
  • Amex EveryDay® Credit Card 
  • Blue Cash Preferred® Card from American Express
  • Wells Fargo Active Cash® Card

Car Loans

An auto loan is a type of secured loan used for buying a new or used vehicle. With a great credit score like 802, you should be able to find a pretty good deal on most auto loan products. You can also save even more money on your monthly car payment by contributing a larger down payment or purchasing a slightly used vehicle instead of a brand-new one. By contributing a large down payment, you’ll lower the overall balance you’ll have to repay on your car loan. Purchasing a slightly used vehicle instead of a brand new one off the lot can also save you thousands of dollars or more!  

Home Equity Loans 

A home equity loan is another type of secured loan that uses the value of your home as collateral. And so, since the value of most homes is usually quite high, home equity loans usually come with higher loan amounts. Another common name for a home equity loan is a second mortgage. 

Products to Help Maintain an 802 Credit Score

Credit report monitoring and having a savings account can help you maintain your overall credit score.

Credit Report Monitoring

In addition to checking your credit reports on your own, you can also enlist the help of a professional credit report monitoring service. These services can act as a backup should you miss any errors or inconsistencies on your credit report. Some popular services include: 

  • Aura
  • LifeLock
  • Identity Guard 
  • myFICO
  • Eset
  • Webroot Premium 
  • McAfee
  • Norton
  • Albert
  • Zander Insurance

Savings Accounts

A savings account or emergency fund can also be essential in keeping your finances on track and maintaining your good credit score of 802. Every time you receive a paycheck, put a set amount aside in a savings account. That way, over time, you’ll build up a nice financial cushion you can fall back on should you run into a financial emergency or unexpected expenses. You can set aside as much as you can afford, whether it’s $25 or $150 per check. The important thing is to maintain consistency so your savings are always growing. The more you have saved, the less you’ll have to stress about later on! 

Benefits of an 802 Credit Score

Having a great credit history can come with tons of benefits! A few of them include: 

  • Easier credit approval 
  • Low interest rates on various credit accounts like loans and credit cards 
  • Higher credit limits
  • Better insurance rates
  • Great credit card rewards 
  • Better housing opportunities or rental options 
  • Lower security deposits

How to Maintain Your 802 Score

Below are some tips to help consumers maintain their great FICO credit scores.  

Make All Your Monthly Payments on Time 

The most important thing you can do to maintain your 802 credit score is to keep up your payment history. Payment history plays the largest role in determining the overall health of your credit history. In fact, just one missed payment can hurt your credit history for up to seven years. 

Check Your Free Credit Report Regularly 

On your own, you should be checking your credit report on a regular basis. According to Frederic Huynh, a former FICO lead data scientist, and former VP of data optimization at Freedom Debt Relief, consumers should check their credit reports at least once every two to three months.2  It’s important to monitor the information credit bureaus receive to ensure accuracy. If not, an accidental reported missed payment or delinquent activity can negatively affect your credit report and credit scores without you even knowing it! 

Practice Responsible Credit Management 

Practice responsibility when handling your various credit accounts by paying off loan balances ASAP, paying off credit card balances as often as you can, and not spending your full available credit limit every month. Most financial experts recommend that consumers keep their credit utilization at no higher than 30%. 

Keep Credit Accounts Open 

If you have credit accounts or other financial accounts you don’t use often, keep them open anyway. Having available credit that you don’t use will help you maintain a good credit utilization ratio and a healthy credit mix.

FAQs About 802 Credit Scores

With an 802 credit score, you are typically in an excellent position to qualify for credit cards with attractive balance transfer offers. These offers often include low or zero percent introductory APRs for a specified period. This can be a strategic option if you are looking to consolidate and pay down existing credit card debt without accruing high-interest charges. It’s important to consider the transfer fees and the regular APR after the introductory period ends to ensure it aligns with your debt repayment goals.

Although your credit score is excellent, each hard inquiry from a lender or credit card issuer can still lower it by a few points. Hard inquiries are triggered when a financial institution checks your credit report as part of the lending decision process. However, the impact is usually minor and temporary. To minimize the effect on your score, it’s wise to limit the number of new credit applications within a short period and only apply for credit when necessary.

Yes, with a credit score as high as 802, you’re well-positioned to negotiate more favorable terms on your existing loans or credit lines, such as lower interest rates or waived fees. It’s beneficial to regularly review your current financial products and contact your lenders to discuss possibilities for better terms based on your excellent credit standing. Demonstrating your creditworthiness and responsible credit management can give you leverage in negotiations, potentially leading to significant savings over time.

What Interest Rate Can I Get With an 802 Credit Score?

With an extremely good credit score like 802, you should be able to get decent interest rates on many types of loans and credit card products. However, your final rates will be determined by a few different factors besides just your average credit score. Some of those factors include: 

  • Your income
  • Your current debts and credit utilization ratio 
  • Any existing assets you have, such as investments or other revenue accounts 
  • The type of interest rate 

During your loan search, you may encounter several different types of interest rates, such as fixed-rate loans or variable-rate loans. Becoming familiar with some different types of interest rates now may be a good idea to make your search easier later on.

Below is a brief overview of some of the most common types of interest rates. 

Type of Interest Rate

Description

Characteristics 

Fixed Interest Rate

The interest rate remains constant throughout the life of the loan.

Predictable payments; easier budget planning.

Variable Interest Rate

The interest rate can change based on market conditions, often tied to an index.

Payments can increase or decrease; potential for lower rates initially but with uncertainty.

Annual Percentage Rate (APR)

Reflects the cost of borrowing on an annual basis, including interest and other charges.

Provides a broader measure of cost; useful for comparing different loan offers.

Introductory Rate

A lower interest rate offered at the start of a loan for a set period.

Temporarily lower payments; rate will increase after the introductory period.

Compound Interest Rate

Interest on a loan is recalculated at regular intervals, including interest on the interest previously added to the loan.

Can lead to higher costs over time compared to simple interest.

Simple Interest Rate

Interest is calculated only on the principal amount of the loan, not on accumulated interest.

Generally results in lower total interest payments than compound interest.

Disclaimer: This chart gives a quick overview of the main types of interest rates you might see when looking into personal loans. Each type has its advantages and considerations, so it’s important to understand these distinctions and how they might impact your loan choice and overall financial planning.

Can I Buy a House With an 802 Credit Score?

Buying a house isn’t always easy. But with a higher credit score, you’ll probably be able to get through a lot of the steps quicker. For example, lenders may not feel the need to dig deep into your financial history if they see you have an exceptional credit score right off the bat. That could mean quicker approval on a mortgage loan! 

Top 5 Resources for a 802 Credit Score

Related Credit Scores

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