By CreditNinja
Modified on March 18, 2024

Borrowers with an 804 score have excellent credit. 

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.   

Key Takeaways for an 804 Credit Score

Overview of Your
Credit 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 With a
804 Credit Score

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 a 804
Credit/FICO 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 an 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.

What Can You Get Approved for With an 804 Credit Score?

Wondering what you can get approved for with an 804 credit score? Rest easy knowing that consumers with a score higher than the average credit score can get approved for practically any financial product.  

If you’re curious about the types of loan terms you can expect with an 804 credit score, check out this informative guide:

Borrowing Aspect

Expectation for an 804 Credit Score

Approval Likelihood

Very High

Annual Percentage Rate (APR)

Generally Lower

Loan Options

Wide range including Unsecured Personal Loans, Prime Mortgages, Auto Loans, and Top-Tier Credit Cards

Loan Terms

More favorable conditions, including lower interest rates and fees

Credit Limits

High, reflecting lender confidence in the borrower’s creditworthiness

Interest Rates

Lower, benefiting from excellent credit status

Fees and Penalties

Lower fees and penalties, with potential for waivers

Mortgage Options

Broad, with competitive interest rates and potentially lower down payments

Auto Loan Conditions

Favorable terms, including lower interest rates and flexible repayment options

Credit Card Offers

Access to premium cards with rewards, low APRs, and high credit limits

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. 

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

Car Loans

A car loan is a popular option for people needing a new or used car. As a borrower with an 804 credit score, you could secure an auto loan with low rates and low monthly payments. You may even qualify for a $0 down auto loan, which sounds great! But remember that your loan balance will be higher, and you will pay more loan fees

Products To Help Maintain an 804 Credit Score

There are various financial tools and products available that can help borrowers maintain their 804 FICO credit scores, such as:

Credit Monitoring 

Monitoring your credit score is essential because it helps you quickly identify minor and major changes to your credit. Significant decreases in a credit score can be a sign of fraud or an incorrect credit report. However, regular credit monitoring allows you to take quick action if you spot an error on a credit report to preserve your 804 credit score. Experian, one of the three major credit bureaus, offers a free credit monitoring service that sends change alerts. 

Keep Accounts Open

You may have a great credit mix if you have excellent credit. And while it may be tempting to close old credit accounts that you no longer use or need, it may be best to leave them open. Closing a credit account can negatively impact your credit history because you will change the average age of your credit accounts. Keep your old credit accounts open and use them every six months to maintain your excellent credit score. 

Automatic Payments

Your payment history is one of the most critical factors that affect your credit score. If you want to maintain your higher credit score, avoiding late payments is essential. One financial tool that can help you avoid late loan fees is automatic payments. An automated payment, or autopay, allows the lender or business to automatically deduct the monthly payment amount from your payment method on file. This feature is typically free, so take advantage!

Benefits of an 804 Credit Score

These are some of the benefits you receive with an exceptional credit score: 

Easier Approval by Landlords

Borrowers with an 804 credit score can generally expect an easy approval process when they apply for a rental property. Landlords typically require good credit because it demonstrates that the borrower is financially stable and can successfully manage their income. If you have an 804 credit score, you may get preferential treatment and get approved very quickly. 

Low or No Security Deposits 

Many financial institutions and businesses require security deposits to lower the financial risk. For example, a phone company may require a security deposit to offset the risk of nonpayment. But if your overall credit score is excellent, you may qualify for a lower security deposit or even no deposit at all. 

Lower APRs

One of the best benefits of maintaining a higher credit score is that you can qualify for the best rates available. A low-interest rate can significantly reduce the overall cost of borrowing money. If you secure a low APR on a loan or line of credit, your minimum monthly payment will be much lower compared to someone who has a higher APR. Lower interest fees can save you money every month, which allows you to use that extra income for investments, savings, or emergency expenses. 

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:

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. 

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. 

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. 

FAQs About 804 Credit Scores

An 804 credit score is significantly higher than the national average credit score. This places you in the top tier of borrowers, indicating you have a solid credit history and are likely to be viewed favorably by lenders for most types of credit. You can expect to get better rates and higher loan amounts compared to someone with an average credit score.

Absolutely! With an 804 credit score, you’re likely to qualify for lower mortgage rates compared to those with lower scores. This can significantly reduce your monthly payments and save you a considerable amount of money over the life of your mortgage.

A higher credit score often qualifies you for credit cards with the most attractive rewards, including higher cash-back percentages, travel rewards, and lower interest rates. Lenders see you as a low-risk borrower, which means they’re more willing to offer you their best products.

Even with a high credit score, it’s essential to regularly check your credit report—at least once a year. This helps ensure your credit history remains accurate and allows you to quickly address any errors or fraudulent activity that could affect your credit scores.

What Interest Rate Can I Get With an 804 Credit Score?

Borrowers with an exceptional credit score can expect low rates on financial products. Lower rates can save you a lot of money and reduce the amount you pay on monthly bills. But remember that even with a low-interest rate, your loan fees can be high if you choose an extensive repayment plan. If you want to save money on a loan, consider opting for a short repayment schedule. 

Can I Buy a House With an 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).

Top 5 Resources for an 804 Credit Score

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