An 850 credit score is literally the best score you can have according to the FICO score model. This means you can get large personal loans, the best interest rates lenders have to offer, and probably very flexible repayment plans. If you have an 850 credit score, congratulations, you’ve conquered money and you win. But seriously, this is a huge accomplishment that many will not see in their lifetime.
Personal loans come in many different forms. Many borrowers who need small emergency personal loans may also be struggling financially and not have great credit scores. In situations like these, they may turn to personal installment loans, payday loans, pawn shop loans, car title loans, and more. These are usually the types of loans that cater to borrowers with less-than-perfect credit scores.
If you have an 850 FICO score, then you have perfect credit. You may not be applying for loans with the previously listed lenders. Many borrowers with exceptional credit will have more prime products available to them. You will likely turn to a traditional lender like a bank or credit union. Typically, these are the lenders that can offer you the best interest rates for your situation.
But just because you’ve reached the pinnacle of your credit and borrowing journey doesn’t mean it’s over. Now that you have perfected your credit, your focus should shift to maintaining the credit score you achieved. This means continuing the great financial habits that got you there in the first place. Always make your payments on time, whether it’s bills, rent, credit cards, or loan payments. Also continue to keep your credit card usage low, as well as your overall debt load.
All of these habits have no doubt contributed to your great credit score. So keep them up and you’ll keep your credit score right where it is. And in the meantime, enjoy the plethora of loan products and great interest rates available to you.