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Shooting for an 800 Credit Score? Don't Waste Your Time...Unless
Once your credit score is safely above 720, there is little value in obsessing over getting the score even higher. Lenders will typically treat a 720 score borrower similar to an 800 score borrower. Lenders rarely have special loan pricing or programs available for people above a 720 credit score.
Once your credit score approaches the upper 700 range, it gets harder and harder to continue achieving increases toward the maximum credit score of 850. Unless you have nothing better to do in your life, it's just not worth your time trying in most cases.
800 Credit Score is Useless. Unless, of course, There is one big exception to this rule. If you are planning to apply for a loan with a co-borrower, remember that your credit scores will be averaged to determine your combined score. If your partner has a mediocre or poor credit score they could easily pull your excellent score down in the averaging and knock you out of qualifying for the best loan pricing. Take a look at these two scenarios:
Example 1 Co-Borrower 1 Credit Score: 730 Co-Borrower 2 Credit Score: 650 Combined Average Credit Score : 690
Example 2 Co-Borrower 1 Credit Score: 790 Co-Borrower 2 Credit Score: 650 Combined Average Credit Score : 720
In both examples, a co-borrower with excellent credit is applying for credit with a co-borrower (maybe a spouse) who has borderline good/fair credit. In each example, the co-borrower with the so-so credit score stays the same at 650. In example one, the first co-borrower has an excellent credit score of 730, but when averaged with their partner, they fall to a good score of 690. This will knock them out of the excellent credit pricing category and result in a higher interest rate and possibly a higher down payment which they may not be able to afford.
In example two, the co-borrower with excellent credit works their score up to 790 and even though their partner did not improve their score at all they now average out to a 720 which squeezes them into the best pricing category and saves them hundreds or thousands of dollars of interest.
If you are applying for credit in your name only, then there is little value to trying to achieve a credit score above 800. However, as you can see from the example above, it can definitely help two or more co-borrowers average their scores to qualify for the best loan pricing.
Remember, There Is No Such Thing As A Free Credit Score Make sure you read the fine print on the advertisements you see on television about "Free Credit Scores". These offers are not scams but they are somewhat misleading. You should already know that you can get a free copy of your credit report (without scores) at the annual credit report website. In order to get free credit scores, you typically have to enroll in a credit monitoring service. For example, get your free credit report and score with a free 7 day trial of 24 hours, 7 days a week, 365 days a year credit monitoring of all 3 credit bureaus from the company website named CreditReport. Credit monitoring allows you to learn about unauthorized activity and receive email alerts when your credit report changes.
Author Resource:-
Nathan Randall, editor, Daily Dollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the Daily Dollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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