Is 800 a good credit score?
When I checked my credit score last month, it was 800. Seeing that, this question hit my mind instantly!
I did some research and spoke with one of my relatives, a banker by profession. Then I explored that a credit score of 800 is actually an excellent score in India. Let me show you a table:
| Credit Score Range | Creditworthiness | Loan Approval Probability |
|---|---|---|
| 750 to 900 | Excellent | High |
| 700 to 749 | Good | Good |
| 650 to 699 | Fair | Possible |
| 600 to 649 | Doubtful | Difficult |
| Less than 600 | Need to take immediate action | Low |
You can see that if you fall under the range of 700 to 749, you will be eligible to get a consumer durable loan, personal loan, car loan, gold loan, home loan, or other credit product from any Indian bank.
But once you reach an 800 credit score, you get faster approvals, better interest rates and terms as compared to people with just 650 or 680.
Here are some tips for you to maintain good credit health:
- Get a secured credit card.
- Choose the Buy Now Pay Later(BNPL) option.
- Apply for a credit card at a bank where you have a salary account.
- Access the credit limit responsibly.
So, do not relax too much after seeing the 800 score. Apply these tips and build some healthy habits so you can maintain this score for a long time.