by If you’ve reached a credit score 813, you’re in an exclusive club, an echelon of financial brilliance. This three-digit figure is more than just a number: it’s a testament to your excellent credit management, reflecting your financial responsibility and stability. But what does it really mean? And how can you maintain or even improve it? Let’s deep-dive into how a credit score 813 can literally change your life.
Understanding Credit Score 813
Credit Score 813: The Basics
A credit score 813 is categorized as ‘Exceptional’ and falls in the highest bracket of the FICO credit scoring model, which ranges from 300 to 850. As an elite member of the 800+ club, you’re part of an exclusive group with fewer than 1 in 6 people boasting a score this high.
With this score, you can pretty much expect easy approvals when applying for new credit, and you’ll likely be offered the most favorable interest rates and terms. Your financial reliability makes you an attractive prospect for lenders and credit card issuers.
What Does Credit Score 813 Mean to You?
Simply put, a credit score 813 places you at the top echelon of U.S. consumers in the eyes of lenders. It’s a reflection of your responsible credit behavior and indicates a high likelihood of you paying back borrowed money in a timely manner.
However, it’s essential to remember that your credit score isn’t the sole determinant of your overall financial health. Other factors like your income, employment status, and debt-to-income ratio also play a significant role in determining your creditworthiness.
Benefits of Credit Score 813
Buying a Home with Credit Score 813
With a credit score 813, you’ll generally qualify for a lender’s best interest rates for mortgages. This could mean significant savings over the term of a 30-year mortgage, making your dream home more affordable.
Buying a Car with Credit Score 813
Similar to home loans, auto loans are also a breeze with an credit score 813. You’ll qualify for the best rates a lender can offer, ensuring that your dream car doesn’t become a financial burden.
Credit Cards and Personal Loans with Credit Score 813
With an exceptional credit score 813, you should qualify for virtually every credit card offer, provided you meet the issuer’s other requirements. Similarly, for personal loans, a high credit score will help you access the best rates and loan origination fees.
Maintaining Credit Score 813: Tips and Tricks
Having achieved the realm of exceptional credit, your primary focus should be maintaining your credit score. Here are some handy tips to keep your score at the top:
Keep Paying Your Bills on Time
Timely payment of your bills is the most critical factor in maintaining your elite credit score. Setting up automatic payments can help you stay on top of this.
Maintain a Low Credit Utilization
Keep your credit utilization— the percentage of your available credit that you’re using— as low as possible. Experts suggest keeping it below 30% to maintain your top-tier credit score.
Let Your Accounts Age
Time is your ally when it comes to building credit. By letting your accounts age, your credit score can improve.
Apply for New Credit Only If Needed
Avoid excessive credit inquiries. Although a single inquiry isn’t likely to significantly affect your score, multiple inquiries can have a substantial impact.
Beyond Credit Score 813: Steps to Further Improvement
Believe it or not, there’s still room for improvement even with a credit score 813. The following steps can help you inch closer to the perfect score:
Keep Your Credit Card Balances Low
The lower your balances, the higher your score will be. Aim to never charge more than 30% of your available credit line on your cards.
Keep Old Debt on Your Report
Paid debt is a type of good debt that boosts your score. So, if you’ve paid off a home or car, don’t rush to get the debt removed from your report.
Be Smart When Shopping for a Loan
Avoid applying for several loans or credit cards in a row as it can drastically hurt your score. However, most lenders will give you a “grace period” where your credit score won’t be impacted.
Pay Your Bills and Reduce Your Debt
Make your monthly payments on time and in full as often as possible. The less debt you owe, the higher your credit score will be.
The Takeaway
Achieving a credit score 813 is a remarkable feat, but maintaining it requires ongoing diligence and financial discipline. Remember, your credit score is one of the most important numbers in your life. It can affect everything from the house you live inside to the car you drive. Keep working towards small improvements and it won’t be long before you get there.
