Is a 820 Credit Score Good Or Bad? + Your Loan & Credit Card Options

A credit score of 820 falls in the "Excellent" range (800 to 850) and signifies an impressive record of financial responsibility. With a 820 credit score, you can expect to enjoy access to a broad range of credit products and the best available terms. However, bear in mind that though an excellent score increases your chances, credit approval is not a sure thing and depends on various other factors such as your income, existing debts, and more.

With an "Excellent" credit score, you are already at the pinnacle of credit ratings. Your primary focus should be on maintaining this top-tier credit score to continue enjoying the best interest rates and terms. But how do you ensure your credit score remains at the top? While there's no secret formula, there are several proven strategies that can help you maintain your excellent credit score. Continue reading to understand more about the components of a credit score, what a 820 score indicates for your financing options, and how you can keep your score at its current high level.

How is Your Credit Score of 820 Determined?

Before we dive into what your 820 credit score means, let's first understand how credit scores are determined. Your credit score is based on various factors, each with its own importance in the total score.

• Payment history. Your payment history, or the record of your bill and credit payments, is the most significant factor affecting your credit score. This history documents your on-time and late payments, whether they be loan repayments, credit card payments, utility bills, or other services.
• Amounts owed. This factor looks at your available credit in comparison to the amount of credit you owe, also known as your credit utilization ratio. Ideally, this should be below 30%. High credit utilization, such as maxing out your credit cards, can negatively impact your score.
• Length of credit history. The length of time you've maintained a credit account matters, even if you're not actively using that line of credit. This factor considers the age of your oldest and newest credit accounts and the average age of all your accounts.
• Credit mix. Having a variety of credit accounts can be beneficial. A mix of credit cards, an auto loan, and a mortgage shows lenders your ability to manage different types of credit responsibly.
• New credit. "New" credit refers to the number of credit accounts you've recently opened and the number of inquiries made into your account. Each time you apply for a new loan or credit line, the lender checks your credit history to review your score and payment history.

What Does Your Credit Score of 820 Imply?

A credit score of 820 is considered excellent. This score means you've demonstrated a long history of responsible credit management, timely payments, and a healthy credit mix. Lenders see you as a very low risk borrower, and you will often be offered the best terms and lowest interest rates. You are among the top tier of consumers for creditworthiness.

Credit score range	% of consumers	Delinquency rate
300-579	16%	61%
580-669	17%	28%
670-739	21%	8%
740-799	25%	2%
800-850	21%	1%

How you achieved a 820 credit score can be attributed to several key factors. You consistently make payments on time, keep a low credit utilization ratio, maintain a long history of credit accounts, and manage a diverse mix of credit types.

How Does Your 820 Credit Score Compare?

A 820 credit score is considered top tier. You are among a small percentage of consumers who have managed their credit so responsibly. Your score significantly surpasses the average credit score, which continues to rise as consumers become more credit-savvy.

The table below links to in-depth articles for all credit scores.

Credit score	Scale
300	Poor
301	Poor
302	Poor
303	Poor
304	Poor
305	Poor
306	Poor
307	Poor
308	Poor
309	Poor
310	Poor
311	Poor
312	Poor
313	Poor
314	Poor
315	Poor
316	Poor
317	Poor
318	Poor
319	Poor
320	Poor
321	Poor
322	Poor
323	Poor
324	Poor
325	Poor
326	Poor
327	Poor
328	Poor
329	Poor
330	Poor
331	Poor
332	Poor
333	Poor
334	Poor
335	Poor
336	Poor
337	Poor
338	Poor
339	Poor
340	Poor
341	Poor
342	Poor
343	Poor
344	Poor
345	Poor
346	Poor
347	Poor
348	Poor
349	Poor
350	Poor
351	Poor
352	Poor
353	Poor
354	Poor
355	Poor
356	Poor
357	Poor
358	Poor
359	Poor
360	Poor
361	Poor
362	Poor
363	Poor
364	Poor
365	Poor
366	Poor
367	Poor
368	Poor
369	Poor
370	Poor
371	Poor
372	Poor
373	Poor
374	Poor
375	Poor
376	Poor
377	Poor
378	Poor
379	Poor
380	Poor
381	Poor
382	Poor
383	Poor
384	Poor
385	Poor
386	Poor
387	Poor
388	Poor
389	Poor
390	Poor
391	Poor
392	Poor
393	Poor
394	Poor
395	Poor
396	Poor
397	Poor
398	Poor
399	Poor
400	Poor
401	Poor
402	Poor
403	Poor
404	Poor
405	Poor
406	Poor
407	Poor
408	Poor
409	Poor
410	Poor
411	Poor
412	Poor
413	Poor
414	Poor
415	Poor
416	Poor
417	Poor
418	Poor
419	Poor
420	Poor
421	Poor
422	Poor
423	Poor
424	Poor
425	Poor
426	Poor
427	Poor
428	Poor
429	Poor
430	Poor
431	Poor
432	Poor
433	Poor
434	Poor
435	Poor
436	Poor
437	Poor
438	Poor
439	Poor
440	Poor
441	Poor
442	Poor
443	Poor
444	Poor
445	Poor
446	Poor
447	Poor
448	Poor
449	Poor
450	Poor
451	Poor
452	Poor
453	Poor
454	Poor
455	Poor
456	Poor
457	Poor
458	Poor
459	Poor
460	Poor
461	Poor
462	Poor
463	Poor
464	Poor
465	Poor
466	Poor
467	Poor
468	Poor
469	Poor
470	Poor
471	Poor
472	Poor
473	Poor
474	Poor
475	Poor
476	Poor
477	Poor
478	Poor
479	Poor
480	Poor
481	Poor
482	Poor
483	Poor
484	Poor
485	Poor
486	Poor
487	Poor
488	Poor
489	Poor
490	Poor
491	Poor
492	Poor
493	Poor
494	Poor
495	Poor
496	Poor
497	Poor
498	Poor
499	Poor
500	Poor
501	Poor
502	Poor
503	Poor
504	Poor
505	Poor
506	Poor
507	Poor
508	Poor
509	Poor
510	Poor
511	Poor
512	Poor
513	Poor
514	Poor
515	Poor
516	Poor
517	Poor
518	Poor
519	Poor
520	Poor
521	Poor
522	Poor
523	Poor
524	Poor
525	Poor
526	Poor
527	Poor
528	Poor
529	Poor
530	Poor
531	Poor
532	Poor
533	Poor
534	Poor
535	Poor
536	Poor
537	Poor
538	Poor
539	Poor
540	Poor
541	Poor
542	Poor
543	Poor
544	Poor
545	Poor
546	Poor
547	Poor
548	Poor
549	Poor
550	Poor
551	Poor
552	Poor
553	Poor
554	Poor
555	Poor
556	Poor
557	Poor
558	Poor
559	Poor
560	Poor
561	Poor
562	Poor
563	Poor
564	Poor
565	Poor
566	Poor
567	Poor
568	Poor
569	Poor
570	Poor
571	Poor
572	Poor
573	Poor
574	Poor
575	Poor
576	Poor
577	Poor
578	Poor
579	Poor
580	Fair
581	Fair
582	Fair
583	Fair
584	Fair
585	Fair
586	Fair
587	Fair
588	Fair
589	Fair
590	Fair
591	Fair
592	Fair
593	Fair
594	Fair
595	Fair
596	Fair
597	Fair
598	Fair
599	Fair
600	Fair
601	Fair
602	Fair
603	Fair
604	Fair
605	Fair
606	Fair
607	Fair
608	Fair
609	Fair
610	Fair
611	Fair
612	Fair
613	Fair
614	Fair
615	Fair
616	Fair
617	Fair
618	Fair
619	Fair
620	Fair
621	Fair
622	Fair
623	Fair
624	Fair
625	Fair
626	Fair
627	Fair
628	Fair
629	Fair
630	Fair
631	Fair
632	Fair
633	Fair
634	Fair
635	Fair
636	Fair
637	Fair
638	Fair
639	Fair
640	Fair
641	Fair
642	Fair
643	Fair
644	Fair
645	Fair
646	Fair
647	Fair
648	Fair
649	Fair
650	Fair
651	Fair
652	Fair
653	Fair
654	Fair
655	Fair
656	Fair
657	Fair
658	Fair
659	Fair
660	Fair
661	Fair
662	Fair
663	Fair
664	Fair
665	Fair
666	Fair
667	Fair
668	Fair
669	Fair
670	Good
671	Good
672	Good
673	Good
674	Good
675	Good
676	Good
677	Good
678	Good
679	Good
680	Good
681	Good
682	Good
683	Good
684	Good
685	Good
686	Good
687	Good
688	Good
689	Good
690	Good
691	Good
692	Good
693	Good
694	Good
695	Good
696	Good
697	Good
698	Good
699	Good
700	Good
701	Good
702	Good
703	Good
704	Good
705	Good
706	Good
707	Good
708	Good
709	Good
710	Good
711	Good
712	Good
713	Good
714	Good
715	Good
716	Good
717	Good
718	Good
719	Good
720	Good
721	Good
722	Good
723	Good
724	Good
725	Good
726	Good
727	Good
728	Good
729	Good
730	Good
731	Good
732	Good
733	Good
734	Good
735	Good
736	Good
737	Good
738	Good
739	Good
740	Very Good
741	Very Good
742	Very Good
743	Very Good
744	Very Good
745	Very Good
746	Very Good
747	Very Good
748	Very Good
749	Very Good
750	Very Good
751	Very Good
752	Very Good
753	Very Good
754	Very Good
755	Very Good
756	Very Good
757	Very Good
758	Very Good
759	Very Good
760	Very Good
761	Very Good
762	Very Good
763	Very Good
764	Very Good
765	Very Good
766	Very Good
767	Very Good
768	Very Good
769	Very Good
770	Very Good
771	Very Good
772	Very Good
773	Very Good
774	Very Good
775	Very Good
776	Very Good
777	Very Good
778	Very Good
779	Very Good
780	Very Good
781	Very Good
782	Very Good
783	Very Good
784	Very Good
785	Very Good
786	Very Good
787	Very Good
788	Very Good
789	Very Good
790	Very Good
791	Very Good
792	Very Good
793	Very Good
794	Very Good
795	Very Good
796	Very Good
797	Very Good
798	Very Good
799	Very Good
800	Excellent
801	Excellent
802	Excellent
803	Excellent
804	Excellent
805	Excellent
806	Excellent
807	Excellent
808	Excellent
809	Excellent
810	Excellent
811	Excellent
812	Excellent
813	Excellent
814	Excellent
815	Excellent
816	Excellent
817	Excellent
818	Excellent
819	Excellent
820	Excellent
821	Excellent
822	Excellent
823	Excellent
824	Excellent
825	Excellent
826	Excellent
827	Excellent
828	Excellent
829	Excellent
830	Excellent
831	Excellent
832	Excellent
833	Excellent
834	Excellent
835	Excellent
836	Excellent
837	Excellent
838	Excellent
839	Excellent
840	Excellent
841	Excellent
842	Excellent
843	Excellent
844	Excellent
845	Excellent
846	Excellent
847	Excellent
848	Excellent
849	Excellent
850	Excellent

What Can You Get with a 820 Credit Score?

With an excellent 820, you have nearly unrestricted access to financial products:

Type of Credit	Eligibility
Secured Credit Card	Yes
Unsecured Credit Card	Yes
Best Rewards Credit Card	Yes
0% APR Credit Card	Yes
Best Personal Loan	Yes
Mortgage	Yes
Auto Loan	Yes

Common credit cards for a 820 credit score

There are numerous credit cards that you could apply for with a 820. Nonetheless, the best card for you hinges on your expenditure habits and financial objectives. With the comparison tool provided below, you can explore various credit cards designed for those with a 820. Alongside reviewing the APRs you're eligible for, ensure to familiarize yourself with the fees you may need to pay, including annual fees.

Frequently chosen personal loans for a 820 credit score

Similar to credit cards, a 820 permits you to apply for a range of personal loans, including both secured and unsecured loans. However, to pinpoint the best personal loan for you, it's necessary to evaluate all your options.

Auto loans with a 820 credit score

Fortunately, over half of all approved auto loans are made to applicants with FICO scores above 661, as per Experian. Although a score of 820 doesn't guarantee you an auto loan, you stand a good chance of being approved. Nevertheless, to ensure you secure the most favorable loan conditions, you may want to accumulate funds for a larger down payment or work on improving your credit score prior to applying for auto loans. As shown in the table below, a higher credit score can save you hundreds of dollars over the duration of the loan.

Credit score	APR	Monthly payment	Total interest paid
720 - 850	6.511%	$237	$1,386
690 - 719	7.744%	$243	$1,661
660 - 689	9.573%	$252	$2,076
620 - 659	10.739%	$257	$2,345
590 - 619	15.055%	$279	$3,372
500 - 589	16.484%	$286	$3,723
*Rates above for a $10,000 48-month used auto loan.

Having said that, numerous auto loan lenders have previously approved applicants with a 820.

Mortgages and home loans with a 820 credit score

Those with credit scores above 620 typically comprise a large percentage of successful mortgage applicants. Similarly to auto loans, enhancing your score can save you substantial amounts of money on a mortgage.

Credit score	APR	Monthly payment	Total interest paid
760 - 850	6.129%	$304	$59,416
700 - 759	6.351%	$311	$62,014
680 - 699	6.528%	$317	$64,104
660 - 679	6.742%	$324	$66,652
640 - 659	7.172%	$338	$71,841
620 - 639	7.718%	$357	$78,556
*Rates above for a $50,000 30-year fixed rate mortgage.

That said, your credit score isn't the only criterion mortgage lenders examine in your application. Alongside your credit, lenders will also evaluate your debt-to-income ratio (DTI), which illustrates what portion of your income is committed to repaying debts. Ideally, this ratio should be as low as possible. Most mortgage lenders prefer a DTI below 43%. If your DTI is under this threshold, you can begin comparing mortgages for a 820, such as those shown below.

Student loans with a 820 credit score

Fortunately, student loans are some of the most straightforward to obtain with a credit score of 820. As most students are still in the process of building credit, it's reasonable for student loans to have less rigorous credit prerequisites. Indeed, federal student loans typically don't require a minimum credit score. While private student loan lenders generally impose stricter requirements, a score of 820 should still allow you to secure the financing you need.

Strategies to Maintain a 820 Credit Score

When your score is already excellent, your primary focus should be maintaining your score. Here are a few tips to keep your credit score in the excellent range:

• Consistently make payments on time: Continued timely payment of your bills and debts is crucial for maintaining your credit score.
• Keep a low credit utilization ratio: Even if you have high credit limits, aim to use a small percentage of your available credit. A low credit utilization ratio can help maintain your excellent score.
• Avoid opening too many new credit accounts at once: Each time you apply for new credit, it can lead to a hard inquiry on your credit report, which can temporarily lower your score. Even though you may qualify for new credit, consider the potential impact on your score before applying.
• Regularly check your credit report: Regularly review your credit report for errors. If you find any, dispute them as soon as possible. Even small errors can have a significant impact on your credit score.

FAQs

Can I get approved for credit with an 820 credit score?

Absolutely! An 820 credit score is excellent and can unlock doors to various types of credit, including credit cards, auto loans, and personal loans. Even some of the most attractive mortgage rates could be within your reach. But remember, the specific terms and interest rates you receive depend on more than just your credit score. Lenders will also consider your income and how much debt you currently have.

Is an 820 a good credit score for buying a house?

You bet! An 820 is a top-notch score that could help you secure a mortgage for your dream home. But keep in mind, getting approved for a home loan isn't only about your credit score. Lenders will also look at things like your debt-to-income ratio, employment history, and how much money you're putting down.

How much can I borrow with an 820 credit score?

While an 820 gives you a strong standing to qualify for substantial loans, the exact amount you can borrow will also depend on your income, the type of loan, and each lender's specific rules. Even with a great score like yours, always remember the golden rule of borrowing - only take on what you can comfortably pay back.

What perks come with an 820 credit score?

With an 820, you're looking at a whole host of benefits. Think lower interest rates on loans, smooth-sailing approval for rentals, potentially better rates on car insurance, and access to the best credit cards with top-tier rewards.

Is an 820 credit score rare?

While an 820 credit score is certainly something to be proud of, it's not exactly a unicorn. There are plenty of people out there with scores in this top-tier range.

Why is it tricky to achieve an 820 credit score?

Getting your hands on an 820 is no walk in the park because it takes time, patience, and super responsible credit behavior. This means always paying your bills on time, keeping your credit utilization down, and managing a healthy mix of credit accounts.