How Much You Can Borrow with an 800 Credit Score (2024)

FAQs

How Much You Can Borrow with an 800 Credit Score? ›

If you qualify for a loan and can afford it, there isn't necessarily a limit to how much you can borrow with an 800 credit score. You may be able to take out: A personal loan for $100,000. A car loan for $250,000.

For those with 800-plus scores, their average credit card limits are $69,346. That's up from the $58,514 average we found in May 2021.

Key Takeaways. An 800 credit score shows lenders you are an exceptional borrower. You may qualify for better mortgage and auto loan terms with a high credit score. You may also qualify for credit cards with better rewards and perks, such as access to airport lounges and free hotel breakfasts.

2. Lack of income is a major factor. If the applicant's score is an 800 and the income does not cover the amount of monthly mortgage payment, there will be a rejection.

You will likely need a credit score of at least 580 for a $50,000 personal loan, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old, having a valid bank account, and being a U.S. citizen, permanent resident, or visa holder.

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

The monthly payment on a $70,000 loan ranges from $957 to $7,032, depending on the APR and how long the loan lasts. For example, if you take out a $70,000 loan for one year with an APR of 36%, your monthly payment will be $7,032.

With an 800 credit score, you're already in the highest possible range, meaning that you should get the best rates lenders are able to offer. Still, there are some ways to boost your score even higher and strengthen your mortgage application. For one, you can focus on improving your debt-to-income ratio, or DTI.

Typically, a desirable credit score for a $25,000 personal loan is around 670 and above, but some lenders work with those who have scores from 580 and up.

Can you buy anything with a 800 credit score? ›

With an 800 credit score, you can breathe easy — you will typically qualify for most financial products and get among the very best rates. That may not be the case if you are relatively new to credit, however, because lenders look for more than a high score.

A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.

22% of U.S. Consumers Have Exceptional Credit

But according to Experian data captured as 2023 came to a close, nearly 22% of consumers have a FICO^® Score in the highest credit score range—800 to 850. Consumers with scores in this range are considered to have exceptional credit.

To qualify for a $100,000 personal loan, you'll need a credit score of 720 or above and a high income. Large unsecured loans tend to be expensive because they have high interest rates and long loan terms.

With an 800 credit score you may qualify for a personal loan up to $100,000. However, if you have a lot of debt or an unfavorable debt-to-income ratio, some lenders may limit how much they are willing to loan. Most lenders use a variety of factors to qualify borrowers for a loan.

You don't need a score as high as 800 to buy a home (though it certainly helps). Some types of loans have no minimum credit score requirements, and FHA loans can be had with a score as low as 500 for qualified borrowers.

You can borrow $50,000 - $100,000+ with a 750 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.