An 806 credit score falls within the “excellent” credit category.
If you have a really good credit score like 806, you are most likely well versed in handling your own finances and are a very financially responsible person.
A great credit history can lead to many great benefits you won’t want to miss out on. Here, you’ll learn about what it means to have an 806 credit score and how you can maintain this exceptional credit score!
Key Takeaways for an 806 Credit Score
Overview of Your
Credit Rating
806 is a great credit score to have. All credit scores between 800 and 850 are considered “excellent” scores!
Borrowing Options With a
806 Credit Score
Just about any borrowing option should be available with great terms and favorable rates.
Improving an 806
Credit/FICO Score
You can maintain this awesome credit score by making payments on time, watching your credit utilization ratio, and diversifying your credit mix.
Is an 806 Credit Score Good?
Yes! 806 is a part of the highest credit score range, which includes all scores between 800 and 850. Most credit scoring models usually refer to scores within this range as “excellent” credit scores.
What Can I Get Approved For?
Upstart
4.9 Trustpilot Rating
- Personal loans
- Car loan refinance
- Low fixed rates
- No hidden fees
Upstart is an online lending platform that partners with banks to provide personal loans from $1,000-$50,000. Upstart goes beyond traditional lending metrics to help borrowers find financing that considers their education, work experience, and more.
Min Credit Score Depends on Specific Lender
Freecash
4.6 Google Rating
- Highest payouts
- Instant cashouts
- Daily bonuses
- No credit score required
With Freecash, you get paid for testing apps, games, and surveys. Start by choosing an offer on the ‘earn’ page. Most offers only take 5-10 minutes to complete. Once you complete the offer, you’ll be rewarded with coins that you can exchange for cash.
No Minimum Credit Score Required
eMortgage
4.8 Google Rating
- Network of lenders
- Home purchase
- Home equity line of credit
- Home refinance
eMortgage is here to help you find the right home loan, refinance, HELOC, or reverse mortgage you need. Fill out some simple information about the type of property and loan you need, and they’ll connect you with up to 5 lenders who can help.
Min Credit Score Will Depend on the Lender You Choose
With an average credit score of 806, finding approval for most types of loans should be a breeze. However, you’ll still want to shop around and compare offers to make sure you find the best deal.
Personal Loans
A personal loan is a type of installment loan that borrowers can use for almost any purpose. They usually come with fixed interest rates, meaning your monthly payment should stay the same while you repay your loan. Personal loans can also be long-term or short-term, making them great for a wide variety of expenses. With an average credit score of 806, you should be able to get approval for just about any personal loan product you like.
Bank Loans
Consumers can access bank loans from major chains, like Chase, Bank of America, Citi Bank, or PNC, as well as smaller local banks. Since banks usually only work with borrowers with excellent FICO credit scores, you shouldn’t have trouble finding approval!
Credit Cards
Credit cards are revolving lines of credit, which means borrowers don’t need to reapply to get more money. Instead, credit card issuers give borrowers access to a set credit limit each month. There are also reward credit cards with special perks like a welcome bonus, cash back, and more.
Some popular credit card products include:
- Capital One Venture Rewards credit card
- Wells Fargo Active Cash card
- U.S. Bank Visa Platinum credit card
- Hilton Honors American Express Card
- Discover it Cash Back
- Delta SkyMiles® Blue American Express Card
- IHG One Rewards Traveler Credit Card
- The Platinum Card® from American Express
Car Loans
Car loans are secured loans used to buy a vehicle. Borrowers can use auto loans to buy a new or used vehicle, but interest rates may be lower for used cars.
Home Equity Loans
If you are a homeowner, you may be able to get a home equity loan or a home equity line of credit. With products like these, your house is used as collateral.
Cash Advances
Cash advance loans, like payday loans, are meant to be quick financial solutions when you need a bit of extra cash between paychecks. These types of loans can be convenient, but they can easily lead to a cycle of debt if you don’t pay them off right away.
Products to Help Maintain an 806 Credit Score
Keeping a close eye on your credit report and having a personal emergency fund can help you maintain your exceptional credit score.
Credit Report Monitoring
When you have a higher credit score, like 806, you don’t have to worry about checking your credit report religiously every month. However, it would be best to look about once a quarter to ensure accurate information. You can also use a credit monitoring service to help track your credit reports and notify you of any suspicious activity.
Some popular credit monitoring services include:
- TransUnion Credit Monitoring
- Equifax Credit Monitoring
- Experian Credit Monitoring
- IdentityForce
- Identity Guard
- PrivacyGuard
- LifeLock
Savings Account
You’ll want to avoid taking out unnecessary debts to maintain a higher credit score. But what happens if you run into unexpected expenses? Instead of looking into a quick cash loan, what if you had an extra stash of money set aside? A savings account can be a great financial safety net if you ever experience a financial emergency where you need money now.
Benefits of an 806 Credit Score
Check out some of the great benefits that come with having a higher credit score, like 806.
| Benefit | Description |
| Lower interest rates | Qualify for lower interest rates on loans and credit cards, which can save you money over time. |
| Better loan offers | Access to better terms on loans and lines of credit, including higher borrowing limits. |
| Easier approval for rentals | Easier approval processes for renting apartments and homes, often without the need for a co-signer. |
| Competitive credit card offers | Eligibility for cards with the best rewards programs, bonuses, and benefits. |
| Lower insurance premiums | Some insurance companies use credit history to determine premiums, so a higher credit score can mean lower costs. |
| Security deposits waived | Utilities and cell phone providers may waive security deposits with a good credit score. |
| Increased negotiating power | Better credit scores can give you more leverage in negotiating terms with lenders and landlords. |
| Approval for higher limits | More likely to be approved for higher credit limits, providing more flexibility in finances. |
Disclaimer: Individual experiences may vary and the benefits listed are dependent on specific financial institutions and their policies.
How to Maintain Your 806 Score
Below are a few tips to help consumers maintain their great FICO scores.
Continue Making Payments on Time
Payment history plays the biggest role in determining your average credit score. With a score of 806, you’re most likely already on top of avoiding late payments, so keep up the good work!
Keep a Low Credit Utilization Ratio
Your credit utilization is comparing how much available credit you have against how much you are currently using. According to the credit bureau Experian, the average credit utilization rate of consumers with a credit score of 806 is approximately 11.5%.1 To maintain a low credit utilization, try not to spend your full available credit limit on your credit cards and pay off your balances as often as possible.
FAQs About 806 Credit Scores
How does an 806 credit score impact my ability to lease or finance a vehicle?
With an 806 credit score, you’re likely to receive the most favorable terms when leasing or financing a vehicle, including lower down payments and possibly zero-percent financing options from certain automakers during promotional periods. This score may also eliminate the need for a co-signer.
Can a higher credit score like 806 influence the terms of student loans?
Although federal student loan rates are standard regardless of credit score, a high score like 806 can significantly improve your options for private student loans. You might qualify for lower interest rates and more flexible repayment terms compared to those with lower scores.
Does having an 806 credit score offer any advantages when investing in bonds or other securities?
While your credit score doesn’t directly affect investment choices in securities like bonds, having a high credit score can provide indirect benefits, such as better access to premium banking services that include investment advice and potentially lower fees on brokerage accounts, enhancing your overall financial management capabilities.
What Interest Rate Can I Get With an 806 Credit Score?
You should be able to secure excellent interest rates with an average credit score of 806. Let’s take a look at a real-world example with the average auto loan interest rates. According to CNN, the average auto loan rate for consumers with credit scores between 781 and 850 is 5.64% for a new car and 7.66% for a used car.2 That is significantly more affordable than the average rates for consumers with scores between 601 and 660, which is 9.60% for a new car and 14.12% for a used car.2 Rates for used cars are almost twice as expensive!
Can I Buy a House With an 806 Credit Score?
Buying a home is no simple task, but with an average credit score of 806, you’ll most likely have a much easier time. Since mortgages usually have very long-term loans (sometimes 30 years or more!) and high funding amounts, lenders are taking on quite a financial risk. Therefore, they usually tend to favor consumers with higher credit scores. With a credit score of 806, you are exactly the type of borrower mortgage lenders want to work with!
Top 5 Resources for an 806 Credit Score
References:
- 806 Credit Score: Is it Good or Bad? | Experian
- Auto Loan Interest Rates by Credit Score in 2024 | CNN Underscored Money