An 844 credit score is typically labeled as “excellent” credit according to most credit scoring models.
Consumers with an exceptional credit score like 844 will usually have a pristine payment history and a low credit utilization ratio, and they will be responsible for paying off their debts on time or even early.
If you have a good credit score, like 844, you’ll definitely want to protect that score. Keep reading to learn different ways you can protect and maintain this better-than-average credit score.
Key Takeaways for an 844 Credit Score
Overview of Your
Credit Rating
844 is an almost perfect credit score. It’s just 6 points away from 850, which is the highest possible credit score!
Borrowing Options With an 844 Credit Score
Borrowers with excellent credit pretty much have their pick of lending products, usually with great rates and terms.
Improving an 844
Credit/FICO Score
Consumers can maintain this amazing credit score by continuing to make payments on time, watching their credit utilization, and avoiding bad debts.
Is an 844 Credit Score Good?
Definitely! In fact, 844 is almost a perfect credit score! 844 is part of the highest credit ranking tier, including all scores between 800 and 850. It isn’t easy achieving a higher credit score like 844, so if this is your score, congratulations!
What Can You 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 a great credit history, you’ll most likely have your pick of the crop when it comes to getting a loan. Below is more information on some common types of funding.
Personal Loan
A personal loan is a common type of funding consumers can use for a wide variety of expenses. Borrowers can access personal loans from most banks, credit unions, and direct lenders. Loan terms, rates, and funding amounts for unsecured installment loans are usually determined by the borrower’s credit history and credit score. So, with a good credit score of 844 you should be able to get a good deal.
Also, personal installment loans usually come with fixed rates, which means your monthly payments should stay the same while you repay your balance.
Credit Cards
Instead of using an installment loan to pay your expenses, you can also use revolving credit card accounts. Also, since credit card issuers favor borrowers with high credit scores, you should be able to access a great credit limit and interest rates with an 844 score.
However, make sure to pay off your full balance regularly to avoid accumulating credit card debt.
Car Loans
Car loans, or auto loans, are a type of secured loan used to buy a car. Borrowers can get an auto loan from dealerships, banks, credit unions, or other private lenders.
Home Equity Loans
Homeowners can use their property as collateral for home equity loans or home equity lines of credit. Since the equity in most homes is usually quite high, this type of funding usually comes in higher loan amounts. A study done by the Mortgage Bankers Association reports that originations of home equity loans and home equity lines of credit increased by 50% between 2020 and 2022.1
Products to Help Maintain an 844 Credit Score
Below are some products and tools that can help you maintain your average credit score.
Credit Report Monitoring
All three major credit bureaus, TransUnion, Equifax, and Experian, offer credit report monitoring services, but you can also use independent companies. Some popular services that can help keep an eye on your credit reports include:
- IdentityForce
- Identity Guard
- PrivacyGuard
- LifeLock
Personal Emergency Fund
A savings account or personal emergency fund can be a great safety net should you run into unexpected expenses or a financial emergency. That way, you can manage your finances without turning to a potentially risky form of funding like payday loans!
Below is more information about the different types of savings accounts:
| Type of Account | Interest Rate | Accessibility | Risk | Minimum Balance | Fees | |||
|---|---|---|---|---|---|---|---|---|
| Traditional Savings Account | Low (0.01% - 0.1%) | High | Very low | Usually low | May have monthly fees | |||
| High Yield Savings Account | Higher (0.5 %- 1.5%) | High | Very low | Very low | Very low | |||
| Money Market Account | Moderate (0.2%-1.0%) | Low (penalty for early withdrawl) | Varies, often higher | Certificate of Deposit (CD) | Higher (0.5% - 1.5%) | High | Low or none | XXX |
| Online Savings Account | Higher (0.5% - 1.5%) | High | Very low | Low or none | Rarely any fees |
Automatic Payments
Autopay is a useful online feature that many financial institutions offer. By signing up for autopay, you agree to let the business automatically charge your debit or credit card on file on your specific monthly due date. Autopay makes it easier for borrowers to avoid late payments, which can appear on credit reports and negatively affect credit scores.
Benefits of an 844 Credit Score
Some benefits of having an excellent credit score like 844 include:
- Low interest rates
- Higher loan amounts and credit limits
- Faster approval on rentals (usually without a cosigner)
- Better loan offers
- Competitive credit card offers
- Lower premiums on insurance
How to Maintain Your 844 Score
Some tips that can help consumers maintain their exceptional credit scores are:
- Stay on top of your payments to maintain a pristine payment history.
- Avoid unnecessary debts like payday loans or other quick cash loans.
- Keep a low credit utilization (no higher than 30%)
- Keep old credit accounts open, even if you don’t use them regularly.
- Check your credit report regularly and dispute inaccurate information ASAP.
You can also consider diversifying your credit mix with investments like stocks or bonds!
FAQs About 844 Credit Scores
How does having an 844 credit score impact my ability to lease or finance high-end vehicles?
With an 844 credit score, you will likely receive the most competitive leasing or financing terms for high-end vehicles. Dealerships view this score as indicative of financial reliability, potentially offering you lower down payments and reduced interest rates.
Can an average credit score of 844 improve my eligibility for premium credit cards with extensive rewards programs?
Yes, an 844 credit score significantly enhances your chances of qualifying for premium credit cards, which often include benefits like large sign-up bonuses, extensive travel perks, and superior cashback rates. Card issuers see high scores as a sign of low risk, which may lead them to offer you cards with the best rewards.
How does a higher credit score like an 844 credit score impact investment opportunities?
A higher credit score like 844 can facilitate access to advanced investment tools and platforms, including margin accounts and private wealth management services. Financial institutions often reserve these services for clients with exemplary credit histories, offering better terms and more personalized investment advice.
