5 Ways Life Is Amazing With an 800 Credit Score

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You may think an 800+ credit score is out of reach given that only 18.3% of consumers have scores that high — but it's possible if you know how to manage your credit.

Credit scores range from 300 to 850, and although any score over 700 is considered good by many lending standards, an 800 credit score says a lot about the way you manage credit — you pay your bills on time, you probably don't have a lot of debt, and you're kind of a boss. And there's no denying the perks and privileges of a superb credit rating. So before you say a near-perfect credit score doesn't matter, here's why life is amazing with an 800 credit score and above. (See also: How to Use Credit Cards to Improve Your Credit Score)

1. You'll Enjoy Easier, Faster Loan Approvals

It doesn't matter if you apply for a mortgage or an auto loan, an 800 credit score gets your foot in the door with lenders without much effort. People who belong to the 800 Club have demonstrated excellent credit habits — and that's a little like having a permanent hall pass in high school. Since these people are less likely to default on their bills, they're a creditor's dream applicant and banks will vie for their business. As long as you have sufficient income, you can walk into practically any bank and get what you need.

On the flip side, if you have bad credit, the bank might reject your application until you've made improvements to your score.

2. You'll Receive Better Credit Card Offers

You don't need perfect credit to get a credit card — when you're young they hand them out like candy (I learned that lesson the hard way) — but the higher your credit score, the more perks you'll get. Some people with low credit scores can only qualify for secured credit cards, which require a security deposit. But as your credit score improves and you hit the 800 mark, you'll qualify for some of the best credit cards around. These might include features such as unique rewards programs, concierge service, and other high-end benefits and unique perks — just for proving you know how to manage credit.

3. You Can Get Your Dream Job

Some employers include credit checks as part of the employment process. It isn't enough to have education and experience anymore; they want to make sure you know how to manage your personal finances before they trust you with the company's finances. This is especially common with government jobs and jobs in the finance industry.

An 800+ credit score can push your application to the top of the pile. Let's say three people applying for a particular job have the same amount of education and experience, yet two people have a credit score in the 600s and one has an 800 score. If the employer feels each applicant is a good fit for the position but can only choose one, there's a good chance he'll select the person with the highest credit score.

4. You Might Qualify for 0% Interest

Not only does an 800 credit score practically guarantee you'll be approved for most loans, you'll also get a low interest rate. Some auto lenders occasionally offer 0% financing, but qualifying often requires a score 800 or higher. Zero interest financing is the same as paying cash, so you'll save money over the life of the loan.

Even if your lender doesn't offer 0% interest, an 800 credit score means you'll qualify for the most favorable rates. This can lower your monthly payments and potentially increase buying power. And if you're looking to take advantage of a credit card with a 0% introductory rate, a near-perfect credit score puts these accounts within your reach.

5. You Can Receive the Best Insurance Premiums

It might come as a surprise, but when you apply for some types of insurance, such as auto insurance or renter's insurance, some insurance providers will check your credit score, using your rating to help determine the premium. (Unless you live in California where credit based rates for auto insurance are banned, and Hawaii and Massachusetts, where credit-based insurance rates for both homeowners and auto insurance are banned.) This may seem unfair and unnecessary, especially since we don't finance insurance. But the way you manage your credit cards and loans is a pretty good indicator of how you'll manage your insurance payments — and your overall riskiness. From an insurance company's standpoint, people with the highest credit scores are usually more responsible with their credit and money, and this level of responsibility justifies a cheaper premium.

Do you have an 800 credit score or higher? How is your life easier because of it? Humblebrag about it in comments!

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