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800 Credit Score: What Does An Excellent Credit Rating Mean?

An 800 credit score puts you in an elite company. It is considered an ‘excellent’ credit score in Canada by TransUnion and Equifax, and you will likely breeze through most credit card and loan applications, all other things being equal.

Having a solid credit score in the 800s tells lenders that you have used credit responsibly over the years and will likely make payments on time.

Read on to learn about what an 800 credit score means, its benefits, and how you can get there.

800 Credit Score Benefits

If we go by the U.S. data, only about 1 in 6 people have a credit score of 800 or higher.

As per Borrowell, the average Canadian credit score is 660. This means that an 800 credit score is well ahead of the average and offers broader access to credit.

That said, 800 is not the highest credit score in Canada. To achieve this feat, you will need to reach the 900 credit score mark.

Although, this might not be necessary to take advantage of the perks that come with having a high credit rating.

Starting from 760, your credit score is considered ‘excellent’.

Benefits of an 800 credit score include:

Credit application approval: It will be easier for you to qualify when you apply for credit cards, loans, lines of credit, or a mortgage.

Lower interest rates: Getting approved for credit is one thing. Qualifying for the lowest interest rates is another. An 800+ credit score can help you qualify for better rates and terms.

Higher credit limit: You could easily increase the credit limit on your credit card and drop your credit utilization ratio in the process.

Premium credit card perks: Thinking about applying for a premium credit card? A higher credit score can help. Premium cards often include benefits like airport lounge access, hotel upgrades, low-interest balance transfers, significant welcome bonuses, high rewards earn rates and more.

Cheaper insurance: You could qualify for lower insurance premiums on auto insurance, homeowners, and other insurance products.

Easier to rent: Renting an apartment is easier when you are part of the 800 credit score club.

How To Get An 800 Credit Score

Those with a credit score above 800 have used credit responsibly for several years.

To attain this feat, you will need to:

Pay your bills on time: This is one of the most important steps you can take to increase your credit score.

Maintain a low credit utilization rate: Keep your credit balance at 30% of your credit limit or lower. For example, if your total credit limit is $10,000, your debt balance should not exceed $3,000.

Limit credit inquiries: Avoid having too many hard inquiries on your credit report. When you submit several credit applications around the same time, a lender could assume you are in financial trouble.

Check your credit report: Review your credit report at least once a year. You can dispute inaccurate information with the lender or credit bureau if you find inaccurate information. You can also monitor your credit score for significant changes.

Add to your credit mix: A variety of credit types can help improve your credit score. For example, a mix of credit cards, lines of credit, car loans, personal loans, and mortgages.

Best Credit Cards For 800 Credit Score

Your credit card options are varied when you are in the 800 credit score club.

You could potentially qualify for the best Canadian credit cards, including:

The American Express Platinum Card

Rewards: Earn 3 pts per $1 spent on dining & food delivery; 2pts per $1 spent on travel; 1pt/$1 everywhere else.

Welcome offer: Get up to 80,000 bonus points in the first year.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $699

Scotiabank Gold American Express

Rewards: Earn 5x Scene+ points/$1 on restaurants, food delivery, and grocery (up to 6x at some stores); 3x points/$1 in gas & travel; 1x points/$1 everything else.

Welcome offer: Get up to 45,000 points ($450 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $120

Scotiabank Momentum Visa Infinite Card

Rewards: Earn 4% cashback on groceries & recurring bills; 2% cashback on gas & daily transit; 1% cashback on everything else.

Welcome offer: Earn 10% cashback in the first 3 months on up to $2,000 spent ($200 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $120

American Express Cobalt Card

Rewards: Earn 5x pts per $1 spent on food & drinks; 3x pts on streaming subscriptions; 2x pts on travel; 1x pts everywhere else.

Welcome offer: Get up to 30,000 bonus points in the first year.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $155.88

Scotiabank Passport Visa Infinite Card

Rewards: Earn 2x Scene+ points/$1 on groceries, dining, entertainment, and daily transit; 1x points/$1 everything else; 6 free airport lounge passes/year; no FX fees.

Welcome offer: Get up to 40,000 points ($400 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $150

Credit Score FAQs

How long will it take to get an 800 credit score?

It could take several years of using credit responsibly to get an 800 credit score.

How rare is an 800 credit score?

About one in six people have a credit score of 800 and above.

Is an 800 credit score good?

A credit score above 800 is better than good. It is considered exceptional.

How much can I borrow with an 800 credit score?

How much money you can borrow from a lender will depend on your score and many other factors. With an 800+ credit score, your chances of qualifying for a higher credit limit and rate are better.

Related:

Best Credit Offers in February 2023

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Get one of the no-fee cash back credit cards in Canada ($150 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $150 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer, airport lounge access, and insurance benefits.

No annual fees to use the card and cashback is paid out monthly.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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