Is a Credit Score of 802 Considered Good?

A credit score serves as a numerical representation of an individual’s creditworthiness, providing lenders with a quick assessment of their financial reliability. This three-digit number plays a significant role in various financial transactions, influencing access to loans, credit cards, and even rental agreements. Understanding your credit score is fundamental to navigating the financial landscape, as it reflects your history of managing financial obligations. This article will explore the meaning behind a specific score, such as 802, and its implications for your financial opportunities.

Credit Score Tiers

Credit scores are categorized into distinct tiers, which help lenders quickly gauge a borrower’s risk level. The widely used FICO Score ranges from 300 to 850. A score between 800 and 850 is “Exceptional,” 740-799 is “Very Good,” and 670-739 is “Good.” Scores below these, such as 580-669 (“Fair”) and 300-579 (“Poor”), indicate increasing credit risk. These categorizations provide a framework for how lenders perceive your credit management.

The Significance of an 802 Score

An 802 credit score places an individual firmly within the “Exceptional” category, indicating low credit risk to lenders. This high score unlocks access to attractive financial products and terms. Individuals with an 802 score are routinely offered the lowest interest rates on mortgages, auto loans, and personal loans, translating into substantial savings. Lenders view such a score as evidence of a responsible borrower with a proven history of managing debt effectively.

Beyond favorable interest rates, an 802 score often leads to higher credit limits and easier approval for premium credit products. This score signifies strong financial standing, simplifying qualification for new credit lines. Some insurance providers may also consider credit scores when determining premiums, potentially leading to lower costs. An 802 score provides considerable financial flexibility and opportunity.

Components of Your Credit Score

Your credit score is derived from several factors, each contributing to the assessment of your credit risk.

Payment history: Accounts for about 35% of your FICO Score, reflecting on-time bill payments.
Amounts owed (credit utilization): Makes up around 30% of the score. Maintaining utilization below 30% is advisable.
Length of credit history: Accounts for about 15% of your score, including the age of your oldest account and average age of all accounts. A longer history of responsible credit management is viewed positively.
New credit: Contributes approximately 10%, including recent applications and new accounts.
Credit mix: Accounts for the remaining 10%, representing the variety of credit accounts you hold (e.g., credit cards, installment loans).

Preserving Your High Credit Standing

Maintaining an excellent credit score like 802 requires consistent attention to sound financial habits.

Make all payments on time, as even a single late payment can negatively impact your score.
Keep your credit utilization low, ideally below 30% of your available credit.
Regularly monitor your credit reports for accuracy. You are entitled to a free report from each of the three major credit bureaus annually through AnnualCreditReport.com.
Avoid opening too many new credit accounts in a short period, as this can signal increased risk to lenders.
Maintain a long and active credit history by keeping older accounts open and in good standing.

These practices collectively support the ongoing health of your credit profile.

Citations

FICO. “What Is a Good FICO® Score?”. Accessed August 23, 2025.
Experian. “What an 800 Credit Score Can Do for You”. Accessed August 23, 2025.
Investopedia. “How Your Credit Score Affects Your Car Insurance Rates”. Accessed August 23, 2025.
AnnualCreditReport.com. “Get your free credit report”. Accessed August 23, 2025.