Whether it's a loan or a credit card, they'll come to you! Every bank will give you VIP treatment, know..
In today's world, getting a loan or credit card depends not only on your income but also on your credit score. Banks and financial companies first look at how responsibly you have repaid borrowed money in the past. This is reflected in your credit score.
If a person's score is above 800, they are considered almost perfect in the financial world. This score falls into the top category of the credit score range, which typically ranges from 300 to 900. Banks consider such borrowers low-risk and offer them special benefits.
What does an 800+ Credit Score mean?
An 800+ credit score indicates that you have a very strong repayment history. You have paid your EMIs on time, used your credit cards responsibly, and avoided excessive borrowing. This is why credit bureaus like CIBIL, Experian, Equifax, and CRIF High Mark place you in the top category. Such a high score also shows that your credit utilization is low and you have maintained financial discipline for a long time. This is what earns the trust of banks.
Benefits of Faster Approval and Processing
For those with an 800+ credit score, loan approval is significantly faster. Banks provide loans to such customers with minimal paperwork because their track record is already clean. Many banks even offer loans without any documents, sometimes in just a few seconds. Personal loans, home loans, or car loans – such borrowers receive priority in all three categories. They often receive pre-approved offers, where the money is credited to their account with just one click.
Lower Interest Rates and Negotiation Power
The biggest advantage of such a high score is lower interest rates. Banks offer loans at the lower end of their rate band. This means that the interest rates that are not available to ordinary people are easily accessible to those with an 800+ score. Additionally, such customers can negotiate for waived processing fees, longer loan tenures, or better terms. Banks don't want to lose them, so they listen to their requests. Premium Credit Cards and Exclusive Offers
Customers with a credit score of 800+ are more likely to receive premium credit cards. These cards offer benefits such as airport lounge access, travel rewards, cashback, and high credit limits. During festive seasons or when salaries are credited, such customers also start receiving offers for pre-approved personal loans and card upgrades.
Easy Ways to Maintain an 800+ Score
Maintaining such a high score is equally important. Paying EMIs and credit card bills on time is crucial. It's also important to avoid overutilizing your credit limit. Checking your credit report every few months is also essential so that any errors can be corrected promptly. These habits will help keep your score strong for a long time.
Conclusion
A credit score of 800+ is not just a number, but strong proof of your financial credibility. This score gives you access to lower interest rates, faster loan approvals, and premium financial products. If maintained properly, it can make all your major financial needs easier to fulfill in the future.
Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
