By Brandon Elliott, Founder of Credit Counsel Elite

As an entrepreneur or real estate investor, your credit score is a vital component of your financial identity. It can be the key to unlocking a world of opportunities, from securing loans with favorable terms to acquiring premium credit cards that offer exceptional rewards for travel and cashback. In this article, we delve into the intricacies of achieving an 800 FICO score in 30 days or less, exploring the feasibility, benefits, and why anyone who is aiming for a “perfect 850 FICO” is just doing it for bragging rights (and no one important really cares).

The Journey to 800: Is it Feasible?

Achieving an 800 FICO score is a commendable goal, but is it possible to accomplish this feat in under a month? The short answer is yes, but in all honesty, it largely depends on your starting point, current and past financial habits, and the amount of time you are willing to put in to get quick success. If your credit score is already hovering around the 780 mark and your credit report is in good shape, the journey to 800 can indeed be swift. However, if your credit report has inaccuracies, late payments, or high credit utilization, rectifying these issues will be the first step, and it will likely take longer than 30 days.

The Roadmap to 800: A Step-by-Step Guide

  1. Evaluate Your Credit Report: Begin by obtaining a copy of your credit report from all three major credit bureaus. Scrutinize the reports for any inaccuracies or discrepancies and take immediate steps to dispute them. There are several methods we teach at Credit Counsel Elite that can boost these scores significantly from between 24 hours up to about 45 days. Each technique is used for different circumstances and has different results. Some hard inquiries can be removed in a matter of hours, while some can never be removed without damaging your credit relationships.  
  2. Optimize Credit Utilization: Aim to maintain your credit utilization below 10%. Pay off existing balances and consider requesting a credit limit increase to improve your utilization ratio. If you can get your utilization to below 3%, you will see even better approval odds.  
  3. Timely Bill Payments: Ensure all your bills are paid on time. Late payments can significantly dent your credit score.
  4. Smart Credit Applications: Be judicious about applying for new credit. Each hard inquiry can temporarily dip your score. Additionally, every new account added to your credit profile will reduce your average credit age. These two categories combined make up 25% of your total credit score. With a possible total of 850, that is about 212 of those points.  
  5. Diversify Your Credit Mix: Having a mix of different types of credit (credit cards, mortgages, auto loans) can positively impact your score. You want to have a total of 21 credit lines of mixed use (not just credit cards but other types of loans like personal, auto, student, and mortgages). But remember, opening something yourself now negatively impacts your score.
  6. Become an Authorized User: This is a not-so-well-kept secret in the credit space, but everyone should know it. Being added as an authorized user on a family member’s long-standing, positive credit account can help boost your credit age and score. The right AU card can positively affect three of the credit boxes that make up your credit score: Utilization, Total Accounts, and Average Credit Age; combined, these are 55% of your score. Being an AU on the wrong card can hurt your credit age, add derogatory remarks, including late payments, and cause your utilization to increase, so be careful. 
  7. Monitor Your Progress: Regularly check your credit score and report to track your progress and quickly address any issues that might arise.

Reaping the Rewards of an 800 Credit Score

An 800 FICO score opens the doors to the best financial products on the market, including top-tier credit cards, personal loans, and mortgages. You will be eligible for lower interest rates, saving you thousands of dollars over the lifetime of your loans. Additionally, having an exceptional credit score enhances your negotiating power, allowing you to secure the best terms on credit agreements, and an 800 FICO score can also positively impact insurance rates and rental applications.

Once You Reach 800, Don’t Change What You Are Doing

To maintain an 800 credit score, uphold diligent credit habits: pay all bills promptly, keep credit utilization low, and settle credit card balances before the grace period ends. While minor score fluctuations are normal, especially after a new credit application or a large purchase, maintaining responsible credit practices will ensure your score remains stable. Avoid complacency, as even a single missed payment can significantly impact your exceptional credit standing.

The Perils of Perfection: Why 850 Might Not Be Ideal

While the allure of a perfect 850 FICO score is undeniable for some, entrepreneurs need to understand that achieving this may not be the most practical goal; the marginal benefits compared to a score above 780 are minimal. Loan rates do not get better, you will not be offered any additional premium cards. Instead, you should focus on leveraging your excellent credit score to build wealth and seize business opportunities; this is how to use a great credit score to your advantage.

Conclusion: Building a Financial Foundation

Achieving and maintaining an 800 FICO score is a testament to your financial responsibility and opens up a world of possibilities. Use your exceptional credit wisely, continue practicing good credit habits, and leverage your financial standing to propel your entrepreneurial ventures to new heights. Remember, the journey to excellent credit is a marathon, not a sprint – so stay the course, and the rewards will be well worth the effort.


Disclaimer: This article is intended for informational purposes only and does not constitute financial advice. Consult a financial expert tailored to your specific circumstances before making any financial decisions.