Excellent credit score: Do you really need one?

An excellent credit score is anything above 781 in VantageScore® and above 800 in FICO®. But do you really need one?

Your credit score is used to decide some of the most important stages of your life, from mortgage to a new car or a job.

Your credit score reflects not just your creditworthiness, but also your actual value when it comes to finances.

While you don't need an excellent score to get access to loans and credit, the higher the score, the more the perks.

Only 23% of Americans have a FICO® score of 800 and above. The rest are still able to get loans and qualify for credit.

The advantage of an excellent score is bargaining power. Use it in every financial situation your credit report is pulled.

With an excellent score, you are likely to qualify for cards with airport lounge access or purchases with no down payments.

At the same time, you also qualify for lower interest rates and less fees if you can maintain positive credit habits.

To get to excellent, make payments in full and on time, maintain a healthy credit history, and keep improving your score.