+ LR-Icons

“The 800 Club”—What It Means, And Why It Matters


Finance 101
Personal Loans

Published November 15, 2019

Are you a member of the “800 Club?”

No, it’s not about your travel rewards—it’s about your credit score. Like those who always chased straight A’s in school to make honor roll, these young, above-800 credit score holders believe it’s the undisputed marker of financial adulthood.

Of course, there are also certain perks for those who fastidiously manage their credit scores. And for those who believe the “800-Club” is a distinct rite of passage to lower rates and better deals: they may be right. Top-tier borrowers stand to reap some benefits unavailable to others— from student loan refinancing, to other lending services such as mortgages and personal loans. A higher credit score can yield long-term savings via lower interest rates on borrowing.

But according to the Wall Street Journal, the “800 Club,” comprised of about 1/5 of American adults, aren’t only interested in cheaper borrowing. They see it as a competition, with their platinum number reflecting a hard-won, financially responsible lifestyle—even if it means taking on new debt. In fact, wealthy individuals who’ve wished to enter the “Club” on net worth alone have been (begrudgingly) unable to do so: “Tom Quinn, vice president of scores at FICO…told a lawyer making $1 million a year that income, occupation and education aren’t factored into their scores.”

While you may not be in it for the ‘red carpet treatment’ or exclusivity, maintaining a high credit score can open some meaningful doors. Learn more about how Laurel Road can help those with excellent credit, here.

In providing this information, neither Laurel Road or KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice.

Any third-party linked content is provided for informational purposes and should not be viewed as an endorsement by Laurel Road or KeyBank of any third-party product or service mentioned. Laurel Road’s Online Privacy Statement does not apply to third-party linked websites and you should consult the privacy disclosures of each site you visit for further information.

Related Articles