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 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. A higher credit score could yield long-term savings via lower interest rates on borrowing. Top-tier borrowers stand to reap some benefits and may qualify for even lower rates — from student loan refinancing, to other lending services such as mortgages and personal loans.
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 as Tom Quinn, vice president of scores at FICO, describes it to WSJ. Quinn recalls his response to 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 you on the road to your next financial goals.
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