A credit score of 817 sits firmly in the excellent range in the nation’s credit scoring system. Four major credit bureaus, namely CRIF High Mark, CIBIL, Experian and Equifax, provide credit scores to borrowers.

These credit scores provide lenders with an indication of a borrower’s ability to repay. The credit scores provided by these bureaus primarily range between 300 and 900. Now, any score over 750 is considered excellent. That is why a score of 817 can be considered pristine. Here is what borrowers can expect with a credit score of over 800, along with how this score can be utilised effectively.

Higher approval rates and faster processing

When a borrower has an exceptional credit score, lenders perceive such borrowers as low-risk borrowers. This generally translates into:

1. Smooth and seamless approval of personal loans, credit cards and home loans.
2. The probability of securing premium credit cards also goes up with such a high score.
3. Any loans approved for such scores generally require less documentation and checks, as repayment discipline is already established.

Most financial institutions focus on and prioritise applicants with high credit scores for quick credit processing. Preference is given to borrowers who have a clear credit history, solid repayment track record and a high credit score.

Better interest rates and negotiation power

An 817 credit score permits borrowers to avail the most competitive rates in the market. Such a score provides borrowers with a platform to directly negotiate with lenders and avail the most lucrative loans.

Key things borrowers can expect

1. Lucrative interest rates on home loans, auto loans and personal loans compared with average borrowers.
2. Lesser scrutiny, as banks are more comfortable offering larger amounts due to a solid credit score and basic credentials.
3. Much-needed negotiation leverage is ensured to request fee waivers, longer tenures or reduced processing charges.

For example, aspiring borrowers with excellent scores, i.e., scores of 750 or higher, often secure home loans at the lower end of the bank’s rate band, provided they meet all other basic criteria.

Access to premium credit products

Lending institutions tend to offer their best financial products and services to customers with high credit scores. These include:

• Top-tier credit cards with travel, lounge access and reward benefits.
• Higher credit limits, more flexibility with repayments, and allowing better utilisation.
• Pre-approved personal loans, especially during festive seasons or salary credit cycles.

A credit score of 817 places a borrower among the nation’s most trustworthy borrowers. This score also opens the door to excellent credit card and personal loan terms, still maintaining this score still requires dedication and sincere discipline.

On-time clearance of pending loans and credit card bills, along with other similar debt expenses, maintaining a low credit utilisation ratio and regular credit report checks can ensure that such a high score is sustained for much longer. This score, hence, is not just a number but a strategic advantage in navigating today’s lending ecosystem.

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