It takes a lot of work to achieve an excellent (or exceptional) FICO score. While it doesn’t come overnight, it’s well worth it in the long run.

According to Experian, a FICO score of 800 or higher is considered excellent.

Only 21 percent of people have an excellent credit score, but those who do are in position to take advantage of many benefits.

Here are five ways to benefit from an excellent FICO score in the future:

1. Get a New Credit Card

If you don’t like what you’re getting from your current credit card, an excellent FICO score puts you in position to make an immediate change.

For example, you can secure a credit card with a lower interest rate, higher limit, or more robust rewards program.

There are hundreds of options to choose from, and individuals with a high credit score typically find it easy to obtain the perfect credit card.

2. Buy a Home

You shouldn’t buy a home just because you have an excellent FICO score. However, if you’re in the market, you’ll be happy to find that your credit score qualifies you for the lowest possible interest rate.

Remember this: a half a percentage point can save you thousands of dollars over the course of 15 or 30 years.

3. Take out a Personal Loan

Are you interested in remodeling your home? Are you ready to take that trip of a lifetime? Are you planning a wedding for your child?

If you need extra money, a personal loan is a great place to start your search. In addition to flexible terms, this type of unsecured loan provides consumers with a competitive interest rate.

With an excellent FICO score, you shouldn’t have any issue securing a personal loan with the lowest available interest rate.

4. Buy a Car

In a perfect world, you’d purchase your next vehicle with cash. This allows you to avoid the hassle of securing and paying back a loan. Not to mention the money you pay in interest.

An excellent FICO score positions you to not only borrow money for a new car, but to do so at a competitive interest rate. Just the same as a mortgage, the lower your rate the less you pay over the term of your loan. Your excellent FICO score may save you thousands.

5. Lower Car Insurance Rate

Did you know that most car insurance companies take your credit score into consideration when setting your premium?

In short, they assume that consumers with a lower credit score are more risky to insure. This may not be accurate, but it’s something that typically comes into play.

An excellent FICO score will help you purchase a comprehensive policy at an affordable price.

Final Thoughts

There are many ways to benefit from an excellent FICO score. Even if you’re not in position to benefit from the above at the present time, keep these details in mind in the future.