What is a perfect FICO credit score?
A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates — which can save you money over time — excellent credit can help you qualify. “Excellent” is the highest tier of credit scores you can have.
Only about 1.6% of the 232 million U.S. consumers with a credit score have a perfect 850, according to FICO's most recent statistics.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
Just getting your credit score over 800, officially an excellent credit score, gives you the same advantages and benefits that come with a perfect credit score. Experian reports that 21 percent of all consumers have achieved excellent credit, compared to just 1.6 percent with a perfect 850 credit score.
Some types of mortgages have specific minimum credit score requirements. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
The highest credit score you can have on the most widely used scoring systems is an 850. The widely-used FICO 8 scoring model and the VantageScore 3.0 both use a 300-850 scale. Credit scoring company FICO says about 1% of its scores reach 850.
But he has one more thing that most people would really, really love to have: a credit score that is higher than almost everyone else in the country. Pavelka, 56, has a credit score of 848 out of 850.
What is a good credit score by age?
|Average FICO 8 Score by Generation
|Generation Z (ages 18-26)
|679 - Good
|680 - Good
|687 - Good
|690 - Good
|Generation X (43-58)
|707 - Good
|709 - Good
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
Several factors can ruin your credit score, including if you make several late payments or open to many credit card accounts at once. You can ruin your credit score if you file for bankruptcy or have a debt settlement. Most negative information will remain on your credit report for seven to 10 years.
Even the most restrictive mortgage products have credit score requirements in the mid-700s. A credit score of 830 will generally qualify you for a lender's best interest rates. As a real-world example, the average 30-year fixed mortgage interest rate was just over 7% as of late October 2022.
It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
With the most popular credit-scoring models, the lowest credit score possible is 300, but some people may have no credit score due to limited or nonexistent credit histories.
|Average credit score (FICO) in 2023
|Generation Z (18-25)
|Generation X (42-57)
|Baby boomers (58-76)
However, with a 718 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.
The average FICO Score in the United States was 715 in 2023, according to Experian data, increasing by one point from its 714 average in the third quarter (Q3) of 2022.
You can borrow over $100,000 with an 800 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
Is there a big difference between 750 and 800 credit score?
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
A credit score of 800 will generally qualify you for a lender's best interest rates. As a real-world example, the average 30-year fixed mortgage interest rate was just over 7% as of late October 2022. However, the average rate paid by a homebuyer whose FICO credit score was 760 or higher was 6.583%.
To qualify for a conventional loan, you'll need a credit score of at least 620, though some lenders may choose to approve conventional mortgage applications only for borrowers with credit scores of 680 and up.
The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of mortgage.
Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders. With a Federal Housing Administration (FHA) loan, though, you might be able to get approved with a score as low as 500.