Westlake man has one of the highest credit scores in the entire country, 848 out of 850 (2024)

Westlake man has one of the highest credit scores in the entire country, 848 out of 850 (1)Tom Pavelka of Westlake insists he's not frugal. He just spends money wisely. Gus Chan, The Plain Dealer

WESTLAKE, Ohio -- Tom Pavelka has a nice 3,000-square-foot home in Westlake, a good government job, two British sports cars and an adoring wife of 25 years.

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. The letter he got from the credit bureau recently said his score "ranks higher than 100 percent of U.S. consumers."

That makes Pavelka a financial anomaly.

While an 848 isn't a perfect score, it's as high as most experts have ever seen.

"I don't know anybody who has a perfect credit score," said Rod Griffin, director of public education for Experian, one of the three major credit bureaus, whose California company provided the basis for Pavelka's score.

"It's almost impossible to have a perfect credit score. If you use credit and you have debt, there's always some risk you will not be able to repay it," Griffin said. "You could become ill, you could be in an accident that's not your fault. Because there's always some risk from things beyond your control that you won't be able to repay the debt, you won't have a perfect credit score."

Maybe not, but Pavelka is feeling pretty good about himself.

Interestingly, the career government employee has never obsessed about his credit score - he can't remember the last time he checked it or what it was then.

High achievers deserve credit

  • Fair Isaac Corp. calls people with a credit score of 785 or greater a "high achiever." Here are some of the characteristics of high achievers:
  • They have an average of seven credit cards including both open and closed accounts.
  • They have an average of four credit cards or loans with balances.
  • One-third of high achievers have total balances of more than $8,500 on non-mortgage accounts; the remaining two-thirds have total balances of less than $8,500.
  • 96 percent of high achievers show no missed payments anywhere on their credit report.
  • They seldom open new accounts. Their oldest credit account was opened an average of 25 years ago and their most recently opened credit account averages was 28 months ago. Overall, their average credit account is 11 years old.
  • Source: Fair Isaac

He also is a financial paradox:

* For years, he and his wife carpooled 16 miles to work (he to downtown Cleveland, her to Euclid,) in part so that he could avoid paying for downtown parking and avoid racking up miles on another car.

Yet, the couple have seven vehicles, including two 1960s British sports cars and a 1958 Corvette. All of their regular vehicles have $100 per year vanity plates. ("Eat Hot" and "Eat Heat" shows their passion for spicy foods.)

* The Palvelkas own a 65-inch television, but not high-definition cable nor high-speed Internet access.

* They eat out frequently at nice restaurants and take pride in their collection of vintage red wine, but their frequent vacation spots are Columbus, Chicago, Pittsburgh and Niagara Falls (Pittsburgh's "very eclectic Mattress Factory Art Museum is must-do," he said.)

Tom Pavelka, an assistant district director at the Department of Labor's Office of Workers' Compensation in Cleveland, has no doubt that some of his ability to manage his finances easily stems from the fact that the couple have no children -- just Freddie, a cat from a shelter. They can charge a couple of thousand dollars on a credit card and easily pay it off the next month.

But having a credit score that is nearly perfect takes a little more than that. While the couple makes a comfortable living, anybody can live beyond his means. They don't.

He has a few simple rules:

1. Never charge something without having something to show for it.

2. Never spend money without knowing when you can repay it.

3. Pay your bills on time.

You might think you have to have no debt to have a really high credit score, but that's not true. Credit scores are formed in part based on your payment history. If you never have debt, you have no track record for repaying it.

In fact, the Pavelkas have a mortgage (with four years left,) an equity line that he usually uses to buy cars and then pays off, four credit cards with amounts due this month (they pay the bills in full each month) and a total of eight credit cards with available credit exceeding $120,000.

Pavelka and his wife weren't always so well off. He grew up in Cleveland, off Buckeye Road, raised with his brother by his single mother after his father died when he was 1. The three lived in the upstairs of a house owned by his grandfather, surviving on Social Security and VA death benefits. His wife, Helga, an immigrant from Austria, had a similarly tight upbringing.

He attended college at the University of Notre Dame in Indiana, thanks to scholarships, financial aid, Pell grants and work-study programs. He started as a math major, but that was too theoretical, he said. So he switched to philosophy and intended on going to law school. But when he graduated in 1978 and got a $10,000-a-year job at the Veterans' Administration, he was so mesmerized by actually having money that he didn't want to go back to school.

Pavelka said he always managed his money well as a bachelor but did occasionally carry a credit card balance. When he got married in 1987, "my wife kind of kicked me in line," he said. Today, he said his wife still has veto power over his "fun" purchases. He defied her once - when he bought his Harley in 2005. ("To her credit, her concern was more my safety than expense," he said. "So although I already had my motorcycle endorsement for 20 years, I took Harley's Rider's Edge training course.")

More from Tom Pavelka

Here are his tips on money, coupons, warranties and pizza

Pavelka found out about his stellar credit score after he went shopping recently at Bass Pro Shop outside of Toledo. Pavelka is an avid hunter, and the store had a sale on a piece of equipment. Plus, if you used a Bass Pro credit card, the store would pay your sales tax, which would amount to more than $50 for his big purchase.

Pavelka soon learned he did not have a Bass Pro credit card. They invited him to apply for one. They'd give him 10 percent off. Sure, why not? He was immediately granted a credit line of $6,500.

He put part of his purchase on his new credit account and paid the rest with Bass Pro gift cards he bought at Giant Eagle (during a double Fuel Perks promotion). He bought the gift cards with his BP Visa credit card, which gives him gas rebates.

Two weeks later he received his credit score disclosure: 848 out of 850. "Generally, the higher your score, the more likely you are to be offered better credit terms," the letter said.

What is a credit score?

A credit score is a three-digit rating that's intended to show how likely you are to not become delinquent on payments, based on your payment history, amount of debt, length of credit history, etc. Higher is better.

FICO scores (the best known and the ones lenders generally use) run from 300 to 850. Anything above 720 is an A. About half the population has A-minus or better credit. Historically, about 10 percent of the population has an 800 or better. Nearly 25 percent of consumers have a rating of C or below.

To check your credit history, go to annualcreditreport.com It is free once a year from each of the three credit bureaus only if you go through this site. Or you can get it free by calling 1-877-322-8228. Or send a request with your name, Social Security number, date of birth, mailing address and previous mailing address (if current address is less than two years old) to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281

Your credit report, however, does not include your credit score. You must pay to get that, generally $8 to $10. Instructions are included when you get your free report. If you're checking your report and score for the first time in a long time, go with Equifax.

Pavelka isn't sure what the other part of the letter means, that his score is "higher than 100 percent of U.S. consumers." Fair Isaac spokesman Anthony Sprauve said it does not mean he has the absolute highest score in the nation. There are other 848s, and even 849s and 850s out there. But his score is higher than perhaps 99.7 percent of consumers and the disclosure letter simply rounded up.

Cleveland credit guru Jay Seaton, president of Consumer Credit Counseling of Northeast Ohio, said it's possible Pavelka's near-perfect score was the ultimate alignment of the planets. If someone had checked his score a week later, or today, it might be only 835. Or it could be 849. Credit scores swing slightly on what bill you just paid or what you just charged.

"Maybe it's not a needle in a haystack, but it's close," Seaton said, adding, "What's fascinating to me is he is living the life, the way he wants to. But he has sense. That gives you a score you can be proud of."

Although banks have been good to Pavelka, he revels in lashing out at them. He mischieviously recalls a time in the 1980s when he couldn't get his credit card companies to give him actual payoffs, including interest, for his accounts. So he calculated the amounts themselves (he was a math major) and intentionally overpaid by 1 or 2 cents. That forced the companies to continue sending him paper statements and paying for postage so they could show his credit balance.

He also laughs about all of the credit card offers his late cat, Roxie, got after they used her name at a Toys R Us promotion.

Griffin of Experian said Palvelka is a testament to the advice the credit bureaus frequently cite: "Don't worry about your credit scores. Worry about managing the credit you have and worry about your credit history. If you do that, the scores will take care themselves."

Palvelka realizes his spending may increase a bit in two months, when he retires from the nearly-90-person office he helps run. His wife, a hematology supervisor who is 58, has several more years before retirement, so she won't be around to keep tabs on his hunting hobby and car-buying.

Despite his penchant for rebates and killer deals, and the fact that he has a 2-year-old Droid and used Rolex, Palvelka is adamant about one thing:

"I don't like being called frugal," he said. "I like to spend money. I just do it wisely."

To reach this Plain Dealer reporter: tmurray@plaind.com

On Twitter: @teresamurray

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Westlake man has one of the highest credit scores in the entire country, 848 out of 850 (2024)

FAQs

Westlake man has one of the highest credit scores in the entire country, 848 out of 850? ›

Cleveland-area man has one of the highest credit scores in the entire country, 848 out of 850. Tom Pavelka has a nice 3,000-square-foot home in Westlake, a good government job, two British sports cars and an adoring wife of 25 years.

How rare is an 848 credit score? ›

Your 848 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.

Does anyone actually have an 850 credit score? ›

Although a lot of people might like the idea of a perfect credit score, they'd likely have a hard time actually achieving it. In the U.S., only about 1.7 percent of the scorable population had a perfect 850 FICO credit score in April 2023, according to FICO data.

What percentage of the US population has a 850 credit score? ›

How many Americans have an 850 credit score? Only 1.31% of Americans with a FICO® Score have a perfect 850 credit score. While a score this high is rare among any demographic, older generations are more likely to have perfect credit. Baby boomers make up a whopping 59.4% of the people with an 850 credit score.

Is a credit score of 848 good or bad? ›

An 848 credit score is often considered very good — or even excellent. A very good or excellent credit score can mean you're more likely to be approved for good offers and rates when it comes to mortgages, auto loans and credit cards with rewards and other perks.

Who has a 999 credit score? ›

A credit score of 999 from Experian is the highest you can get. It usually means you don't have many marks on your credit file and are very likely to be accepted for a loan or credit card.

Does anyone have a 950 credit score? ›

Is a 950 credit score possible? In most conventional credit scoring systems, such as FICO and VantageScore, a credit score of 950 is not possible, as they typically have a maximum score of 850. However, some custom or industry-specific scoring models might use a different scale, but they are not as widely used.

How many people have 830 credit scores? ›

Less than 21% of people have a credit score in the 800-850 range. An 800+ credit score, such as 835, is considered perfect credit, indicates a borrower uses credit responsibly, and qualifies the person for the best loan and credit card terms.

Does anyone have a 900 credit score? ›

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.

How many people have an 840 credit score? ›

Your 840 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.

How rare is an 830 credit score? ›

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.

How rare is an 850 FICO score? ›

While achieving a perfect 850 credit score is rare, it's not impossible. About 1.3% of consumers have one, according to Experian's latest data. FICO scores can range anywhere from 300 to 850.

How rare is 825 credit score? ›

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

How many people have a 848 credit score? ›

Fewer than one-fourth of U.S. adults have credit scores of 800 or higher. Generally speaking, it takes a rather long history of responsible credit behavior to build your score to this level. A credit score of 848 tells lenders that you are highly likely to pay back money that you borrow.

How rare is an 800 credit score? ›

How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.

What is a FICO score of 848? ›

An 848 credit score is a perfect credit score. Despite being just shy of the highest credit score possible (850), a credit score of 848 qualifies as perfect because improving your score further is unlikely to save you money on loans, lines of credit, car insurance, etc.

How rare is a 850 credit score? ›

While achieving a perfect 850 credit score is rare, it's not impossible. About 1.3% of consumers have one, according to Experian's latest data. FICO scores can range anywhere from 300 to 850. The average score was 714, as of 2021.

Is a 900 credit score possible? ›

Highlights: 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.

How many people have a credit score over 850? ›

The percent of the population with the highest credit score of 850 is relatively small but has been increasing. As of April 2023, about 1.7% of the U.S. scorable population had a perfect 850 FICO® Score. That compares to 1.5% in April 2018 and 0.8% in April 2013.

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