How rare is 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.
After all, three million Americans have climbed the Mount Everest of credit score figures. If they can pull it off, why can't you do the same? A score of 850 can only be achieved with 10+ years of credit, excellent on-time payment history, low credit utilization, and no recent hard inquiries, which is a tall ask.
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.
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.
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.
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.
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.
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.
It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.
What is a good credit score to buy a car?
Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
What's a good credit score for a 20-year-old? Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
A perfect FICO credit score is 850, but experts tell CNBC Select you don't need to hit that target to qualify for the best credit cards, loans or interest rates.
According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
The first is the generic FICO score which goes from 300 to 850. This is a general credit score. The second is an industry specific score which is tailored to the needs of one of the credit card industry, mortgage industry, or auto loan industry, and ranges from 250 to 900.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.
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.
| Age Bracket | 2022 |
|---|---|
| 18–25 | 679 (Good) |
| 26–41 | 687 (Good) |
| 42–57 | 706 (Good) |
| 58–76 | 742 (Very Good) |
- Conventional Loans Minimum Credit Score: 620. ...
- Jumbo Loans Minimum Credit Score: 700. ...
- FHA Loans Minimum Credit Score: 500. ...
- VA Loans Minimum Credit Score: 620. ...
- USDA Loans Minimum Credit Score: 580.
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.
Can I buy a house with a 830 credit score?
An 830 credit score is often considered very good — or even excellent. With excellent credit, your credit scores become more of a bridge and less of a roadblock — a high score can help you qualify for premium rewards credit cards, auto loans and mortgages with the best terms.
- Pay all your bills on time. One of the easiest ways to boost your credit is to simply never miss a payment. ...
- Avoid excessive credit inquiries. ...
- Minimize how much debt you carry. ...
- Have a long credit history. ...
- Have a good mix of credit.
A breakdown of younger generation credit scores
Millennials average a credit score of 690, and Gen Zers come in at 680. For reference, the qualifying credit score for most conventional home loans is 620, according to Rocket Mortgage.
For members of Gen Z, defined as those between 18 and 26, the average credit score is 680, according to Experian. Meanwhile, the average credit score for people 78 or older, categorized as the silent generation, is 761 — the highest of the generational cohorts."
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.
