What is the highest credit score possible?

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The highest credit score possible is currently 850, according to the FICO® credit scoring system. If your score isn’t quite there yet, don’t worry. Scores in the 740 – 799 range are considered “very good” and also enable you to qualify for loans and mortgages with more favorable interest rates. For example, a 780 credit score can qualify you for much better offers than a 730 credit score.

We’ll explain what the highest credit score is, how it’s calculated and if you need it to achieve your financial goals.

Highest credit score by model

So what’s the highest credit score you can have? The answer may vary depending on what scoring model you’re using. The FICO system is the most widely used credit scoring system, and the most recent version is the FICO Score 10, with scores ranging from 300 to 850. FICO also has separate scoring models for auto loans and bank cards, and VantageScore is another popular scoring model that operates similarly to FICO.

While it is possible to get a perfect score of 850, it’s pretty rare. As of April 2019, about 1.6 percent of scorable Americans had achieved it. However, for all practical purposes, a score of 800 has the same weight as an 850. This is because FICO categorizes every score within the 800 – 850 range as “excellent.”

FICO score

The FICO scoring model is a product of the Fair Isaac Corporation—the model’s namesake. Various pieces of data from your credit report are reviewed and weighed to calculate your credit score. Payment history contributes 35 percent to your FICO score, the amount of debt you have contributes 30 percent, your credit history makes up 15 percent, your credit mix (the different types of credit you have) makes up 10 percent and applications for new lines of credit compose the last 10 percent of your score.

FICO Auto and Bankcard Scores

With FICO Auto and Bankcard Scores, it is possible to achieve a 900 credit score. These scores have a range of 250 – 900.

The FICO Auto Score is an industry-specific version of a credit score designed specifically for auto financing. It takes your existing FICO score and adjusts it based on how likely you are to make consistent auto payments.

The FICO Bankcard Score is also an industry-specific score. Used by credit card issuers, it is designed to predict how likely you are to default on a credit card account.

VantageScore

VantageScore is the second most common scoring model after FICO and was developed by the three major credit bureaus. With VantageScore 1.0 and 2.0, you could score anywhere from 501 to 990. However, these models were retired in 2013 and have since been replaced with 3.0 and 4.0, which range from 300 to 850.

Who has a perfect credit score?

Anyone can aim for a perfect credit score. Contrary to popular belief, age, income and geographic location are not barriers to having an exceptional score.

Many people associate older age with a higher credit score, but this isn’t always the case. While the age of your credit history matters, it’s possible to start building credit when you’re young by becoming an authorized user on a parent’s credit card. According to Experian, 27 percent of perfect scorers are millennials, Generation Xers and Generation Zers—roughly ages 25 to 58.

Geographically, the three states with the highest concentration of perfect FICO scores are:

• Hawaii: 2 percent
• Minnesota: 87 percent
• Connecticut and Maryland:78 percent

The top three spots for the highest concentration of perfect scores by metropolitan area includes cities all across the U.S.:

• Honolulu, Hawaii: 23 percent
• Corvallis, Oregon: 20 percent
• Oxnard-Thousand Oaks-Ventura, California: 16 percent

What are the benefits of a good credit score?

Earning and maintaining a good credit score can offer multiple benefits since you’re proving your financial trustworthiness to lenders with every action you take. Some of the most lucrative benefits include:

• Better car insurance rates
• Eligibility for more dynamic credit cards
• Increased credit limits on your existing cards
• Faster approval of lease applications
• Securing cell phone contracts without a deposit
• Opportunities to reduce the security deposit on a new property
• Favorable interest rates on credit cards and new loans

How to get an 850 credit score

While there’s no magic formula for taking your credit all the way to the top, there are a few common habits and best practices that can positively affect your credit score:

• Limit hard inquiries: New credit makes up 10 percent of your score, so be mindful of how many credit inquiries you activate within a set amount of time.
• Don’t miss payments: Payment history makes up 35 percent of your score, so it’s important to make payments on time and in full every month.
• Keep a low card balance: Amounts owed make up 30 percent of your score, so pay down your balances quickly and consistently.
• Incorporate a mix of credit: Credit mix makes up 10 percent of your score, which can come from credit cards, mortgages, auto loans and more.
• Maintain a low credit utilization rate: Aim to stay below 30 percent of your total limit by keeping track of how often you use your credit cards for purchases.
• Achieve a high credit limit: Asking your bank to extend your credit limit makes it easier to maintain a low utilization rate.
• Have a long-standing credit history: Length of credit history makes up 15 percent of your score, so try not to close your oldest accounts if possible.

Work on your credit with Lexington Law Firm

Good credit management is a journey that takes time and patience. Certain factors, such as length of credit history, may be out of your control if you’re just starting to build credit. However, with diligence and determination, a good, very good or even excellent score can be attainable.

If errors on your credit report are getting in the way of reaching your credit goals, Lexington Law Firm’s services could help you repair your credit. Creditor interventions, bureau challenges and disputes and identity theft insurance are just some of the features offered across all of Lexington Law Firm’s plans.