In recent years, the average credit score for American adults has hovered around 715. While this may not seem high enough for those who strive for perfection, with most scoring models maxing out at 850, it’s important to note that achieving an 850 credit score is not only possible but incredibly rare. In fact, less than 2% of the population holds a perfect credit score. Even for seasoned credit experts like myself, reaching that elusive 850 mark has proven to be a challenge. My own FICO 8 score peaked at 842 this year, and while I continue to work on improving it, I’m in no rush to hit that perfect score.
The most widely used credit scoring model, FICO, ranges from 300 to 850. While an 850 credit score is attainable, it remains out of reach for the majority of individuals. According to current data, only about 1.7% of U.S. adults boast a perfect FICO score of 850. Typically, older adults are more likely to achieve perfect credit scores due to their longer credit histories and greater financial stability, which contribute to building high scores. However, this doesn’t mean that younger individuals have to wait until retirement to establish excellent credit.
In a notable case highlighted by FICO in 2016, a 43-year-old individual became the youngest person at that time to achieve an “exceptional” credit score of 800 or higher. Since then, it’s likely that more individuals in their 30s have joined the ranks of high achievers, particularly as the average credit score for U.S. adults has increased by nearly 20 points. As a 42-year-old with credit scores consistently in the 800s for the past decade, my background as a credit counselor has undoubtedly played a role in maintaining and improving my credit health.
While there may be no tangible benefits to obtaining a perfect 850 credit score, some key traits are common among “high achievers,” those with scores of 795 and above. These include a clean payment history, low credit card balances relative to limits, and an average debt account age of 30 years. Through my years of studying credit reports and scores, I’ve discovered several strategies to accelerate credit score growth, such as becoming an authorized user on a family member’s credit card, obtaining my own card, requesting annual limit increases, and making bi-weekly payments to keep credit utilization low.
Ultimately, having an 850 credit score may not offer any practical advantages, as scores above 800 are considered excellent and can qualify individuals for the best loan rates and credit card offers. FICO even deems scores as low as 670 to be good credit scores. Instead of fixating on a symbolic number like 850, it’s more beneficial to focus on your financial goals and how improvements to your credit scores can support those goals, whether it’s qualifying for a mortgage or obtaining a lower interest rate on a loan.
While some credit scoring models may go up to 900, with scores above 850 possible, there is no real benefit to having scores beyond perfection. A credit score of 780 is considered very good in a range up to 850 and can still open doors to the best credit card and loan offers. Roughly 20% of individuals fall within the 800 to 850 credit score range, showcasing that a score in this range is indeed achievable and advantageous for accessing favorable financial opportunities.
