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For the last couple of years, the average credit score for U.S. adults has been right around 715. If you're a perfectionist, a 715 score might not seem high enough, since most popular scoring models range up to a maximum of 850.
But is it even possible to obtain an 850 score? According to FICO, it is. However, it's incredibly rare; less than 2% of the population has perfect credit scores. Even for me — a former NFCC-certified credit counselor and a credit expert — 850 has been out of reach so far. This year, my FICO 8 score reached a high of 842.
With that said, I'm in no rush to hit an 850, and you shouldn't be either. Why? Other than the ego boost, there's no benefit to having perfect scores. In fact, once you're in the high 700s, your credit score already qualifies you for the best credit cards and loans available on the market.
What is a perfect credit score, and is it possible to achieve?
The most widely used credit scoring model is FICO, which ranges from 300 to 850. A perfect 850 credit score is achievable, but most of the population will never have scores that high. According to the most recent available data, only around 1.7% of U.S. adults have FICO scores of 850.
The group most likely to achieve score perfection is older adults, since they have the benefit of longer credit histories and more financial stability, both of which help build high scores.
Does that mean you have to wait for retirement to build excellent credit? Definitely not!
In 2016, FICO highlighted a case of a 43-year-old who was, at that time, the youngest person who had an "exceptional" credit score (800 or higher). I suspect many 30-somethings have joined those ranks since then, considering that the average credit score for U.S. adults has risen by almost 20 points since then.
As for myself, I'm currently 42, and my scores have been in the 800s for about 10 years now. Of course, I had the advantage of working as a credit counselor in my early 30s, a job that involved reviewing credit reports every day and teaching workshops about credit scores.
How can I get an 850 credit score?
Again, there's really no payoff for obtaining perfect 850 credit scores. However, if you insist on aiming for perfection, there are some key ways to improve your chances.
According to FICO, "high achievers" — or people with credit scores of 795 and higher — have these traits in common:
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No missed debt payments on their credit reports
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Credit card balances stay under 5% of their credit limits
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Oldest average debt account is 30 years old
I've also picked up a few tricks for accelerating credit score growth over my years of studying credit reports and scores. Depending on your situation, you may be able to replicate some or all of them:
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Became an authorized user: To kick-start my credit profile, I asked a family member to add me to her oldest credit card as an authorized user. By doing so, my scores benefited from her positive history with the credit card.
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Got my own card: After gaining about 80 points in a year, I applied for my own credit card (I now have two in total).
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Annual limit increases: I make sure to request limit increases on my credit cards at least once a year. I do this directly through my creditors' apps to avoid a hard inquiry that would lower my scores. When my limits are increased, it helps lower my credit utilization ratio and usually increases my scores by a few points.
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Make bi-weekly payment: Last year, I switched from paying off my credit card balances once a month to paying them off bi-weekly, which keeps my credit utilization low. This change helped me gain about eight points.
Does an 850 credit score matter?
Having an 850 credit score doesn't benefit you in any tangible way. You don't need an 850 to qualify for the best loan interest rates and terms, nor do you need it to qualify for hard-to-get rewards credit cards.
For practical purposes, anything above an 800 can essentially be considered perfect, but FICO even considers scores as low as 670 to be good credit scores.
So if you're concerned about improving your scores, try not to focus so much on a number that feels symbolically important, like the "perfect" 850. Instead, pinpoint what you plan to do with your credit in the next year or two, and check to see if improvements to your scores or other areas of your finances would be beneficial.
For example, let's say you want to qualify for a mortgage. You can qualify for a Federal Housing Administration (FHA) loan with credit scores as low as 500, as long as you save at least 10% for your down payment. For conventional loans, most lenders will approve you for their lowest interest rates with scores of 760 or higher, and you won't have to pay private mortgage insurance (PMI) if your down payment is at least 20%.
Frequently asked questions about 850 credit scores
Can you go higher than an 850 credit score?
It's possible to have a credit score above 850, since some credit scoring models, such as FICO Auto Score and FICO Bankcard Score, use a range up to 900. However, these scores aren’t commonly used by lenders, and there’s no practical benefit of having scores above 850.
Is 780 a good credit score?
A 780 credit score is considered very good if the scoring range goes up to 850. Having scores of 780 or higher can help you qualify for the best available offers on credit cards and loans.
What percentage of people have a credit score of 800 or higher?
Roughly 20% of people have credit scores of 800 to 850.
