Even better, just over 1 in 5 people (21.2%) have an exceptional FICO credit score of 800 or above, all but guaranteeing access to the best products and interest rates.
As of the third quarter of 2023, 1.54% of U.S. consumers had a FICO Score of 850, according to Experian data. Some notable traits of consumers with a perfect credit score include an above average number of credit cards, lower credit utilization rate and lower than average total debt.
Many believe that it is impossible to perfectly satisfy all these conditions and get a credit score of 900. Others believe it is possible, but exceedingly rare. In fact, approximately 1% of people have a credit score of 850 or more, and an even smaller portion of Canadians could achieve 900.
In most cases, the highest credit score possible is 850. You can achieve the highest credit score by taking a variety of essential steps. Still, for many people, it's difficult considering the range of factors that dictate the highest credit score possible.
What is the highest credit score possible? To start off: No, it's not possible to have a 900 credit score in the United States. In some countries that use other models, like Canada, people could have a score of 900. The current scoring models in the U.S. have a maximum of 850.
A 700 credit score can help you in securing a Rs 50,000 Personal Loan with many benefits, such as: Lower interest rates. Higher loan amounts. Faster approval process.
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024.
Generally speaking, the highest credit score possible is 850, according to the most common FICO and VantageScore credit models.
A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
There's no single, specific credit score that will automatically qualify you for a mortgage (though having the maximum score of 850 certainly never hurts). However, while lenders might not set precise qualifying numbers, they do have minimum credit score requirements.
Paying your mortgage in full usually does not have a significant impact on your credit score. But once the mortgage is removed from your credit history, your score may drop slightly because of a reduced credit mix — that is, you no longer have as large a variety of types of debt.
South Burlington, Vt., is the city with the highest credit score, while Detroit is the city with the lowest, according to personal finance site WalletHub.
By age 40, the average credit score often falls in the good range (670-739), reflecting established credit habits and histories. At this age, financial responsibilities like mortgages, car loans, and family expenses can influence credit scores positively if managed well.
At the close of 2019, the average household had a credit card debt of $7,499. During the first quarter of 2021, it dropped to $6,209. In 2022, credit card debt rose again to $7,951 and has increased linearly. In 2023, it reached $8,599 — $75 shy of the 2024 average.
Key Takeaways. 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.
Each company has a few different types of scores, but almost all of them top out at 850. The main exceptions are the FICO Bankcard Scores and Auto Scores, which go up to 900, but they're not as widely used as the FICO Score 8.
Home loans
Your credit score might be only one piece of your home mortgage application, but it's among the most critical. With a 705 credit score, you're well above the 620 baseline score needed to qualify for most home loans, but borrowers with a 740 score or higher will typically get a better interest rate.
Mississippi has the lowest average FICO credit score, with an average FICO score of 672.
How Long Does It Take to Fix Credit? The good news is that when your score is low, each positive change you make is likely to have a significant impact. For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use.
670 to 739: Good Credit Score
Lenders generally view those with credit scores of 670 and up as acceptable or lower-risk borrowers.