Usually, that means you'll be at or near tier 1 credit if your score is around the mid-700s. For example, one of your credit card issuers might require that you have a credit score of at least 720, while your mortgage lender might want your score to be at least 760.
Most financing companies consider Tier 1 credit as a score of 750 and up. Some lenders consider credit scores of 700+ as part of Tier 1.
Individuals with tier 1 credit tend to have low or no credit balances and have made loan payments on time for many years that prove that they can be responsible with their credit. However, having this sort of profile does not happen quickly or overnight.
Tier 1: 800 – 850. Tier 2: 799 – 670. Tier 3 Credit Score: 669 – 300. Tier 4: beginning score of 300.
Tier 1 - Exemplifies Quality: Meets all non-negotiable criteria and scored the best possible on all indicators of superior quality. Tier 2 - Approaching Quality: Meets all non-negotiable criteria and some indicators of superior quality. Tier 3 - Not representing Quality: Does not meet non-negotiable criteria.
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.
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.
Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.
Tier 1 - the elite special operations soldiers. Perform counterterrorism, hostage rescue, targeted assassinations, etc. They are pulled from the ranks of the best tier 2 soldiers. DEVGRU pulls from the other navy SEAL teams.
Tier 3: A score of 670 to 689, and that's “very good.” This tier means you “have a positive credit history with no recent late payments.” Tier 4: A good credit score ranges between 650 to 669 and means you're “responsible with my credit and usually make my payments on time.”
In FICO's scoring model, scores in the 800 to 850 range are considered exceptional, or best. A given lender, however, may consider scores in the 750 to 850 range as best and categorize those borrowers as tier 1.
For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
Poor (300-579): 300 is the lowest credit score a person can have, and it's impossible to drop below that number. Fair (580-669): Lenders and banks will look at a Fair score more favorably, but their best offers may still be out of reach. Good (670-739): Experian® reported 714 as the average credit score in 2022.
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.
And when it comes to credit, 850 is the highest the FICO® Score☉ scale goes. For more and more U.S. consumers, practice is making perfect. According to recent Experian data, 1.54% of consumers have a "perfect" FICO® Score of 850. That's up from 1.31% two years earlier.
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.
Twenty-three percent of Americans have a credit score between 800 and 850, considered "exceptional" by FICO. A credit score at the top of that range -- 850 -- is considered a perfect score. Twenty-four percent have a FICO® Score between 750 and 799, making the "very good" bracket.
The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgage loan you're applying for and your lender. While it's possible to get a mortgage with bad credit, you typically need good or exceptional credit to qualify for the best terms.
Average credit score for people in their 50s
The average credit score for borrowers between the ages of 50 and 59 years old is 706. By this time people often have a very long credit history and a full range of credit types that affect the average score.
Tier 1: These students are in the top 5% of their class, a 3.9/4.0 for their unweighted GPA, have high standardized test scores (1530+ on SATs, 34+ on ACTs), have taken multiple AP and Honors classes, and have stellar extracurriculars. A student should fulfill all of these requirements to fit into tier 1.
Definition and Examples of Tier-One Credit
The specific credit score ranges can vary depending on the lender. One lender may consider tier-one credit for consumers with credit scores above 730, while another may use 720 as the cutoff. Alternate Names: Tier A+
TIER 1 – These schools have a reputation for cutting-edge research, academic quality, a diverse student body, and the highest levels of innovation, creativity, and scholarship. These schools have an admittance rate of less than 10%. Only ten out of every hundred applicants gain admission.