In most cases, the highest credit score is 850, though a couple of FICO score models go up to 900. One person can have several credit scores, since FICO, VantageScore and others each have different scoring systems with different weightings.
According to FICO, only 1.6% of the population has an 850 credit score. It's incredibly tough to get there, but reaching an 850 score is possible.
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 average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024.
Fewer than one-fourth of U.S. adults have credit scores of 800 or higher. Generally speaking, it takes a rather long history of responsible credit behavior to build your score to this level. A credit score of 840 tells lenders that you are highly likely to pay back money that you borrow.
About 70% of all mortgages are conventional loans, making it the most common type of mortgage. A FICO score of 620 or better is typically required for a conventional loan and, if your score is 760 or higher, you should qualify for the best interest rates.
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.
Only a little over 20% of consumers ever earn a score of 800 or higher. Why? People with 800 credit scores use credit differently than the vast majority of credit users. Sure, they do some of the same things you do: never miss a payment, try to keep their credit utilization low, and scan their credit report for errors.
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.
"From the standpoint of qualifying for credit, it doesn't matter whether you have a perfect 850 or a score just below that," said Ethan Dornhelm, VP of FICO Scores and predictive analytics. "To lenders, a consumer with a score in the 800s is a sparkling applicant."
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.
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.
There isn't a specific credit score that you need for a mortgage, but the higher your score the more likely your application will be accepted. This is because having a higher score makes you a lower risk, and suggests that you are more likely to be able to keep up with the repayments.
Making a late payment
Your payment history on loan and credit accounts can play a prominent role in calculating credit scores. Even one late payment on a credit card account or loan can result in a credit score decrease, depending on the scoring model used.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with a score as low as 500.
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.
What credit score is needed to buy a car without a cosigner? People with prime credit scores of 661 or higher likely don't need an auto loan cosigner.
And while it's not shown in the above table, those with perfect credit scores also have lengthy credit histories. According to Experian data, baby boomers and other older consumers comprise 66% of the consumers with 850 FICO scores, and Generation X another 26%.
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.