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.
We focus on five credit score levels:
Deep subprime (credit scores below 580) Subprime (credit scores of 580-619) Near-prime (credit scores of 620-659) Prime (credit scores of 660-719)
How many people have perfect FICO® Scores? Data from April 2023 found that about 1.7% of people who meet the minimum requirements for a FICO® Score had an 850. That's an increase from previous years, but still a small minority of people.
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.
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.
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.
A score in the high 700s or 800s is considered excellent. About a third of consumers have FICO Scores that fall between 600 and 750—and an additional 48% have a higher score. In 2023, the average FICO® Score☉ in the U.S. was 715. Lenders use their own criteria for deciding whom to lend to and at what rates.
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.
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.
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.
To buy a $250,000 house, you'll likely need a credit score of 620 or higher to secure a conventional home loan.
Overall, Credit Karma may produce a different result than one or more of the three major credit bureaus directly. The slight differences in calculations between FICO and VantageScore can lead to significant variances in credit scores, making Credit Karma less accurate than most may appreciate.
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.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
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.
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%.
FICO® Scores are dynamic three-digit numbers ranging from 300-850, which evolve as changes in borrower behavior is reflected in the data maintained by the three primary U.S. consumer reporting agencies (CRAs), Equifax, TransUnion, and Experian. This year's national average FICO Score stands at 717.
To make lending decisions easier, financial institutions categorize borrowers into categories based on their credit scores. If you have a FICO credit score, you may know that those scores are grouped into five categories: poor, fair, good, very good and exceptional.