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. Data source: FICO (2022).
An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
Earning an 800-plus credit score isn't easy. It can take a long time to build up your credit history, and a few mistakes can set back your score for a while. However, earning that excellent score isn't impossible.
Only 1.31% of Americans with a FICO® Score have a perfect 850 credit score. While a score this high is rare among any demographic, older generations are more likely to have perfect credit. Baby boomers make up a whopping 59.4% of the people with an 850 credit score.
Lauren Smith, WalletHub Staff Writer
No one has a credit score over 900 because standard credit scores range from a low of 300 to a high of 850.
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.
Average FICO® Score in the U.S. Climbs to 715
Despite the slight increase over the past 12 months, average FICO® Scores have meandered throughout 2023, with average scores increasing from 714 to 716 this past summer, before settling at 715 at the end of the Q3 2023.
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.
Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
Practically speaking, there is no difference between the two scores. The best pricing occurs at a FICO score of 740, and mortgage insurance (required when the down payment is less than 20%) is best at 760 or better. For a 10% down payment, a buyer with a score of 760 or higher will pay .
A 620 credit score is typically what you'll need to get a mortgage for a home purchase. Although you can buy a house with a credit score as low as 500, you'll pay a higher rate and make a larger down payment.
The average FICO Score in the United States was 715 in 2023, according to Experian data, increasing by one point from its 714 average in the third quarter (Q3) of 2022. It marks the tenth consecutive year that average FICO Scores in the U.S. haven't decreased on an annual basis.
You can borrow over $100,000 with an 800 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.
Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714. Achieving a good credit score can help you qualify for a credit card or loan with a lower interest rate and better terms.
For those in the 40 to 49 age group, the average credit score is about 684.
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.
Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.
Credit scores by race and ethnicity
Majority Black, Hispanic and Native American communities have at least 1.5 times the rates of subprime credit scores, debt in collections and high-cost non-bank borrowing (such as payday loans) compared to majority-white communities, according to data from the Urban Institute.
Overall, the national average card debt among cardholders with unpaid balances in the fourth quarter of 2023 was $6,864, down from $6,993 in the third quarter. That includes debt from bank cards and retail credit cards.
What Is a Bad Credit Score? On the FICO® Score☉ 8 scale of 300 to 850, one of the credit scores lenders most frequently use, a bad credit score is one below 670. More specifically, a score between 580 and 669 is considered fair, and one between 300 and 579 is poor.