September 27, 2022 |4 min read Show
September 27, 2022 |4 min read If you’ve ever wondered what the highest credit score that you can have is, it’s 850. That’s at the top end of the most common FICO® and VantageScore® credit scores. And these two companies provide some of the most popular credit-scoring models in America. But do you need a perfect credit score? Not necessarily. According to research by credit bureau Experian®, a score above 760 could qualify you for the best interest rates. Key Takeaways
Understanding Credit Score RangesSure, you want to achieve a high credit score. But how do you know when your credit score moves from the “good” to “excellent” range? Not all scoring models are the same. But most label a range of scores from “poor” to “excellent” as a way to show how a lender might view them. FICO breaks its scores down like this:
What Factors Affect Credit Scores?Credit-scoring companies use the information from your credit reports to calculate your credit scores. There are a few different factors that credit-scoring companies consider. And how they affect your scores depends on the credit-scoring model and the company doing the scoring. Here’s how FICO groups and weighs the different credit factors:
What Are the Advantages of Having High Credit Scores?Credit scores are based on information in your credit reports. So high scores are a sign of healthy credit. And that’s good news to lenders. It can be a sign that you’re likely to use credit responsibly. With high credit scores, you might:
How to Get a Perfect Credit ScoreIn 2019, FICO released research about the habits of U.S. consumers who reached scores of 800 or greater using its FICO Score 8 model. According to that study, people with high credit scores followed a similar pattern. Some of the habits these people practiced included:
High Credit Scores in a NutshellA perfect credit score is generally considered to be 850. And that’s a great goal to aim for. But Experian notes that “lenders don’t typically distinguish between scores that are in the ‘exceptional’ range of 800 to 850.” That means you’re unlikely to get any more benefits even if you do have a perfect credit score. You can keep an eye on your credit with CreditWise from Capital One. It’s free to use, even if you’re not a Capital One customer. And using CreditWise won’t hurt your credit score. You can also get free copies of your credit reports from each of the three major credit bureaus by visiting AnnualCreditReport.com. We hope you found this helpful. Our content is not intended to provide legal, investment or financial advice or to indicate that a particular Capital One product or service is available or right for you. For specific advice about your unique circumstances, consider talking with a qualified professional. Capital One does not provide, endorse or guarantee any third-party product, service, information, or recommendation listed above. The third parties listed are solely responsible for their products and services, and all trademarks listed are the property of their respective owners. Your CreditWise score is calculated using the TransUnion® VantageScore® 3.0 model, which is one of many credit scoring models. It may not be the same model your lender uses, but it can be one accurate measure of your credit health. The availability of the CreditWise tool depends on our ability to obtain your credit history from TransUnion. Some monitoring and alerts may not be available to you if the information you enter at enrollment does not match the information in your credit file at (or you do not have a file at) one or more consumer reporting agencies. Can u get a 900 credit score?FICO® score ranges vary — they can range from 300 to 850 or 250 to 900, depending on the scoring model — but higher scores can indicate that you may be less risky to lenders.
Can you get an 850 credit score?Yes. An Experian study found that as of 2019, 1.2% of all credit-holding Americans had a FICO score of 850. A perfect score generally requires years of exemplary financial behavior, like making on-time payments, keeping a low credit utilization ratio, and maintaining a long history of credit accounts.
Who has a 900 credit score?First of all, a 900 credit score isn't really possible. And just 1% of the population can achieve a credit score of 850, so there's a certain point where trying to get the highest possible credit score isn't realistic at all. Only a few credit score models have a credit score limit of 900 as is.
Can credit scores go up to 1000?Most credit scoring systems use a scale that ranges from 300 to 850. There are, however, some credit scoring models that go up to 900 or 950, including industry-specific scores used by certain institutions. Working your way up to an 850 credit score might sound appealing, but it isn't necessary.
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