Is 850 credit score rare?
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.
While achieving a perfect 850 credit score is rare, it's not impossible. About 1.3% of consumers have one, according to Experian's latest data.
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.
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.
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.
Just getting your credit score over 800, officially an excellent credit score, gives you the same advantages and benefits that come with a perfect credit score. Experian reports that 21 percent of all consumers have achieved excellent credit, compared to just 1.6 percent with a perfect 850 credit score.
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.
Age | Average FICO Score |
---|---|
25-40 | 686 |
41-56 | 705 |
57-75 | 740 |
76+ | 760 |
The highest score you can have on the most widely used scales is 850. According to data from FICO, about 1.7% of all FICO scores were at the coveted 850 as of April 2023. And even if you do get there, the fluctuating nature of credit scores means you're unlikely to keep it month after month.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.
How rare is an 840 credit score?
Your 840 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
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.
![Is 850 credit score rare? (2024)](https://i.ytimg.com/vi/3frtsqFoBO8/hq720.jpg?sqp=-oaymwEcCNAFEJQDSFXyq4qpAw4IARUAAIhCGAFwAcABBg==&rs=AOn4CLApf98nhpsg8OW7xGko4VkbS0c8fg)
The average credit score in the U.S. was 715 in 2023, increasing by one point from its 714 average in the third quarter (Q3) of 2022.
Payment History
To get to the magic 850 mark, you'll need to have a glistening history of never missing a credit payment deadline. Yes, that's easier said than done, but if you can build a perfect credit payment history of five years (great) or 10 years, you're in the "credit conquering" club.
Even the most restrictive mortgage products have credit score requirements in the mid-700s. A credit score of 830 will generally qualify you for a lender's best interest rates. As a real-world example, the average 30-year fixed mortgage interest rate was just over 7% as of late October 2022.
And so it's a good idea to get your credit score as high as possible. Credit scores range from a low of 300 to a high of 850. And so once you reach the 850 mark, there's nowhere upward to go, because you've achieved perfect credit. At that point, your borrowing options are looking pretty good.
Only about 1.6% of the 232 million U.S. consumers with a credit score have a perfect 850, according to FICO's most recent statistics.
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.
Average Credit Scores FAQs
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”.
Based on the commonly used FICO 8 score, the credit reporting agency Experian calculates that Gen Z consumers, those aged 18 to 26, had an average score of 680 in the third quarter of 2023, while the average among the oldest generation, aged 78 and older, was a full 80 points higher, at 760.
What age group has the highest credit score?
The average credit score in the US is a 718 FICO score and 701 VantageScore. Gen Z (18-25) has the lowest average credit score at 680, while the Silent Generation (77+) has the highest at 760. Minnesota has the highest average credit score at 742, while Mississippi has the lowest average at 680.
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.
At 20 years old, you will likely have a lower score due to the shorter length of credit history and income. The average FICO credit score for this age range is around 679, which is considered "good" or "very good" but is relatively lower than someone older with more credit history.
Average credit score for people in their 20s
For those in their 20s, the average credit score is 662. When you're first starting out and trying to build credit, it may take some time to gain traction.
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.
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