How rare is an 800 credit score?
71.3% of Americans have a FICO Score of 670 (good) or better. 21.2% have an exceptional FICO credit score of 800 or above. FICO credit scores generally increase with age, with older generations having higher averages.
A credit score of 800 means you have an exceptional credit score, according to Experian. According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
A FICO over 800 is not exceptionally rare. Recent reports (from Experian for example) show around 20 percent of Americans have a credit score over 800. The average FICO is 711 in 2020.
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.
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. And having a credit score of 850 is rare. According to the credit reporting agency Experian, only about 1.3% of Americans have a perfect credit score, as of 2021.
The average credit score in the United States is 705, based on VantageScore® data from March 2024. It's a myth that you only have one credit score. In fact, you have many credit scores, because there are many different types of credit scores and scoring models. It's a good idea to check your credit scores regularly.
- Pay credit card balances strategically. ...
- Ask for higher credit limits. ...
- Become an authorized user. ...
- Pay bills on time. ...
- Dispute credit report errors. ...
- Deal with collections accounts. ...
- Use a secured credit card. ...
- Get credit for rent and utility payments.
It could take anywhere from a few months to several years to go from a 700 credit score to 800. If you want to speed up the process, focus on maintaining a flawless payment history and keep your credit utilization rate as low as possible.
What is the highest credit score to buy a house?
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).
Paying off debt might lower your credit scores if removing the debt affects certain factors like your credit mix, the length of your credit history or your credit utilization ratio. While in some cases your credit scores may dip slightly from paying off debt, that doesn't mean you should ever ignore what you owe.
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.
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. FICO scores can range anywhere from 300 to 850.
A credit score of 999 from Experian is the highest you can get. It usually means you don't have many marks on your credit file and are very likely to be accepted for a loan or credit card.
It might be exciting to aim for 850, the highest possible FICO score, but it really comes with no additional benefits. According to credit expert John Ulzheimer, a 760 will typically get you the best mortgage rate and a 720 score is all you need for the best interest rate for an auto loan.
A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 6.7% or better, or a used-car loan around 9.63% or lower. Superprime: 781-850. 5.08%. 7.41%.
Average salary in US
The average yearly salary in the US is $65,470, according to data from the Bureau of Labor Statistics. This figure represents the average wage regardless of location, occupation, gender, and other factors.
Your credit score might be only one piece of your home mortgage application, but it's among the most critical. With a 705 credit score, you're well above the 620 baseline score needed to qualify for most home loans, but borrowers with a 740 score or higher will typically get a better interest rate.
| Average FICO 8 Score by Generation | ||
|---|---|---|
| Generation | 2022 | 2023 |
| Generation Z (ages 18-26) | 679 - Good | 680 - Good |
| Millennials (27-42) | 687 - Good | 690 - Good |
| Generation X (43-58) | 707 - Good | 709 - Good |
What credit card builds credit the fastest?
- Best for average credit: Capital One Platinum Credit Card.
- Best for students: Discover it® Student Cash Back.
- Best secured card: Discover it® Secured Credit Card.
- Best low deposit: Capital One Platinum Secured Credit Card.
- Best for cash back : US Bank Cash+® Visa® Secured Card.
They may differ by 20 to 25 points, and in some cases even more. When Credit Karma users see their credit score details, they are viewing a VantageScore, not the FICO score that the majority of lenders use.
Credit score and mortgages
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
The average credit score was 715 in 2024, according to Experian data. That average, as of the third quarter (Q3) of 2024, is unchanged from the same quarter in 2023. For 11 straight years, the average FICO® Score☉ in the United States hasn't decreased on an annual basis.
Late or missed payments can cause your credit score to decline. The impact can vary depending on your credit score — the higher your score, the more likely you are to see a steep drop. Late or missed payments can also stay on your credit report for several years, which is why it is extremely important to avoid them.
