What is the Highest Possible Credit Score?

If you live in the United States, you know how important it is to maintain a good credit score. A good FICO credit score is essential for everything from opening a new credit card to buying a home. But what does your credit score mean and what’s the highest possible credit score you can have. We will discuss this in much detail below.

What is the Highest Possible Credit Score?

The highest possible FICO credit score is an 850. Credit scores range from 300 to 850, with 300 being the lowest possible credit score and 850 being the highest possible credit score you can achieve.

You have three different credit scores, one from each of Experian, Transunion, and Equifax. If you pull your credit report from the three bureaus simultaneously, you will notice that your credit score is slightly different from one bureau to another. This is so because the different banks, lenders, and creditors report to different credit reporting agencies, so each one of the bureaus may have slightly different information, which causes the slight difference in your credit score.

That said, you do not have to have the highest credit score possible to qualify for good interest rates on credit cards and loans. If you have a 740 credit score or above, you’re likely to qualify for the best terms. So, don’t stress too much if you don’t have the perfect credit score, because a score above 740 is likely to qualify you for the best terms.

CSP Pro Tip: If you have a credit score of 800 or above, you are likely to qualify for the best terms on credit cards and loans, so if you want a higher score, it will only give you bragging rights, it will not open the door to better deals and terms.

What is the Range of Credit Scores? (Highest Possible Credit Score to Lowest Possible Credit Score)

Again, in the United States, credit scores range from 300 to 850. Also, there are different ranges of credit scores, here they are:

  • Exceptional: 800 to 850
  • Very Good: 740 to 799
  • Good: 670 to 739
  • Fair: 580 to 669
  • Poor: Under 580

The higher your credit score, the higher the chance that you’ll be approved for the credit card or loan that you’re applying for. This is so because the higher your score, the less risky lenders and creditor view you because you have a good track record of repaying the money that you borrow. Lenders want to ensure that they’ll be able to get their money back. People with low credit scores tend to be more likely to default on their debt. As such, having a good credit score is essential for opening unsecured credit cards, borrowing money to buy or lease a car, and borrowing money to buy a home.

So, as long as you have a good credit score, you’re good to go, you do not need the highest credit score possible to qualify for good terms. Although achieving a maximum credit score of 850 is not possible, it is very difficult and you will need decades of credit history to attain this score. Only 1.2% of the U.S population has a perfect credit score of 850.

Do You Need to Have the Highest Possible Credit Score?

A lot of our visitors asks us whether they need the highest possible credit score to qualify for good interest rates and repayment schedules, but the truth is that if you have a credit score of 800 or above, you’ll probably already qualify for the best terms, you do not need the highest credit score of 850 to qualify for the best deals.

Getting your credit score to be the best credit score of 850 is a good goal to have, but it is extremely difficult to do and will not benefit you. This is so because if you have a credit score in the 800s, you’ll already at the top in the excellent range and will qualify for the same terms as would a person with the top credit score.

What is the Benefit of Knowing What the Highest Possible Credit Score Is?

Knowing what the highest possible credit score is helps you understand where you fall on the range of credit scores. It allows you to measure by how much you need to improve your credit score. If you’re like most Americans, you probably have a lot of room to improve your credit score before you reach the highest credit score.

How to Improve Your Credit Score?

There are a variety of thing that you can do to improve your credit score. Here are some of the most important things you can do:

  • Make all of your payments on time – Thing single most important thing that you can do to improve your credit score is to make all of your payments on time. Your payment history accounts for 35% of your credit score, so paying all of your credit cards and loans on time is very important. Missing a single payment can have a devastating impact on your credit score, especially if your score is in the 700s. Also, make sure to pay all of your bills on time. Bills include utility bills and medical bills. This is to avoid your past due bills being sent to a collection agency and a collection account being added to your credit report. Collection accounts can knock down your credit score by over 100 points. So, be cautious and pay all of your bills on time.

  • Don’t apply for too much new credit – To improve your credit score, you should not apply for too many new credit cards and loans because each time you apply a hard inquiry is placed on your credit report. Although a single hard inquiry will not cause significant damage to your credit score, too many hard inquiries within a short period of time can have a significant negative impact on your credit score. So, apply for credit on an as-needed basis and try to space out your credit applications.

  • Lower your credit card balances – One great way to increase your credit score is to pay down balances on your credit cards. Credit utilization accounts for 30% of your credit score. As a rule of thumb, you should always try to keep your credit utilization below 30%. For example, if you have a $10,000 credit limit, you should try to keep the balance on your credit card below $3,000. Keeping a balance below 30% will help your credit score.

  • Don’t close old accounts – If you have an old account, such as an old credit card that you barely use, you may be tempted to close down that account. However, we are here to tell you that you should not close down old accounts that are in good standing. This is so because leaving old accounts will contribute to an older average account age, which will boost your credit score.

  • Check your credit report – If you already aren’t, you should get into the habit of periodically checking your credit report. As a rule of thumb, you should check your credit report and credit score at least once a month. When checking your credit report, if you spot any inaccuracies or wrong information, you should dispute the information with the credit reporting bureau displaying the information. Inaccurate derogatory mark, such as a collection account that does not belong to you can drop your credit score by up to 100 points. So, check your credit report, dispute any inaccuracies, and remove them to improve your credit score.

Credit Score Planet Frequently Asked Questions

1)  Is a 900 credit score possible?

It is not possible to get a 900 credit score because FICO credit score because the highest possible credit score is an 850. Also, a credit score of 800 or over will already qualify you for the best possible interest rates and deals, so it makes little sense to shoot for a perfect credit score when there is not tangible benefit for having it other than bragging rights.

2) Is it possible to get a 850 credit score?

Yes, it is possible to get an 850 credit score. In fact, 1.2% of the U.S population has achieved a perfect 850 credit score.

3) What percentage of the population has a credit score over 800?

Approximately 20% of the U.S population has a credit score of 800 or more.

4) What is the average credit score in America?

The average credit score for a person living in America is a 680 credit score. Some Americans have a higher credit score while others have a lower credit score.