Based on Experian’s 2017 State of Credit Report, approximately 7. 2% of American’s Credit Scores were over 800, with 1. 1% of that number holding a 850 credit score. This means that around 7. 2 million people in the United States held credit scores of over 800, including approximately 800,000 people who held a credit score of 850 exactly.
Additionally, these numbers are expected to increase as an increasing number of people gain access to credit and learn how to use it responsibly.
Table of Contents
What does an 850 credit score get me?
Having an 850 credit score is an excellent accomplishment and provides you with access to many types of credit and loan products. Generally, lenders view people with an 850 credit score as low-risk borrowers and may be more likely to approve loans or lines of credit and offer more favorable terms.
For example, with an 850 credit score, you may be able to qualify for an auto loan and get a better interest rate than someone with a lower credit score. Additionally, many lenders (specifically for mortgages) have different tiers for different credit scores, so you may be able to qualify for the lowest rates and fees with an 850 credit score.
Similarly, if you’re applying for a credit card, you may be able to qualify for the best rewards or lowest APR.
Though having an 850 credit score will not guarantee approval for any product or loan, it can give you an advantage when lenders look at your credit and apply their criteria to your score. Additionally, as lenders typically view a higher credit score favorably, they may also be more willing to extend more favorable terms and conditions, such as lower interest rates.
Is 1000 credit score possible?
It is possible to achieve a credit score of 1000, but it is extremely unlikely. Most credit scores max out at 850, so a score of 1000 would be considered extraordinary. To achieve a credit score this high, you would need an exceptionally well-established and good credit history with a credit utilization of 10% or lower, no late payments and perfect payments for many years.
In addition, it is important to note that there are multiple versions of the FICO® Credit Score, and the highest possible credit score on one version may not be the same as the highest score on another.
Therefore, no matter how good your credit is, it is unlikely that you will ever achieve a score above 850.
Is 900 an excellent credit score?
Yes, a credit score of 900 is considered excellent and is one of the highest credit scores you can have. An excellent credit score generally falls anywhere in the range of 780-850, with 900 up at the very top.
Having a credit score of 900 means you have a history of paying your bills on time, not utilizing too much of your available credit, and managing your credit responsibly. A credit score of 900 will make you eligible to receive some of the most attractive interest rates on loans, credit cards and other financial products.
It also indicates that you are likely to be approved for most of the financial products you apply for. On the downside, having an excellent credit score may make you a target for identity theft since you are likely to be approved for most forms of credit you apply for.
What happens when your credit score is 900?
Having a credit score of 900 is an excellent accomplishment and puts you in the top tier of credit scores. Only a small percentage of people have a credit score this high, and lenders will often consider you to be low-risk, or they may even trust you more than those with lower credit scores.
With a 900 credit score, you are likely to receive the most favorable loan terms and interest rates when you apply for a loan, mortgage, or credit card. Your credit score of 900 also demonstrates that you have an impeccable credit history, meaning you have a track record of responsible credit use, such as making on-time payments and keeping balances low.
This can open the door to other financial opportunities such as better interest rates on insurance policies, higher credit limits, and more offers from companies. You may also find it easier to get approved for new loan or credit applications when you have such a high credit score.
How hard is it to get 900 credit score?
Getting a 900 credit score is not easy and can take a lot of time and effort. It not only depends on credit-related activities like paying bills on time and keeping credit utilization low, but also maintaining a good mix of credit types (i.
e. , installment, revolving and consumer finance). Additionally, having a lengthy and positive history with credit is also important, as a long credit history with positive payment history can be beneficial to achieving a 900 credit score.
Therefore, achieving a 900 credit score requires dedication and long-term consistency with credit activity. It’s also important to remember that reaching a 900 credit score may not always be achievable, as credit scores can vary over time depending on changes in credit activity.
However, by staying consistent with responsible credit behavior, you can position yourself to potentially achieve a 900 credit score.
Can your credit score be 1000?
No, it is not possible to have a credit score of 1000. Credit scores typically range from 300 to 850 and are calculated by a variety of factors such as payment history, credit utilization ratio, available credit and types of credit in use.
Credit scores over 850 are considered to be exceptional, and it’s not possible for someone to have a score that is higher than that. Additionally, a credit score of 1000 is not recognized by any of the major credit scoring models.
It is important to understand that credit scores are not static and can vary based on a variety of factors (such as closing out a credit card or paying off debt).
Does 800 credit score do anything?
Having an 800 credit score is a major achievement and it can do a lot. An 800 credit score indicates to lenders that you are a responsible borrower who pays your bills on time and uses credit responsibly.
With an 800 credit score, you may be able to qualify for the best rates and terms when borrowing money. A high credit score can also help you save money by qualifying for the best interest rates on loans.
An 800 credit score may also help you qualify for rewards credit cards and other financial products designed for borrowers with good credit. As an example, some rewards cards offer valuable sign-up bonuses and generous rewards for purchases, which can help you save money over time.
Finally, having an 800 credit score could also help you save time. With a high credit score, some lenders may not require additional verification or paperwork when assessing your eligibility, which could reduce the amount of time it takes to get approved for a loan.
What percentage of the population has a credit score over 830?
According to Experian, approximately 20% of people have a credit score of 830 or higher. This makes them part of an elite group of people who have extremely high credit scores. Among those with scores above 830, about 8% have scores between 800 and 829, and the remaining 12% have scores higher than 830.
Consequently, the overall percentage of the population with a credit score over 830 is relatively low, at about 20%.
What is the average African American credit score?
The average credit score for African Americans is 633, according to Experian, one of the leading credit reporting companies. This is slightly lower than the average U.S. consumer credit score of 675.
It is important to note that credit scores have a large range and can vary greatly among African Americans. Those with good credit tend to have higher credit scores and those with bad credit tend to have lower scores.
Factors like income, debt, and payment history all play a role in an individual’s credit score.
It is also important to note that credit scores for individuals of color may be lower even when their credit history is similar to the average white consumer. Some research has suggested that systemic racism and racial discrimination in the financial sector could partially explain this gap.
Serving on the board of directors of a credit union or starting a credit card can be two strategies to improve creditworthiness. Building a strong credit score over time can be helpful for individuals wishing to receive better loan rates, or even gain access to rental housing or higher-paying jobs that require good credit.
Does it matter if your credit score is 800 or 850?
Having a higher credit score can provide you with access to better terms, lower interest rates, and easier loan approvals. While an 850 credit score is considered an excellent credit score and is the highest achievable credit score, having an 800 credit score is still an exceptional credit rating.
Having a credit score of 800 puts you in the top 20% of all credit scores. This good credit score is just one digit away from being the highest credit score and can provide you with the same access to great borrowing terms and interest rates as an 850.
The higher the credit score, the more options may be available to you when it comes to borrowing money. Common loans and lines of credit that are typically available to individuals with an 850 credit score are also available to people with a credit score of 800.
This includes car loans, mortgages, and credit cards.
The main difference between an 800 and 850 credit score may be in the level of lending options. Members of the latter group may qualify for more favorable interest rates, more options for loans and credit cards, or access to additional types of funding.
Additionally, lenders may be more willing to approve a loan or credit card if you have an 850 credit score than if you have a score of 800.
In conclusion, possessing a credit score of 850 versus 800 makes a difference. An 850 score gives you the highest credit rating possible, meaning lenders may be more likely to provide you with the best borrowing options.
However, a good credit score of 800 can still put you in the top 20% of all credit scores and give you access to great borrowing terms and interest rates.
