How high can your credit score get

1. Credit Intel
2. Credit Score
3. Is It Possible to Get a Perfect Credit Score?

Getting a perfect credit score is a notable financial goal. Learn what you can do to improve your credit score – and what it takes to get a perfect 850 FICO score.

By Megan Doyle  | American Express Credit Intel Freelance Contributor

5 Min Read | November 30, 2020 in Credit Score

At-A-Glance

A small percentage of Americans have a perfect credit score, but it’s important to understand that perfect isn’t permanent.

Credit scores, by nature, are bound to fluctuate by a few points every so often.

Perfecting your credit score might not be necessary to get the best interest rates on credit cards and loans – excellent credit is typically good enough.

Is It Possible to Get a 850 Credit Score?

Yes. An Experian study found that as of 2019, 1.2% of all credit-holding Americans had a FICO score of 850.2 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. A wide credit mix and only a few hard credit checks also play a role in boosting your credit score. 

But a perfect credit score can be as hard to maintain as it is to get. For example, if you pay off a loan in full – an admirable financial move that can free up your finances for savings and other purchases – you’ll decrease your credit mix, which can drop your score as much as 15 points. And even if you maintain a wide credit mix for an extended period of time, it’s important to remember that your credit score is a snapshot of your credit history at any given moment and so is bound to fluctuate every so often.

What Do Perfect Credit Score Holders Have in Common?

It might be surprising to know that people with perfect credit scores do in fact use credit, take out loans, and carry debt. The distinguishing factor is how they manage their debt. One study found that Americans with perfect FICO credit scores tend to have more credit products in their name but carry less debt than those with average – yet still good – FICO scores. Specifically, perfect scorers had an average of 6.4 credit cards but only about $3,000 in debt, compared to the national averages of 3.8 credit cards and roughly $6,500 in debt, according to the same Experian study mentioned above. 

The bottom line? Those with perfect credit scores tend to display their ability to keep debt down while having many credit accounts, among other positive factors that affect your credit score.

A Perfect Credit Score Might Not Offer Any Extra Benefits

Though a perfect 850 credit score is a commendable goal, experts suggest good-to-excellent credit is typically high enough to ensure your chances of getting approved for credit cards, loans, and mortgages with better interest rates and loan terms. And it’s much easier to achieve. In fact, 58% of Americans already have a FICO score of 703 – which is right in the middle of the “good” range – or higher.3

Still, the higher your credit score, the better your chances of locking in lower interest rates – with one caveat. Lenders generally don’t distinguish between a score of 800 and 850. Some experts go as far as to suggest there may not be additional benefits for FICO scores beyond 760, indicating a score in the high 700s may, in many cases, be as good as perfect. FICO’s Loan Savings Calculator, for example, shows a score of 760 might secure you as low an interest rate on a loan as a score of 850.4

Tips to Perfect Your Credit Score

Still, if a perfect credit score is your goal, you may want to consider these expert credit tips compiled from credit score perfectionists:

• Pay your credit card bills often. Instead of paying your statement once a month, some 800 club members make credit card payments weekly to avoid carrying a balance.5
• Keep a solid payment history. Always pay on time and never miss a payment. Your payment history makes up 35% of your FICO score.6
• Consider your credit mix. Credit score companies like to see a wide variety of credit sources, like multiple loans and credit cards. But it doesn’t make sense, of course, to take on new loans if you can’t pay them back. And it’s not wise to avoid paying down debt just to keep the variety. Credit mix makes up only 10% of your score and, in the run of a long life, good financial habits are likely more important than hitting 850.
• Increase your credit limit. The higher your credit limit, the easier it can be to maintain a lower credit utilization ratio, which can have a better impact on your credit score. To increase your credit limit, you can apply for a new credit card or ask for an increase. But as with the prior bullet point, be sure your finances can handle the increased limit – it’s more important to spend responsibly.
• Don’t close old accounts. If you can help it, keep old accounts open. One person with an 850 credit score noted his oldest account is over 30 years old, greatly increasing his length of credit history – which makes up 15% of your credit score.7
• Regularly monitor your credit report. Check your credit report often, keeping an eye out for any errors that could be decreasing your score. Unauthorized hard inquiries, for instance, can cause score dips and signify fraud.
• Only apply for credit when you really need it. Every time you apply for a new credit account, the credit issuer will make a hard inquiry. Since hard inquiries will drop your score a few points, try to apply for credit only when you really need it. 

The Takeaway

It’s certainly possible to get a perfect credit score, but even if you do, your score likely won’t stay at 850 forever. Common financial moves – like applying for new credit or paying off a loan in full – will cause dips in your score, but that doesn’t mean you’ll have less-than-stellar credit. Anything over a FICO score of 760 is generally enough to help you reap the hard-earned benefits of excellent credit.

Megan Doyle is a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion.

All Credit Intel content is written by freelance authors and commissioned and paid for by American Express. 

The material made available for you on this website, Credit Intel, is for informational purposes only and is not intended to provide legal, tax or financial advice. If you have questions, please consult your own professional legal, tax and financial advisors.

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