What is the highest credit score in the United States?
If you've ever wondered what the highest credit score you can have is, it's 850. That's at the top end of the most common FICO® and VantageScore® credit scores. And these two companies provide some of the most popular credit-scoring models in America.
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.
As of April 2023, about 1.7% of the U.S. scorable population had a perfect 850 FICO® Score.
All credit scores fall in the 300 – 850 range, with 850 being the highest credit score possible.
A credit score of 1,000 is not possible because the standard credit score range used by FICO and VantageScore is 300 to 850. Other credit scoring models have a high of 900 or 950, but they are industry-specific and only used by certain financial institutions.
Some types of mortgages have specific minimum credit score requirements. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
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.
Average FICO® Score in the U.S. Climbs to 715
Despite the slight increase over the past 12 months, average FICO® Scores have meandered throughout 2023, with average scores increasing from 714 to 716 this past summer, before settling at 715 at the end of the Q3 2023.
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.
What is a good credit score to buy a car?
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.
- Poor: 300–579.
- Fair: 580–669.
- Good: 670–739.
- Very good: 740–799.
- Excellent: 800+
|Average FICO 8 Score by Generation
|Generation Z (ages 18-26)
|679 - Good
|680 - Good
|687 - Good
|690 - Good
|Generation X (43-58)
|707 - Good
|709 - Good
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.
It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.
The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of mortgage. For an FHA loan, a popular choice among first-time homebuyers for its lower down payment requirement, the minimum credit score is usually around 580.
To qualify for a conventional loan, you'll need a credit score of at least 620, though some lenders may choose to approve conventional mortgage applications only for borrowers with credit scores of 680 and up.
Your credit score is crucial to determine your eligibility for a no down payment car loan. Most lenders require a FICO credit score of at least 680 before you can qualify. If your credit score falls below 680, improve your credit score before you apply to help you qualify in the future.
The average FICO credit score in 2023 was 718, and the average VantageScore credit score as of December 2023 was 701. However, average credit scores vary widely based on a number of factors, including age, income, immigration status, and race. Average credit scores also vary significantly based on location.
What is the average FICO score in 2023?
Now in 2023, the U.S. average FICO® Score as of April stands at 718. This is two points higher than the average FICO Score a year ago, and reflects the first time the metric has increased in more than two years as shown in Figure 1.
You can borrow over $100,000 with an 800 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
In 2021, people aged 18 to 24 averaged 679, while those 76 and up had an average credit score of 760. If age isn't factored into credit score, why the upward trend?
While income doesn't have a direct impact on your credit score, it can have an indirect impact since you need to have sufficient income to pay your bills. And if you don't make enough money to cover your bills, you can rack up debt or miss payments, which can negatively impact your credit score.
However, with a 718 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.