How rare is a 700 credit score?
Lauren Smith,
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714.
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.
For those who have never missed a payment and have been responsible with loan repayment, building the credit score from 500 to 700 will be simple. It may be difficult for people whose payments are routinely late and who lack discipline while making repayments to increase their credit score.
It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.
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.
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.
| Age | Average FICO Score |
|---|---|
| 25-40 | 686 |
| 41-56 | 705 |
| 57-75 | 740 |
| 76+ | 760 |
You are one of the 48% of Americans who had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog. Average U.S. FICO Score at 718.
The widely-used FICO 8 scoring model and the VantageScore 3.0 both use a 300-850 scale. Credit scoring company FICO says about 1% of its scores reach 850. VantageScore spokesman Jeff Richardson says fewer than 1% of its credit scores are perfect.
Is a 999 credit score rare?
A credit score of 721-880 is considered fair. A score of 881-960 is considered good. A score of 961-999 is considered excellent (reference: https://www.experian.co.uk/consumer/guides/good-credit-score.html). TransUnion (formerly Callcredit) is the UK's second largest CRA, and has scores ranging from 0-710.
| Credit Score | Tier | Percentage of Americans |
|---|---|---|
| 720 – 850 | Excellent | 38.12% |
| 660 – 719 | Good | 17.33% |
| 620 – 659 | Fair/Limited | 13.47% |
| 300 – 619 | Bad | 31.08% |
- Review Your Credit Report. ...
- Pay Your Bills on Time. ...
- Ask for Late Payment Forgiveness. ...
- Keep Credit Card Balances Low. ...
- Keep Old Credit Cards Active. ...
- Become an Authorized User. ...
- Consider a Credit Builder Loan. ...
- Take Out a Secured Credit Card.
The time it takes to raise your credit score from 500 to 700 can vary widely depending on your individual financial situation. On average, it may take anywhere from 12 to 24 months of responsible credit management, including timely payments and reducing debt, to see a significant improvement in your credit score.
A credit score of 700 is good enough for you to negotiate the best interest rates. Dealerships prefer that customers buy new vehicles instead of old ones and the interest rates for financing a new car are much better than the interest rates for buying a used car.
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.
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.
The average FICO credit score in the US is 718, according to the latest FICO data from April 2023. The average VantageScore is 701 as of December 2023. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.
Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
What is the average credit card limit for a 25 year old? The average credit card limit for a 25-year-old is around $3,000. To get to that number, it's important to know that the average credit score in that age bracket is 650, which is fair credit.
What is a good age of credit?
What is a good length of credit history? While there's no such thing as the perfect “age of credit,” a FICO study reveals that for people with 800+ FICO Scores, their average age of credit accounts was 128 months (a little over 10.5 years).
When you have high-interest consumer debt, paying it down first can help you solve ongoing problems with managing your money. The more you reduce your principal and the amount of interest you owe, the more money you'll have in your budget each month to devote to savings or other line items.
A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates — which can save you money over time — excellent credit can help you qualify. "Excellent" is the highest tier of credit scores you can have.
Your 828 FICO® Score is nearly perfect and will be seen as a sign of near-flawless credit management. Your likelihood of defaulting on your bills will be considered extremely low, and you can expect lenders to offer you their best deals, including the lowest-available interest rates.
At 20 years old, you will likely have a lower score due to the shorter length of credit history and income. The average FICO credit score for this age range is around 679, which is considered "good" or "very good" but is relatively lower than someone older with more credit history.
