An estimated 0.1% of adults have perfect 850 credit scores, and roughly one in ten people have scores higher than 810, according to this U.S. News article by Odysseas Papadimitriou of WalletHub. In the interest of aiming high, the article offers several suggestions and good habits to adopt, to improve your chances of achieving a great credit score.
With roughly 31 percent of people sporting “bad” credit and the average American carrying a “fair” score of just 668, according to WalletHub data, simply reaching the land of “good” credit standing would represent an excellent achievement.
Some people aim a bit higher, however, striving not just for good or excellent but for the mythical perfection of an 850 credit score. Is that even possible? You bet. Our data show that an estimated 0.1 percent of the adult population – about 245,000 people – is in the 850 credit-score club.
Reaching the peak of credit perfection is largely about bragging rights, however. Lenders don’t create unique underwriting standards for a fraction of 1 percent of the population, which means anyone with a score in the 90th percentile (810-plus) is likely to qualify for the lowest interest rates, the most lucrative rewards and the cheapest insurance premiums. Such effectively perfect standing will also reflect the type of financial responsibility that opens doors to employment opportunities and apartment options rather than limiting and forcing your hand.
There’s no specific road map to a score in the 800s, but there are several steps you can take to help your chances of getting there.
The fundamental task at hand is to inundate your credit reports with as much positive information as possible, from various sources if you can. That doesn’t mean you should go crazy with credit applications or borrow money for something you can afford in cash. Too many credit inquiries in a short time is detrimental to your credit standing, as is unnecessary debt, which also takes a toll on your overall financial health.
Rather, one relatively simple way to foster this positive-information overload is to gradually acquire a handful of no-annual-fee credit cards over the years, which you either pay off in full every month or refrain from using altogether.
Also, strive to maximize available credit and minimize balances. The more credit you have at your disposal, the better it is for your credit score. You should therefore strive for higher credit lines on existing accounts, in addition to adding new high-limit accounts to the mix over time. Adding to a secured credit card’s security deposit would even help, for example.
