October 9, 2020
2 MINUTE READ
The median American FICO score is 723, which is substantially higher than the lowest rating of 300. But what if you’re among those who are striving for the holy grail, a credit score of 850?
Working to obtain a perfect credit score is an admirable, if somewhat lofty, goal. As you’re strive for this high mark you’ll be building on your credit score, which allows you to be considered a low-risk borrower who responsibly manages their debt. These tips can help you raise your FICO score, potentially paving the way for a perfect rating.
Most lenders will consider a credit rating of 825 exemplary because this is the number where all but the very best and most conscientious consumers’ scores begin to taper off. In fact, only 13 percent of consumers score anywhere above 800, and only an estimated 0.5 percent will ever reach 850.
If you’re working towards the elusive goal of a perfect FICO score, it’s important to first understand that 850 is a constantly moving target. Your credit score changes with each inquiry, so it will temporarily drop when you apply for a new line of credit.
Building a perfect score is difficult, and it’s essential to remember your goal will never be permanent. For the vast majority of consumers, a “perfect” credit score is one that allows you to obtain the best interest rates, not necessarily the highest possible rating.
If you’d like more information about how to build your credit so you save big money on things like mortgages, auto loans and yachts… just making sure you’re paying attention 🙂