Is Getting A Perfect Credit Score Worth The Trouble?

Is it possible to get a perfect credit score? Yes. But is it worth the effort it takes to get that perfect credit score? Probably not… here’s why.

FICO scores range from 300 to 850. The higher the number, the more credit worthy you have shown yourself to be. Or another way to think about it, the lower your score, the more likely you are to default on your obligation.

We focus on FICO scores because 90% of the lending decisions made in the US are based on standard FICO scores. There are other scores out there used by specific lenders and industries, but if you understand what impacts your standard FICO score, you will score well no matter what model is used.

What is a Perfect Credit Score?

According to the FICO system, then, a perfect credit score is 850. And a score that high is very hard to get. It requires close attention to your accounts, careful use of credit, and a long and stable credit history.

Besides, scores are recalculated all the time as your credit accounts and loan balances change. So, if you actually achieve a perfect credit score of 850 – and then use that great credit rate to get approved for a low interest hoe mortgage or auto loan – your credit score will drop from that perfect score pretty quickly. It will still be an awesome score, but no longer “perfect” because of the way balances are figured into your credit score.

So rather than embracing your Type-A personality that insists on everything being 100% perfect, take a look at the bigger picture. As long as your credit score is in the Exceptional or Very Good range, you will enjoy a very strong lending position.

The truth is, there is pretty much no difference in what interest rates you’ll pay or the types of financing you’ll get approved for when your credit score is 760 compared to a perfect credit score of 850. (That’s a HUGE 90 point spread!)

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Take a look at the credit score range descriptions below we pulled directly from the FICO website. You’ll see that there is no special category for consumers with a perfect credit score! They lump everyone with an 800+ into the same Exceptional category. In fact, people in the Very Good category get nearly equal consideration as those in the Exceptional category.

FICO Score Ratings


Credit Score of 800 +

Rating: Exceptional. This credit score range is way above the national average and borrowers within this range will most likely not have a problem getting credit.

Risk: Low. About 1% of consumers with credit scores of 800+ are likely to become delinquent.


Credit Score of 740 to 799:

Rating: Very Good. This score range is also above the national average and borrowers in this range are at a great advantage in both the likelihood of getting credit approval and being offered lower interest rates.

Risk: Low. About 2% of consumers with credit scores of 740-799 are likely to become delinquent.


Credit Score of 670 to 739:

Score: Good. A “median” range, this score identifies a borrower as “acceptable” which means he or she might not get as low an interest rate as those in a higher credit score range.

Risk: Medium. About 8% of consumers with credit scores of 670-739 are likely to become delinquent.


Credit Score of 580 to 669:

Score: Fair. Since this score range is below the national average, these borrowers will have a more difficult time getting credit and, if they are approved, will more likely than not end up paying a higher interest rate than those with better credit.

Risk: Medium-High. About 28% of consumers with credit scores of 580-669 are likely to become delinquent.


Credit Score of 579 and lower:

Score: Poor. Consumers who fall within this range are considered a poor credit risk and may be rejected. Many who fall within this range must often put down a deposit or pay a fee to obtain a credit card or home utility services.

Risk: High. About 61% of consumers with credit scores of 579 and lower are likely to become delinquent.


A Perfect Credit Score Is Not A Big Advantage

In summary, a perfect credit score of 850 may look nice on paper and bring you great personal satisfaction, but it will not necessarily provide any financial advantage. Do the hard work necessary to grow your credit score about 760, and then keep working hard to keep it there with healthy financial skills. You’ll stress less about your credit score and get practically all the same benefits as someone with a perfect credit score.

Of course, there are other factors that come into play when you apply for major financing, like a mortgage or auto loan. A very high credit score is a major factor, but your debt-to-income ratio, length of employment, and net worth can also come into play.

NCES Credit Restoration is the first step towards achieving a Very Good credit rating. With our support and educational resources, you’ll also learn the skills you need to maintain your improved credit score for the rest of your life!

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If you have any questions, please give us a call at 770-952-5168 or contact us online.

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Other articles that may interest you:
What Does My FICO Score Mean?
Why Did My Credit Score Drop?
How Do I Get A Better Credit Score?

This information is intended for informational and educational purposes only and not as legal advice. If you have concerns about your credit report, harassment, identity theft, illegal collections activity, garnishments, or property liens, you should consult an attorney who specializes in consumer rights and defense.

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