I most recently looked at my FICO score, which was 830. That made me smile because I write about credit cards and credit scores for a living. I'm just short of having a perfect credit score, which is 850, according to some sources.
And what's this? I have no interest in achieving the coveted 850 credit score. I'm content to be sitting here, in a state of mind that can only be described as Zen, with a score of 830.
You'll like what you're about to learn if you're sick of constantly striving for the best credit score. We'll talk about these subjects:
What Does the Ideal Credit Score Mean? Depending on the credit score version being used, a perfect credit score is defined differently.
The range for many FICO score versions is 300 to 850. The FICO credit score ranges are as follows:
Outstanding: 800-850. Excellent: 740-799.
Good: 670-739.
Fair: 580-669.
Bad: 579 and lower.
A perfect FICO score of 850 requires a lot of factors to align.
A lengthy, excellent credit history is required. Each element that makes up your FICO score must be high for you to qualify: payment history (35%), amount owed (30%), credit mix (10%), new credit (10%), and length of credit history (15%).
Additionally, while 90% of lenders rely on FICO score models, 10% use alternative methods.
A perfect FICO score of 850 requires a lot of factors to align.
A lengthy, excellent credit history is required. Each element that makes up your FICO score must be high for you to qualify: payment history (35%), amount owed (30%), credit mix (10%), new credit (10%), and length of credit history (15%).
Additionally, while 90% of lenders rely on FICO score models, 10% use alternative methods.