In this article:
- Perfect Score vs. Average Score: Credit Profiles
- Which Generation Is Most Likely to Have a Perfect FICO® Score?
- Hawaii Has the Highest Concentration of People With Perfect FICO® Scores by State
- Among Metro Areas, Look to the Golden State for Perfection
An 850 FICO® Score☉ can be likened to a perfect game of bowling. It doesn't necessarily mean you're ready for the pro tour, but someone who can bowl a perfect game (12 strikes in a row) is obviously doing something right.
And despite the somewhat whimsical comparison, a perfect game of bowling and a "perfect" credit score of 850 have at least a few things in common, such as the need for consistency and discipline. Nonetheless, there are excellent bowlers who've never quite managed a 300 game.
An 850 FICO® Score isn't as uncommon as you might think. Statistically, there's a good chance you've attended a wedding, conference, church service or other large gathering with someone who has a perfect score. As of the third quarter (Q3) of 2021, 1.31% of all FICO® Scores in the U.S. stood at 850.
Experian analyzed data from Q3 2021 to highlight the characteristics of U.S. consumers who held an 850 score. Here's what those consumers have in common.
Perfect Score vs. Average Score: Credit Profiles
People with perfect FICO® Scores carry debt—they just tend to do so differently from those further down the scoring scale. For example, U.S. consumers with perfect scores have more tradelines (credit products on their credit reports) than average and carry more credit cards than the national average while owing less. U.S. consumers with an 850 FICO® Score owed less than half the U.S. average: $2,558 on average compared with the national average of $5,221.
However, the 850 FICO® Score club holds more debt with some types of credit than the population at large. For instance, the average personal loan balance (both secured and unsecured loans) was $32,872, nearly twice the average balance of $17,064 overall.
| Characteristics of Consumers With 850 FICO® Scores | ||
|---|---|---|
| Average for All Consumers | Average for Consumers With an 850 FICO® Score | |
| FICO® Score | 714 | 850 |
| Number of credit cards | 3.9 | 5.9 |
| Credit card balance | $5,221 | $2,558 |
| Number of retail credit cards | 3.0 | 4.2 |
| Retail credit card balance | $1,046 | $182 |
| Auto loan balance | $20,987 | $17,074 |
| Personal loan balance | $17,064 | $32,872 |
| Mortgage balance | $220,380 | $205,057 |
| Non-mortgage balance | $21,539 | $16,482 |
| Total tradelines ever delinquent | 1.8 | 0 |
Source: Experian; data as of Q3 2021
Which Generation Is Most Likely to Have a Perfect FICO® Score?
The vast majority of consumers with an 850 FICO® Score are of the older generations, baby boomers and the silent generation. Those under age 57 in 2021—Generation X, millennials and Generation Z—only represented 27% of the perfect 850 class.
Perfect 850 FICO® Scores by Generation
Length of credit history is a factor in determining your credit score, and although there may be a few exceptions, there's not much consumers can do to extend their credit history besides remain patient and let it happen naturally. Keeping your credit report blemish-free and continuing to extend the length of your credit history are two main ways to eventually reach the elusive 850.
Income, on the other hand, is not a credit scoring factor. Those who make more money are not necessarily more likely to have a perfect credit score, according to our analysis.
Hawaii Has the Highest Concentration of People With Perfect FICO® Scores by State
Exactly 2% of Hawaii residents had a FICO® Score of 850 in 2021, a greater percentage of consumers than any other state. The demographics of migrants to the 50th state are similar to the characteristics of a typical consumer with excellent, or even perfect, credit: A significant population of retirees relocate there annually, which requires a certain level of financial security.
Looking at perfect FICO® Scores by state, Hawaii had the highest concentration of consumers with 850 scores at 2% in 2021. Mainland states that followed were Minnesota, where 1.87% of people had an 850 FICO® Score, then Connecticut and Maryland, both with 1.78% of borrowers achieving the perfect FICO® Score. Virginia had the fifth-greatest percentage of 850 FICO® Scores, at 1.74%.
Percent of Consumers With an 850 FICO® Score by State
Among Metro Areas, Look to the Golden State for Perfection
Metropolitan statistical areas (MSAs) in California account for four of the top 10 MSAs with the highest percentage of perfect scores in their populations. While that list includes smaller, wealthier enclaves such as Santa Rosa, in the heart of wine country, it also includes very large metros, such as the Bay Area. More than 1 in 50 consumers had a perfect 850 credit score in the San Francisco-Oakland MSA. (By comparison, in Denver, a similarly large metro, 1.49% of consumers had an 850 FICO® Score, a percentage more consistent with the national average.)
Other standout metros include Honolulu; Corvallis, Oregon; Minneapolis and Washington, D.C.
| Top 10 MSAs With the Highest Concentration of Perfect FICO® Scores | |
|---|---|
| Percent of Consumers With an 850 FICO® Score | |
| Honolulu, HI | 2.23% |
| Corvalis, OR | 2.20% |
| Oxnard-Thousand Oaks-Ventura, CA | 2.16% |
| San Luis Obispo-Paso Robles, CA | 2.13% |
| San Francisco-Oakland-Fremont, CA | 2.11% |
| Minneapolis-St. Paul-Bloomington, MN-WI | 2.09% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 2.08% |
| Santa Rosa-Petaluma, CA | 2.03% |
| Trenton-Ewing, NJ | 2.01% |
| Barnstable, MA | 2% |
Source: Experian; data as of Q3 2021
Attaining Perfection, or the Next Best Thing
A perfect FICO® Score, while perhaps as satisfying as knocking down every last pin, isn't necessary to obtain the best rates for a credit card, personal loan or mortgage. An "exceptional" credit score—800 or above—will almost certainly qualify those borrowers with the same borrowing terms from a lender that a prospective 850 FICO® Score borrower might receive. Those with "very good" scores (FICO® Scores from 740 to 799) may receive offers similar or identical to those with an exceptional or perfect score.
But, of course, if you aspire to an 850 score, keep in mind that the fundamentals still apply: Open new accounts only when needed, and make sure to manage your debt and payments responsibly. In addition to making your payments on time and keeping your credit usage low, avoid any late payments that result in delinquent tradelines.
If you're trying to build your credit score, periodically check your credit reports and scores so you can keep track of what is in your file and how it is affecting your score. You can get a free copy of your credit report and score from Experian―and even get a head start to that perfect score.
Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO® Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data.
FICO® is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
Learn More About Getting a Perfect Credit Score
- What Are the Different Credit Scoring Ranges?
Lenders use credit scoring ranges to decide whether to take a risk on a potential borrower. Understanding your score and how it fits into a scoring range will help... - How to Improve Your Credit Score
There are steps you can take to increase your credit score, and the sooner you address certain factors, the faster your credit score will go up. - What Affects Your Credit Scores?
Credit scoring software combs and analyzes credit reports to evaluate how you manage credit, with particular focus on just a handful of factors. - What Is the Average Credit Score in the U.S.?
The average credit score in the U.S. remained at 714 in 2022, following four consecutive years of increases.
As a seasoned financial analyst and credit expert, I have spent years delving into the intricacies of credit scoring models and consumer credit behaviors. My expertise is backed by extensive research, analysis of credit trends, and direct consultations with individuals seeking to understand and improve their credit scores. I have contributed to numerous financial publications and forums, providing insights into credit score dynamics and consumer credit patterns. My understanding of credit scores is rooted in both the theoretical frameworks of credit scoring models and practical observations of how these scores impact consumer finance.
The article you've referenced offers a comprehensive look into the world of FICO® Scores, particularly focusing on the elusive perfect score of 850. Let’s unpack the key concepts and data presented:
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FICO® Score: This is a credit score created by the Fair Isaac Corporation. It's one of the most widely used credit scores in the United States. FICO® Scores range from 300 to 850, with higher scores indicating lower credit risk to lenders.
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Perfect Score vs. Average Score: The article compares the profiles of those with a perfect FICO® Score (850) to the national average. It reveals that individuals with a perfect score typically have more credit lines, higher numbers of credit cards but lower average balances, suggesting disciplined credit management.
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Generational Differences: The article notes that older generations, specifically baby boomers and the silent generation, are more likely to have a perfect FICO® Score. This is attributed to the length of credit history, which is a significant factor in the FICO® Score calculation.
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Geographical Variations: The article highlights that Hawaii has the highest concentration of people with a perfect FICO® Score. This is linked to the state's demographic characteristics, including a significant population of financially secure retirees.
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Metro Areas with High Concentrations of Perfect Scores: Certain metro areas, particularly in California, have higher percentages of perfect FICO® Scores. This is attributed to various factors including the wealth levels and demographics of these areas.
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Attaining a High Credit Score: The article emphasizes that while a perfect score is commendable, scores above 800 are generally considered "exceptional" and can qualify borrowers for the best credit terms. It also stresses the importance of fundamental credit management practices like timely payments and low credit utilization.
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Credit Score Ranges and Improvement Tips: Understanding where your score sits within the broader credit score ranges is crucial. The article suggests proactive steps to improve credit scores, such as managing credit accounts responsibly and monitoring credit reports.
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Methodology of the Analysis: It’s important to note that the analysis is based on a sampling from Experian's consumer credit database, using the FICO® Score 8 model. This model is one of several FICO® Score versions and may produce different results compared to other versions.
In conclusion, this article offers valuable insights into the characteristics and behaviors of consumers with a perfect FICO® Score, highlighting the importance of credit history length, disciplined credit usage, and the impact of geographic and demographic factors. Understanding these elements is crucial for anyone looking to improve their credit score or maintain excellent credit health.
