Ficoforum (2024)

FAQs

Is a 900 credit score possible? ›

Ans. While achieving a 900 credit score is technically possible with the CIBIL model, it's highly uncommon. A score above 760 is considered very good or exceptional and offers significant benefits like lower interest rates and improved loan approval odds.

The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.

A 755 credit score is often considered very good — or even excellent. A very good or excellent credit score can mean you're more likely to be approved for good offers and rates when it comes to mortgages, auto loans and credit cards with rewards and other perks.

The reason for the differences in FICO scores comes down to the differences in credit reports from each of the three major credit bureaus. For example, lenders might not report credit activity to all bureaus.

22% of U.S. Consumers Have Exceptional Credit

But according to Experian data captured as 2023 came to a close, nearly 22% of consumers have a FICO^® Score in the highest credit score range—800 to 850. Consumers with scores in this range are considered to have exceptional credit.

Although a lot of people might like the idea of a perfect credit score, they'd likely have a hard time actually achieving it. In the U.S., only about 1.7 percent of the scorable population had a perfect 850 FICO credit score in April 2023, according to FICO data.

Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.

There are several versions of VantageScore and FICO, and each uses a different scoring model. For example, a lender will likely use an older version of FICO for a mortgage application, while a consumer site might rely on the latest version of VantageScore.

The company uses several different formulas to calculate credit scores—including VantageScore 3.0 and VantageScore 4.0.

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

How rare is a 750 credit score? ›

A 750 FICO^® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers. 25% of all consumers have FICO^® Scores in the Very Good range.

Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 770 FICO^® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. 25% of all consumers have FICO^® Scores in the Very Good range.

Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.

What credit score do auto lenders look at? The three major credit bureaus are Experian, TransUnion and Equifax. The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage.

While the FICO^® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO^® Score 2 (Experian) FICO^® Score 5 (Equifax) FICO^® Score 4 (TransUnion)

A credit score of 1,000 is not possible because the standard credit score range used by FICO and VantageScore is 300 to 850. Other credit scoring models have a high of 900 or 950, but they are industry-specific and only used by certain financial institutions.

Is a 950 credit score possible? In most conventional credit scoring systems, such as FICO and VantageScore, a credit score of 950 is not possible, as they typically have a maximum score of 850. However, some custom or industry-specific scoring models might use a different scale, but they are not as widely used.

And when it comes to credit, 850 is the highest the FICO^® Score^☉ scale goes. For more and more U.S. consumers, practice is making perfect. According to recent Experian data, 1.54% of consumers have a "perfect" FICO^® Score of 850.

One of the most common mortgage myths we hear is that there is a minimum credit score needed to get a mortgage. Put simply - that isn't true.