What is the Highest Credit Score You Can Have?
What is a perfect credit score? 850 is the highest credit score you can get, though less than 1% of people ever obtain this goal. In fact, anything over 800 is considered excellent and will grant you the same level of credit opportunities as the highest possible score. How can you raise your status to the highest of the high? Learn more with this overview.
What is a Perfect Credit Score?
The highest credit score number is 850, but it’s more of a theoretical number than a realistically achievable goal. Credit scores range anywhere from 300-850, though few will ever reach the highest credit score you can get; even if they do, it’s unlikely they’d hold onto that top spot for long. Credit scores are always fluctuating, even for those with the best histories, meaning that staying at the best score is highly unlikely.
What goes into obtaining the highest credit score you can get? Credit bureaus base your score on:
- Your payment history: 35% of your score is calculated based on how well you make payments on time and show progress paying down debt.
- How much you owe: 30% of your score is calculated based on how much money you owe overall, including all your various loans and credit card balances.
- Your length of credit history: 15% of your score is calculated based on how long you’ve been a responsible borrower. This is why first-time borrowers often have trouble securing good rates.
- New credit inquiries and variety of accounts: 10% of your score is calculated based on how much credit you’ve taken out recently and how many different types of credit accounts you have to your name.
What If I Don’t Have a Perfect Credit Score?
850 may be the perfect credit score, but anything over 670 is considered a good credit score. Since most people are not able to reach the highest of positions, it’s still very possible to secure a good loan with reasonable terms and rates. While it’s always in your best interest to stay on top of your financial circumstances and raise your score whenever you can, don’t stress about reaching the highest credit score you can get.
Green Light Works With All Credit Scores
Don’t have a perfect credit score? Don’t worry. At Green Light Auto Credit, we’ll help you unlock auto financing terms that work with your history. Start today with our pre-approval application and get the ball rolling on your next new car!
