849

[bada_bing]

Approximately 0.5 percent of consumers reach the 850 mark, according to a 2010 estimate by the Fair Isaac Corporation, creator of the widely used FICO credit scores. Although chances are slim of climbing to the top of the 300 to 850 range, there are many people who have made it over the 800 hump. In fact, FICO released a report in April that found 18.3 percent of consumers have a score in the 800 to 850 range—the highest percentage since October 2008.

http://money.usnews.com/money/personal-finance/articles/2012/12/28/what-it-takes-to-have-a-perfect-o...

congrats on a great score. There is no formal recognition by credit bureaus though.

[Anonymous]

Yep, although 0.5 is a small figure, with the current number of consumers I imagine that still amount to thousands of people.

[EW800]

I would think you would get more recognition from users of this forum than you would from the credit bureaus.

[thom02099]

This from cardhub.com:

According to Experian, there are 2.19 [presumably an average]  open credit accounts per individual with credit history. If there are between 220 and 230 million adults in the U.S, this data indicates that there are between 481.8 million and 503.7 million credit cards nationwide, as opposed to 759 – 793.5 million in 2011, a 63.47% drop.

Assuming the .5 percent figure is accurate, or even conservatve, that would mean that there's likely at least 10million cardholders with perfect scores; and taking it even more conservatively, figure 5million with perfect scores.  It would be a practical impossibility to recognise achieving an 850 score, and since scores are fluid and can change daily, would be, in reality meaningless. 

About the only thing that an 850 score does is give one a sense of personal accomplishment.  Most lenders (and I say most because with everything there's always an exception) generally don't offer better lending terms for an 800+ score vs a 760-799 score.  850 would impress an underwriter perhaps, but would it get a better loan?  Doubtful.

[manyquestions]

I bet a lot of middle aged  people who are uninterested in any of this get to 850 without even being aware of it.  Say they have a  mortgage that is almost paid off, 3 or 4 credit cards that are 10-20 years old and used sparingly. Haven't applied for anything in ten years. Have always had adequate income so no need for a car loan in last 20 years. That sort of profile. 

[pipeguy]

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@Anonymous wrote:

i have a Fico score of 849.  How do I go about being recognized by the credit bureau for this?

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Buy a full credit report, print it out, frame it if that works for you. 

Okay I'm basically kidding, but credit scores are just a snapshot of your scores at a point in time used as a risk factor for lenders - a high score is something to be proud of, but frankly anything over 760-780 will get you the best rates & terms from lenders which is how you are "recognized".

[myscore1]

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@Anonymous wrote:

I am curious... Congrats on your score, it shows a great deal of restraint and perseverance. Are you looking for a parade? I would think the rewards and getting great rates and apporovals is enough. Is there something else?

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Loved it

[myscore1]

Having an excellent credit score is a great accomplishment but meaningful only as long as you make good use of it. I guess one can always take a snapshot of it and......frame it and hang it on a wall as a diploma or something The irony is, that once you start taking advantage of that 849 score, it will likely drop! 

I have a friend who has 848s across the board. He found out about his scores while trying to get preapproved for a mortage I was pushing him to consider.  But he still lives with his mom, has a 15 year old car, a $30K job and lives very frugally. A great credit score success, but definitely not a financial one. BTW he is in 40s. Not judging him at all, but I think it is really healthy to keep a broad perspective while obsessing over our credit scores.

[Anonymous]

What you can obtain with a good credit score is more valuable than the score itself!