You may have heard of some overzealous consumers who strive to attain the perfect credit score.
Or those websites that tell you how to get the best possible credit score.
And I’m pretty sure there was even a contest recently to see if someone could get the highest credit score out there.
But the reality is that very few consumers actually find credit score perfection, according to some recent data.
A brand new study from SubscriberWise revealed that less than two-tenths of one percent of the scorable population (those with credit scores) actually achieved the almighty 850 Fico score.
That’s right, just a sliver of the population was able to snag an 850 score, the highest on the Fico’s credit score range.
And of those who did, the median age was a staggering 61 years old.
So if you’re a youngster striving for perfection, you may have a long wait.
In baseball terms, think of a perfect game that spans decades…talk about stress.
Does it matter?
In reality, having a perfect credit score isn’t necessary. Sure, it pays to have excellent credit, since you can get approved for loans more easily and wind up with more favorable terms.
But you don’t need that A+. An “A” will do just fine.
In other words, the difference between a 760 credit score and an 850 score probably won’t mean much, aside from bragging rights.
Also keep in mind that credit scoring is just one of many factors used to make lending decisions at major banks and mortgage lenders.
Income, employment, and assets are also very important, so don’t assume perfection equals approval.Powered by Sidelines