While achieving a perfect 850 credit score is rare, its not impossible. About 1. 3% of consumers have one, according to Experians latest data.
FICO scores can range anywhere from 300 to 850. The average score was 714, as of 2021.
The few people who do manage to achieve perfect credit scores tend to share three key traits, according to Experians latest analysis.
Having a credit score of 830 is an impressive accomplishment that few people can claim. But is an 830 credit score actually good, or is there still room for improvement? In this article, we’ll examine what an 830 credit score means and whether it’s a score worth striving for.
What is Considered an Excellent Credit Score?
First, it’s helpful to understand the different credit score ranges Scores are broken down into the following categories according to Experian
- 800-850: Exceptional
- 740-799: Very Good
- 670-739: Good
- 580-669: Fair
- 300-579: Poor
That means you have “exceptional” credit, since your score is 830. The US average credit score is 714, so if you get an 830, you’re way above the average person.
Only about 1% of people have credit scores in the 800-850 range. So an 830 credit score certainly qualifies as excellent and very rare
The Benefits of an 830 Credit Score
A credit score of 830 comes with some nice perks:
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Lower Interest Rates: With an exceptional score, you’ll qualify for the best interest rates from lenders, saving you money.
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Better Chances of Approval: Lenders know you’re a very low-risk borrower, so it’s almost certain that they’ll give you new credit.
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Ideal Terms: In addition to low rates, you can qualify for the most ideal loan terms like no fees, low monthly payments, etc.
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Higher Credit Limits: Credit card companies will be happy to raise your spending limit given your pristine credit history.
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Special Offers: Expect to receive invites for the most exclusive credit cards with lucrative ongoing rewards and signup bonuses.
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Premium Perks: People with great credit are the only ones who can get the best benefits from some credit card rewards programs and travel loyalty programs.
Is an 830 Credit Score Perfect?
Now you might be wondering—if 830 is so great, why isn’t it considered a perfect credit score?
The main reason is that once you reach 800, additional points don’t really get you anything extra. Lenders don’t make finer distinctions between someone with an 800 credit score vs. 850. You qualify for the best possible terms either way.
This is why a credit score of 830 is pretty much perfect in every way. People who want to brag about having a max credit score are the only ones who should try to get it to 850.
How to Reach an 830 Credit Score
If you don’t have an 830 credit score yet, here are tips to reach this elite echelon:
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Never Miss Payments: Your payment history has the biggest impact on your score. Stay perfect.
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Lower Credit Utilization: Keep balances low relative to limits, ideally under 10%.
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Monitor Credit Reports: Dispute any errors you find ASAP.
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Limit Hard Inquiries: Only apply for credit when needed to avoid too many inquiries.
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Maintain Long Credit History: Hold accounts open and active over many years.
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Diversify Credit Mix: Have a healthy mix of installment loans and revolving credit.
Improving from a mediocre score to 830+ takes diligence, but it pays dividends. Monitoring your credit reports and FICO score regularly is key to staying on track.
The Downsides of an 830 Credit Score
Believe it or not, having too high of a credit score can occasionally work against you:
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You may have trouble qualifying for special deals aimed at rebuilding troubled credit.
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Issuers have less incentive to offer you their best balance transfer and 0% APR deals.
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Lenders earn less interest income from you, so may not be eager for your business.
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If your score later drops below 800, lenders will view that as a red flag.
However, for most people the drawbacks are negligible. Maintaining excellent credit should be the priority for its numerous benefits.
Who Needs an 830 Credit Score?
Here are situations where shooting for an 830 credit score could be beneficial:
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Planning to apply for a jumbo mortgage or low-rate auto loan
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Wanting to quality for the top rewards credit cards with premium perks
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Building a business and need financing to get started
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Currently have high-interest debt and want to refinance at lower rates
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Seeking approval for a 0% APR balance transfer or personal loan offer
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Looking to rent a luxury apartment with competitive application process
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Travel frequently and want access to VIP rewards programs and loyalty perks
Outside of those scenarios, a score in the mid-700s is sufficient for most people. But there’s never harm in pushing for the highest score possible.
Maintaining an 830 Credit Score
Once you’ve reached rarefied air with your 830 credit score, you’ll want to sustain it. Here are some tips:
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Review credit reports regularly to spot errors or suspicious activity.
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Set payment reminders to avoid accidentally missing deadlines.
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Be selective about applying for new credit to limit hard inquiries.
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Keep credit utilization at 10% or lower on each card.
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Consider requesting credit line increases to lower utilization.
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Have credit monitoring alert you to score changes so you can address drops.
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Only cancel longstanding accounts if the annual fee outweighs the credit history value.
With vigilance, an 830 credit score can be maintained indefinitely.
The Bottom Line
A credit score of 830 unlocks the most favorable lending terms and elite financial perks reserved for VIP borrowers. Though 850 is technically the max score, 830 is near perfect for practical purposes. If your goal is simply bragging rights for a max score, then shoot for 850. Otherwise, be thrilled once you hit 830 because you’ve won the credit game!
They have more credit cards but lower balances
Opening a bunch of new credit cards wont increase your odds of achieving a perfect credit score, but people with 850 credit scores tend to have nearly six cards on average, according to Experian. Thats above the national average of about four credit cards per person.
The key to perfect scorers success: Although they have more credit cards than average, they tend to have lower balances, according to the analysis.
People with 850 credit scores tend to carry about $2,588 in credit card debt, compared to the national average of $5,221.
And people with high credit scores arent maxing out their cards. Personal finance experts typically recommend that you only use about 30% of your available credit. People with scores above 800 tend to use only about 7%, according to creditcards.com.
People with perfect scores are typically older
“Youre not likely to see many 25-year-olds with a perfect credit score,” Matt Schulz, chief credit analyst for LendingTree, tells CNBC Make It.
The majority of people with 850 credit scores are above the age of 57, according to Experians report. About 70% of people with perfect credit scores are baby boomers (defined by Experian as people age 57 to 75) and members of the silent generation (ages 75 and above).
Generation X (ages 41 to 56) account for about 22% of people with perfect scores. Meanwhile, only about 4% of that group are millennials and Gen Zers (ages 40 and under).
Since lenders want to see that youve demonstrated a consistent ability to handle credit well over a long period of time, length of credit history has a big impact on your credit score. This is why older generations, who have had a longer time to build credit, tend to have higher scores than younger ones.
How Good Is an 830 Credit Score? – CreditGuide360.com
FAQ
How rare is an 830 credit score?
An 830 credit score is very rare, as it falls within the “exceptional” range (800-850) and only a small percentage of the population achieves this high score. Specifically, around 22% of US consumers have an FICO® Score of 800 or higher, according to Experian.
Has anyone gotten an 850 credit score?
Even though Michell got an 850, it didn’t have much of an effect on his finances because his interest rates and insurance costs stayed the same. Jan 4, 2025.
What can an 830 credit score get you?
If you have an 830 credit score, it may help you in the following ways, but not only: Better loan terms You are more likely to get better terms and interest rates when you apply for a mortgage, personal loan, or credit card. This could save you money in the long run. Increased chances for approval.
What is a realistically good credit score?
For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent. For credit scores that range from 300 to 850, a credit score in the mid to high 600s or above is generally considered good.