825 Credit Score (2024)

FAQs

825 Credit Score? ›

Your 825 FICO® Score is nearly perfect and will be seen as a sign of near-flawless credit management. Your likelihood of defaulting on your bills will be considered extremely low, and you can expect lenders to offer you their best deals, including the lowest-available interest rates.

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.

A credit score of 825 will generally qualify you for a lender's best interest rates. As a real-world example, the average 30-year fixed mortgage interest rate was just over 7% as of late October 2022. However, the average rate paid by a homebuyer whose FICO credit score was 760 or higher was 6.583%.

According to Experian data, baby boomers and other older consumers comprise 66% of the consumers with 850 FICO Scores, and Generation X another 26%. Millennials and younger consumers, so far anyway, account for less than 8%. In brief: The summit isn't out of reach.

A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 6.89% or better, or a used-car loan around 9.04% or lower. Superprime: 781-850.

A credit score of 900 is not possible, but older scoring models that are no longer used once went up to 900 or higher. The highest possible credit score you can get now is 850.

Your likelihood of defaulting on your bills will be considered extremely low, and you can expect lenders to offer you their best deals, including the lowest-available interest rates. Credit card issuers are also likely to offer you their most deluxe rewards cards and loyalty programs.

What credit score do you need for a mortgage? To qualify for a mortgage, lenders typically look for a minimum credit score of 620 for conventional loans. However, some loan types, like FHA loans, may accept scores as low as 500 with a larger down payment.

You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500. Whether you qualify for a specific loan type also depends on personal factors like your debt-to-income ratio (DTI), loan-to-value ratio (LTV) and income.

What is the average credit score in America? ›

The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850. The higher your score, the better.

What is a good credit score for your age? You might consider your score to be good if it meets or exceeds the average for your peers, but that isn't the best gauge. Following NerdWallet's general guidelines, a good credit score is within the 690 to 719 range on the standard 300-850 scale, regardless of age.

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. That's up from 1.31% two years earlier.

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.

Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian. Meanwhile, low-credit borrowers with scores of 600 or lower accounted for only 14% of auto loans.

Only 1.31% of Americans with a FICO® Score have a perfect 850 credit score. While a score this high is rare among any demographic, older generations are more likely to have perfect credit. Baby boomers make up a whopping 59.4% of the people with an 850 credit score.

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.