Highest Credit Scores Possible
Your credit score is based on your credit report, which is a comprehensive history of the your debts, including mortgages, credit cards, auto loans and any accounts that have gone into collection. Having a high credit score qualifies you for better interest rates on lines of credit.
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FICO Score
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The Fair Isaac Corporation, more commonly known as FICO, calculates the credit score that most lenders use when offering consumer credit. The FICO scale ranges from 300 to a maximum credit score of 850.
Prevalence
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As of 2010, about 1 in 200 Americans manage to get a perfect 850 credit score at some point during their lives, according to CNN Money. The credit score may drop below perfect again if the individual opens a new credit account, has credit limits lowered or uses a higher percentage of available credit.
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Significance
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According to Bankrate.com, a credit score over 760 qualifies borrowers for the lowest interest rates on loans. Increasing your credit score over 760 is unlikely to get you a better interest rate, but does provide a buffer in case your score drops slightly.
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