How Can One Get a FICO of 850?

The upper limited of the FICO score range is 850. Less than one percent of all consumers achieve this perfect score, according to David Forrest of the Motley Fool. Earning this score is nearly impossible.

Identification

To gain a perfect credit score you would have to rarely use your credit and keep a zero balance most of the time, according to Bankrate.com. You would also need to pay off every account on time for several decades. Also, limit credit checks, including those for a cellphones, because each inquiry dings your a score a few points.

Considerations

For all practical reasons, you may not be able to get a FICO score of 850 because there are about 10 different ways of calculating scores, according to The Consumerist. Each formula gives places a different emphasis on variables depending on your age and demographic.

Benefits

Once you get a FICO score of 800 to 825, there are almost no benefits to a higher score other than bragging rights, according to Mint.com. Scores above 800 are considered "elite" and will garner the best possible rates.

References

• Motley Fool: Achieving Perfect Credit Score
• Bank Rate: Perfect credit score: unrealistic, unnecessary
• Consumerist: Is A Perfect Credit Score of 850 Even Possible?
• Mint.com: Can You Increase Your Credit Score to 850?