Do we have any perfectionists in the house? 🙋 Hey, it’s no crime to have high standards. Our mama raised us to keep it neat and tidy and always give 110%. 🙌 Don’t ask us about our quality of sleep. 🥱
If you’re a perfectionist, you might be trying to hit that perfect 850 credit score. But do you really need to knock it out of the park to get the perks? 🤔
Here’s Five Fast Facts on credit scores:
- 📈 Let’s Get High - The credit score spectrum runs from 300 to 850. The higher your credit score, the better financial options you have. You’ll get approved for more loans and get access to better interest rates. When renting a home or apartment, a credit check could determine whether or not you get the place. It may also impact your job search.
- 👌 Very Good - While you should try to get your score as high as possible, you don’t need to shoot for the moon. A “very good” credit score (or anything between 740 and 799) should get you the same perks that 850 does. Mortgage lenders tend to give the best rates to anyone with a score over 760. For the best auto loan, all you need is a 720.
- 🤩 Gold Star - How many Perfect Patties do we have out there? According to the credit bureau Experian, roughly 1.54% of people have an 850 credit score. A little over 20% of Americans have a score between 800 and 849, 28% have between 740 and 799, and more than 21% have a “good” score between 670 and 739.
- 🚌 Struggle Bus - With all the inflation chaos and the high price of eggs, Americans are relying on credit more than ever. Right now, around 28% of U.S. consumers have a credit score of under 670. Lenders look at anything under 580 as risky.
- 🧪 Perfection Potion - Still want that perfect score? Well, it ain’t so cut and dry. Credit bureaus are always updating scores, making them somewhat unpredictable and hard to keep. However, the perfect score crew does have some things in common. Those with a score of 850 tend to have no delinquencies on record. They also have low balances and a near-zero credit utilization rate.
🔥Bottom line: The formula to give your credit score a boost is pretty simple. Aim to pay off those balances, make sure your payments are on time, and don’t max out your cards. Easier said than done these days, but it’s tried and true. Looking to get your finances in order? Check out our roundup of the best budgeting apps for 2025!
Are you working on your credit score?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
