Is There Such A Thing As A Perfect Credit Score?

Throughout our lives, we are taught that perfection is something that we can strive for but never obtain, that there is no such thing as perfection. Turns out, perfection does exist in one area: credit. The pinnacle of perfection in the world of credit is represented by a perfect credit score of exactly 800. Achieving such a high credit score is nearly impossible, but not completely unheard of. Despite the difficulty in obtaining a perfect credit score of 800, there are a few people that have managed to reach and maintain it for years.

Why A Perfect Credit Score Is So Difficult To Achieve

As most people know, credit is rated on a scale from 300 to 800. Anything below 500 is considered extremely low, and few lenders will provide loans for people with scores in the 500 range. In general, credit cores tend to average between 600 and 700. Lenders tend to prefer people with credit scores above 700, a level that is generally labeled as “good credit.” Once a person surpasses a score of 750, any further increase in credit score becomes much less significant. For this reason, obtaining a perfect score is a waste of time, as lenders rarely distinguish between a credit score of 800 and say, one of 780. Additionally, once a person’s credit score reaches the upper levels, any minor infraction can lower it more than a larger mistake would for somebody with a lower credit score. This is the main reason why obtaining a perfect score is nearly impossible. A single misstep quickly prevents a credit holder from obtaining that perfect score.

A Perfect Credit Score Isn’t Worth Much

So, if a perfect credit score is so difficult to achieve and means so little, why do people bother to obtain and hang on to a score of 800? For most people, the discipline and patience is not worth a perfect score, and even if it is, it’s practically impossible not to send in a bill late at least once in a lifetime. Most people who pursue a credit score of 800 do so for competitive reasons. Those seeking the 800 credit score are typically driven by some innate quality of perfectionism or a desire to beat others in this area. After all, there is a certain level of bragging rights that goes along with having such a high credit score. Still, for most people, the extreme effort required is not worth a perfect score that offers no benefits above and beyond those gained from a nearly perfect score.