What Does the Highest Credit Score Say About You and Does Purchasing a Tradeline Really Help?

What's the highest credit score possible? Continue reading to find out.

A good credit score is essential, and yet so many people don’t have one. Financial institutions prefer at least a mid 700 or above to secure credit cards or even a personal loan. So you don’t need the highest credit score possible.

The leading bureaus use different scoring models, so your score may differ from one bureau to another. You’re probably reading this post to learn about credit. What is the highest credit score possible, and why is this so important today?

Find out how you can get to the maximum credit score possible and how tradelines can help you improve your credit score today.

What is the Highest Credit Score and Why is it Important?

Life today revolves around credit. Bank loans, credit cards, and other lines of credit make life affordable. If you picture your lifestyle as something in a shop window and you wanted to make people buy you, what would you do?  You would make yourself attractive! 

Your highest credit score is important because it makes you look attractive, especially for anyone lending money or extending you a debt. When you understand this, it becomes easier to get credit and become creditworthy. 

You can get some benefits with a good credit score, but the better that number is the more favorable interest rates and perks you will get. 

How Many People Have Perfect Credit Scores?

Nobody is perfect and while this may be true in some circumstances having an excellent credit rating is possible. 

Experian suggests that the average credit score of US citizens is 688. For many people reaching and staying at 688 is a battle and getting a perfect 850 is a dream that is impossible to realize. On average, 1.5% to 1.7% of Americans have a perfect 850 credit score, according to FICO.

A sound debt habit combined with an excellent healthy financial lifestyle is the underlying reason people achieve and maintain the highest rating possible. 

Furthermore, some states have a higher percentage of perfect credit scores than others, as shown in the table below.

StatePercentage
Hawaii2.62%
Connecticut2.30%
New Jersey2.27%
Minnesota2.24%
Maine2.21%

The top 5 states with the highest credit limit

Just living in a better neighborhood or having more education are not the deciding factors on attaining that magical 850 number. So, how do you get the highest credit score possible? 

Continue reading to learn more but first, let’s talk about the best-kept secrets.

Benefits of the Highest Credit Score and Improving your Creditworthiness

Have you ever wondered how some people have the best of everything, have a bigger house, drive a newer car, send their kids to the best schools? Not all of us are millionaires with plenty of cash at our fingertips.

The secret is having the highest possible credit score and knowing how to use debt cleverly. 

By improving your credit rating, financial institutions will view you more favorably, and no matter which of the credit scoring models are used, credit opportunities will come your way. Some of the benefits of an improved credit rating include:

Lower Interest Rate

Access to credit is one thing but getting access to the best interest rates is another. When you have the highest credit score, the interest rate you receive will be lower. You’ll pay less on your car loan, less monthly mortgage payment, and pay less on your credit card interest. 

A good credit score means better interest rates, which leads to lower payments and more money in your pocket. It is as simple as that! 

Bargaining Power

Those who have a higher rating, especially those with a perfect 850 credit score, have a voice. With a higher and improved number, you can negotiate with banks, credit card companies, and financial institutions. 

Your credit reports and credit history speak volumes, and also have bragging rights when you’re with friends and family.  

Better Car and Home Insurance Rates

Having the highest credit score saves you money on other critical financial services products and services. With a good score, car and home insurance costs often decrease, and you might get better coverage for less. 

Waived Security Deposits

Deposits and balloon payments, especially on higher levels of borrowing, have been a thorn in the side of many people. The deposit makes the amount borrowed smaller, but many people would prefer to finance 100% of the amount without security payment. The higher your score, the more bargaining power exists. 

Bragging Right

Of course, having a superb score is something people can brag about. More importantly, many employers now look at a person’s creditworthiness to determine whether they should employ the potential candidate.

A good credit score gives you a chance to brag and could support your climb up the corporate ladder. A good credit record demonstrates a practical nature in life, and this carries across into the workplace. 

Highest Credit score: Who Determines Your Creditworthiness?

Your credit score is essential, and to a large degree, your financial behavior ultimately determines that number. Two of the prominent organizations that determine how creditworthy you are are FICO and VantageScore.

FICO

Fair Isaacs Corporation, FICO, is a credit scoring platform that determines your credit status. The system uses a simple process with payment history is 35%, accounts owed is 30%, length of credit history is 15%, new credit is 10%, and credit mix is 10%

VantageScore

VantageScore is a more advanced credit scoring system that looks at your credit history in more detail to help consumers and lenders make better credit decisions. Transunion and Equifax both use VantageScore 3.0.

What’s The Range For FICO and Vantage Scores?

FICO scores range from 300 to 850, with 300 to 580 being considered inferior.  A score of over 799 is exceptional. VantageScore works on a similar scale but ranges from very poor to extraordinary. According to Experian, 61% of Americans have a fair credit rating of between 580 and 669. 

Are you looking to improve your credit score from poor or fair to good or very good? You could get the results you desire when you buy a tradeline and can finally take advantage of the enormous benefits of having your highest credit score.

What Factors Determine Your Credit Score?

Many factors determine your credit score, and getting these balanced is what matters most. The three most important factors are your patent history, utilization, and debt history, making up 35%, 30%, and 15% of your score, respectively. They make up the bulk of your score at 80%.

Pro Tip: If you want to get over 700 credit scores, focus on having your utilization under 10% and having at least a 98% on-time payment history. 

How about if you want to get closer to an 850 credit score? Besides keeping your utilization low and having a near to perfect payment history, you’ll need to have close to 7 or more years of credit history.

Payment History (aka On-time Payments)

Payment history shows how many times you’ve paid your debt on time. It makes up the bulk of your credit score at 35% of your total number. If you want to get the highest possible credit score, you need to take this seriously as this is a significant indication to creditors of whether you pay your bills on-time.

The pandemic has seen many people miss or skip payments. The credit scoring models are taking this into consideration, and streaks of payment history may well be looked at rather than your total payment history. 

Credit Usage (aka Credit Card Utilization)

Credit utilization means the percentage of the amount you’ve spent on your credit to the total limit. For example, if you have a $10,000 credit limit and you have a balance of $3,000. To get your utilization, you divide $3,000 by $10,000, which equals 0.3 or 30%.

The rule of thumb is to keep your utilization under 30% for an average credit score. If you want to get over an 800 credit score, you need your utilization to be under 10%.

Credit Age (aka Avg. Length of Credit History / Credit History)

The age of your credit says a lot about a person. Long term good credit that has been managed properly over many years makes a person less risk to lenders. 

You can get to a 700 credit score without debt history but you can’t get over 800. It’s easy to call up your credit card company to ask for a credit limit increase but you can’t call them up to increase your average credit age and that’s the secret sauce that differentiates those with 700 from 800 credit scores.

If you find that you’re doing all the right things with your credit but your score wouldn’t budget. A tradeline might be able to help give you that boost you need.

Account Mix (aka Credit Mix / Total Accounts)

Your account mix has a low impact on your score at 10% of your total credit score. Some credit monitoring software calls it total account but I believe account mix is a more appropriate name. 

Essentially, you want to have a blend of credit from credit cards, mortgage, auto loan, student loan, personal loan to line of credit. Creditors favor people with more variety and quantity of accounts.

However, you don’t want to go overboard and open several accounts at a time since it will reduce your average credit age which makes up 15% of your score and could reduce your score.

Hard Inquiries (aka Credit Inquiries / New Credit)

Not all credit inquiries are bad. There’s a difference between a soft and hard inquiry. If you authorize lenders to check your limit, those count as a hard inquiry but if you check your score yourself, it’s a soft hit and does not impact your report.

Like the account mix, hard inquiries make up 10% of your score and can stay on your report for about 2 years. Try not to apply for too many credit cards or installment credit at a time.

The Most Important Factor

You can do well with your credit but all your hard work will be in vain if you have a derogatory mark. It is an important indication on how credit worthy you are.

Derogatory marks – collections, charged accounts, bankruptcies, back taxes and liens – have a high impact on your score. Although it doesn’t fall into any one of the broad categories, it is essential you do not have any negative remarks on your credit since your score can quickly plummet.

Negative remarks stay on your report for at least 7 years so do your best to avoid it if possible.

How to Get the Highest Credit Score

How to boost your credit score: we provide tips to help you get to your highest credit score
Credit: BOA

We all want to get the highest credit score possible maybe to refinance a loan, apply for a new card, get a new car, secure a lower interest, or other benefits. 

Money management and money mismanagement are two of the top areas of discussion globally. Money management experts provide a dose of “how to manage your money better” advice, however, it essentially boils down to a few basics we’ve discussed below.

How you go about getting a higher credit rating is up to you but this is the fundamental knowledge you need to have and apply.

Practice Financial Responsibility

Don’t spend more than you earn and really think about your purchases before you make them especially if you don’t have the money in your bank account. 

It is very easy to slip into massive debt and having to borrow more now and pay back later mentality will keep you in the debt cycle. Prudent spending and for those on a limited budget, thrifty budgeting, can gradually improve your credit score as your attitude towards debt usage improves, the change will be noticeable.

Make Consistent, On-Time Payments

Late payments create an instant black mark on your once perfect credit score. The worst part is it will remain on your credit for at least 8 years. Even if you notify your lender to remove it from your record, it will be permanent only if it’s a mistake on their part.

Keep your Credit Card Balances Low

Using your credit cards wisely and keeping usage low reduces your total credit usage. Just because you have credit available doesn’t mean you have to use it.

If your utilization is 10% or over and you don’t have the means to pay it off down to below 10%, there are available tradelines for sale with a high limit that will help reduce your usage and could lead to a higher credit score.

Keep your Oldest Accounts Open

Your old credit is your best friend. Long term credit or an aged credit work in your favor. Having too many recently opened accounts is not good for your creditworthiness. If you noticed your score dipped when you opened a new account, it’s most likely because your average credit history is lower. You can purchase an aged tradeline to increase your average credit age.

Don’t Have Too Many Inquiries

Every time you make an inquiry for fresh credit, a mark against your report is made. Too many inquiries set alarm bells with the credit scoring agencies. Even if your credit score is a perfect 850 too many inquiries can make it plummet. 

Manage your Available Debt vs Income Ratio

What you owe and what you can spend are two things that cause worry and concern for almost everyone, especially creditors. 

Managing the balance between the two is an art that is not too hard to learn and it is one that can help increase your credit rating inch by inch more than you might imagine. Your debt to income ratio determines how much credit you will qualify for. It’s mostly important when you are trying to purchase a home; so try to keep the ratio at 30% or less.

Monitor Your Credit Reports

The information on your credit reports matters since it’s what determines your score. 

Checking them a few times a year can be enlightening. Learning to understand how to read your report can help you increase your score simply because things make sense and you can learn what is negatively affecting it.

Be Honest With Yourself

Don’t try and keep up with Joneses. While we all deserve good things and nice stuff in life one of the easiest ways to bring your credit score under control and begin to move forward is, to be honest. 

Credit is a privilege, not a right, and once that is appreciated, the value of your credit score becomes important. Once you understand the importance of a high credit score, you can make positive changes.

Purchase a Tradeline

You may not be familiar with the term tradeline. It’s another word for a credit line. If you are making a continuous effort to improve your credit, then buying a tradeline might be a great option. Most people see a credit increase from 10 to 60 points in their first month.

Tradeline Works creates a platform where you can purchase a tradeline from a vetted seller with a better credit score and great credit habit to help get your score higher. If you are looking to lower your credit utilization under 10%, increase your credit age, or qualify for business credit, those are reasons why people get a tradeline

Am sure you might be asking, is this legal? Yes, of course! It is a legitimate way of kickstarting your way to a better credit rating and is straightforward and easy. The best part is it works! It is as simple as that and along with the sensible management tips provided above, it will be a total game-changer for you and your score. 

How to Keep a High Credit Score

Getting credit is easy, it has been easier in the past but it is still relatively easy for most people. The challenge with getting credit is how you use and manage it. For many people, especially those in lower income brackets maintaining a healthy credit score is challenging.

Is it Necessary to Have the Highest Credit Rating?

This is very much up to your personal opinion and your lifestyle. There are some people who are a little more old fashioned and will save and wait and others want things now to pay off later. 

The advantage of saving and paying with cash is you don’t end up in uncontrollable debt since you don’t have debt in the first place. However, the disadvantage is you don’t build any credit so your score will most likely be low, and making large purchases like a home or car can take months or years to save for that goal.

On the other hand, purchasing items on credit when done correctly can help improve your score and get you to your highest credit score. Just don’t overdo it! It’s not a trump card since you still need to practice good money management habits. 

The highest credit score brings many advantages and the higher your score is, the more benefits you’ll receive. The basics in life become that much more accessible whether you are earning a top dollar or a minimum wage. 

Also, a great credit score speaks volumes and simple essentials such as renting an apartment become straightforward. You’ll become trusted by creditors and trust carries a great deal of weight. 

For the most part today, it’s hard to avoid credit and most people understand the value of a high credit rating. To answer the question, is it necessary to have the highest credit rating available – 850 credit score? The answer is no! However, having a favorable score of above 750 will give you all the benefits an 850 score will. It’s like the difference between an A- and an A+.

If you are still below a 750 credit score, this where Tradeline Works makes a difference. Buying a tradeline can help get you to that desired credit score that is essential in many instances today, especially when larger purchases such as property or a vehicle is involved.

Highest Credit Score FAQS

Can you have a 900 credit score?

The highest possible credit score is 850. Even billionaires cannot achieve a credit score of 900. Your credit habit and income play a role in the credit you can obtain but your score cannot go above 850.

Is it possible to get an 850 credit score?

About 1.5% of Americans have a perfect credit score. 850 is achievable by anyone as long as they know how to manage their finances and have a great credit habit. What to learn how to join the 800 credit score club? Continuing reading!

What percentage of the population has the highest credit score of over 800?

Somewhere around 2% of people have a credit score of 800 or higher. It takes some time to get there but it isn’t impossible. Our post goes into details on how. to get a higher credit score. Click the link to learn more.

What is the average credit score in America?

According to Experian, 67% of Americans have a credit score between 670 and 739. The average credit score is 688 (VantageScore). With FICO the average credit score is 703 (2019), a record high and a full two points higher than 2018. There is an upward trend in the average American credit score.

Does anyone have an 800 credit score?

Plenty of people have a credit score of over 800. With an average credit score of 700 (a combined FICO and VantageScore), and 800 credit score is more achievable for more people as you begin to understand how credit works.

Does purchasing tradelines improve my credit score?

Buying a tradeline is not illegal and has been proven to help many people take a clear step forward improving their score. Learn more about how you could improve your credit score with a tradeline.

Bottom Line

The sky’s the limit for a high or higher score. As people become wiser about credit and learn the pros and cons of credit usage, and understand how the credit scoring systems work, credit scores are rising. 

Debt is one of the biggest challenges facing Americans and people all over the world. Credit repair is becoming an area of growth, and while the scramble for credit has slowed, the need for credit is still there. 

More people are purchasing tradelines to help boost their credit report and get themselves financially balanced and the attitude to credit is changing. 

A high or at least a good credit score is needed today for the many facets of most people’s financial life to come together. You may not need the highest credit score, but having a goal to increase it is a good starting point.

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