How to Get an 850 Credit Score

To get an 850 credit score, you’ll need accounts with a long history of on-time payments, minimal debt, diverse lines of credit, a low credit utilization ratio and few accounts opened in recent years.

Interested in joining the ranks of only 1.54% of U.S. consumers with a perfect credit score of 850? Spend some time familiarizing yourself with Benzinga’s guide to getting an 850 credit score. We’ll walk you through the steps and requirements but know that so few consumers achieve this benchmark because perfect finances are challenging to accomplish, and even once they do, it’s hard to maintain that score.

Is it Possible to Get an 850 Credit Score?

It is possible to get an 850 credit score, but you’ll need old accounts in good standing and a perfect payment history. This requires dedication to the cause for many years as you work to put hard inquiries, missed payments, and high credit utilization ratios behind you.

That’s because many factors determine your credit score. And to make things more complicated, each factor is weighted differently. 

• Payment history – 35%
• Amount owed – 30%
• Length of credit history – 15%
• New credit – 10%
• Credit mix – 10%

And for a perfect score, you’ll need to be perfect in all these categories that FICO uses to determine your credit score.

How to Get An 850 Credit Score

If you’re looking for a fast way to get an 850 credit score, start by following this list of guidelines.

1. Always Pay on Time

One late payment, even on a utility bill, could mean that you don’t achieve your perfect credit score goal. This is an essential element since payment history is the most important factor in determining your credit score.

Even if you can’t pay your credit card in full, you should pay the minimum payment on the card because doing so will prevent you from being flagged as late with a payment.

2. Pay Your Credit Card in Full

While you don’t have to do this to avoid negative impacts on your credit, you do need to do it to keep your credit utilization ratio low. Experian found that the average American has a credit utilization ratio of 29%. In contrast, individuals who achieved a perfect credit score had a credit utilization ratio of 4%.

The less revolving credit you use, the better. While a 29% credit utilization is within the recommended range of staying below 30%, one bad month could lead to over the recommended ratio, which would hold you back from achieving perfect credit.

3. Become an Authorized User

The more your name and credit are attached to credit cards in good standing, the better. Become an authorized user on a credit card that you know the owner pays off regularly and has a long-standing history. For example, if your parents are good with money and have had the same card for decades, asking them to add you as an authorized user might be a good idea. Just be sure they are paying it off regularly and keeping their credit utilization ratio in check.

4. Borrow Money Minimally

While having various lines of credit is good, owing a great deal of money is not. When purchasing large items like cars or a home, try to put as much down as possible to minimize the debt you take on. And pay off that debt as quickly as you can. One Redditor said the key to a perfect credit score is to: “use credit, borrow minimally, pay on time, and have a variety of credit types.”

5. Give Your Accounts Time to Age

Avoid hopping around from bank to bank just to take advantage of new customer bonuses or transfer credit cards for the newest, latest reward system. While the new perks might look attractive, account history is essential to growing your credit score. 

Constantly opening and closing accounts won’t be good for your credit. The same is true of moving regularly and closing a mortgage and opening a new one. Staying put is better for your credit because it shows consistent responsibility. Another Redditor shared that you’ll make it to an 850 score once your account history gets older as long as you aren’t late with payments.

6. Avoid Obsessing

While a perfect credit score makes you attractive to lenders, 800 and above is considered exceptional. That means that you won’t see additional benefits beyond 800. And if you obsess over achieving an 850 credit score, you won’t enjoy the benefits of such a good score because you won’t be able to take advantage of loans or new credit cards. After all, you’ll risk losing your perfect score when you open a new line of credit, at least for the first few months after opening the account.

Benefits of Getting an 850 Credit Score

Striving for the best credit score possible has many great benefits, even if you only get close to the highest score. Here’s a look at some reasons to work toward this milestone.

1. Eligibility for the Best Credit Cards

You will be eligible for the leading credit cards when you have the best credit score possible. You’ll qualify for premium cards with the best rewards. The only thing that would keep you from the leading cards would be if you have applied for too many cards in the last several months. 

2. Better Interest Rates on Loans

The higher your credit score, the lower the interest rate you can qualify for when taking out loans. Whether considering a car loan, a new home, or a personal loan to complete a home renovation, you’ll pay less interest throughout the loan if you qualify for the best rates. Or you might work toward a perfect credit score when mortgage rates start coming down to secure the best mortgage refinance rates.

3. You Can Live in the Best Apartment

Landlords often conduct a credit check before signing a lease with a consumer. If you want to live in a highly competitive apartment complex, you’ll need a credit score that tells the landlord you won’t have any problems making the payments. 

4. Better Chance at Landing a Financial Job

Employers might check your credit history during the interview process. Employers looking for financial professionals commonly look into their ability to manage their money. While they can’t see your credit score, they can see your credit history, foreclosures, lines of credit and more.

Excellent Credit: The Key to the Best Credit Cards and Interest Rates

While achieving perfect credit is a good goal and can keep you focused on maintaining good credit, you don’t necessarily need a perfect score to qualify for the best financial products. Instead, you just need excellent credit, which is 800 or above. By working toward perfect credit, you’ll manage your finances wisely and build the best financial habits you can commit to for life.

Frequently Asked Questions