Credit Scores

5 Traits of Consumers with Perfect Credit Scores


If achieving the highest credit score possible is your goal or if you want to get as close to perfection as possible, listen up!, the consumer division of FICO, the company that invented the most widely used credit score, published a report on consumers they consider to be “high achievers” or consumers with FICO scores of 785 or higher.

FICO scores range from 300 to 850. FICO calculates credit scores using information supplied by lenders, banks and credit card companies reporting your account information to credit bureaus like Experian, Equifax and Transunion. The higher the credit score; the better your terms and interest rates on loans and credit cards.

All consumers have a chance to achieve high credit scores. According to more than 50 million people — about a quarter of all people with credit scores — have scores of 785 or higher. The high achievers exhibit “strikingly similar” credit habits, regardless of background and life experience.

Traits of High Credit Score Achievers

  1. Consistently make on-time payments on all of their credit obligations.
  2. Keep balances low and use an average of only 7 percent of their available revolving credit. High achievers never max out credit cards.
  3. Carry an average of seven credit cards, which include both open and closed accounts.
  4. Average four open credit accounts with balances, including both credit cards and traditional loan accounts. The key is those balances represent just 7 percent of the high achiever’s available revolving credit. (Credit cards are considered revolving credit)
  5. Open new accounts sparingly — high achiever’s oldest credit is an average of 25 years ago. Over all, their average credit account is 11 years old.

High credit score achievers are not necessarily debt free, they just tend to manage their accounts better. In fact, the report showed one-third have total balances of more than $8,500 on non-mortgage accounts while the rest have total balances of less than $8,500. What the above traits do establish is that it’s never too late for consumers to rebuild credit scores.

While 96% of high achievers showed no missed payments whatsoever on their credit reports, if you have missed payments you can still attain a high credit score. Neutralize missed payments by re-establishing a good track record as soon as possible through making payments on time. Your credit score can recover fairly quickly by making on-time payments.

High Achievers aren’t perfect

Being in the high achiever category does not mean you have to be perfect. Some have experienced a bankruptcy or been hit with a tax lien. In fact, about one in 100 high achievers with excellent FICO scores have a collection on their credit report and about one in 9,000 has had a tax lien or bankruptcy. What makes the difference in high achievers is their ability to move forward after making financial mistakes. High achievers do not wallow in bad credit – they take action to rebuild credit scores.

Actions to take immediately

Steady responsible financial behavior pays off over time. The main habits to achieve an excellent score is to:

  • Keep low balances on revolving accounts.
  • Consistently make payments on time, even if it’s just the minimum required.
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