What percent of people have a credit score over 800? (2024)

What percent of people have a credit score over 800?

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.

No one has a credit score over 900 because standard credit scores range from a low of 300 to a high of 850.

It takes time to build a credit score of 800. If you are 25 and have a credit card or other credit product like a mortgage or car loan. There are 25.5 million Canadians between 25 and 100+ years of age. Therefore, 4.25 million can get in the 800 Score Club.

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO^® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO^® Scores in the Exceptional range.

A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.

It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.

What is the average Canadian credit score?

While credit scores in Canada range from 300 - 900, the average is around 650, according to TransUnion, though it varies from province to province. Once you've reached a credit score of 650 or higher, you'll be able to qualify for more financial products.

This represents the average pay that you need to pay as your bills. In Canada, the average credit score comes between the score range from 650 to 725. However, the average credit varies according to different provinces. Your credit score represents the reputation of paying billls on time.

The average credit score in Canada is around 680, which is deemed as "good" on the credit score scale. Everyone's scores can range widely based on their age, income, and spending habits, so it's essential to note that this average doesn't necessarily apply to every person.

Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO^® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO^® Scores in the Exceptional range.

Less than 21% of people have a credit score in the 800-850 range.

The percent of the population with the highest credit score of 850 is relatively small but has been increasing. As of April 2023, about 1.7% of the U.S. scorable population had a perfect 850 FICO® Score.

It depends on the type of mortgage you're seeking: Many loans vary when it comes to the credit score needed to qualify. Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders.

Average Credit Scores FAQs

Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.

Yes. Assuming the rest of your finances are solid, a credit score of 700 should qualify you for all major loan programs: conventional, FHA, VA and USDA loans all have lower minimum requirements, and even jumbo loans require a 700 score at minimum.

Some types of mortgages have specific minimum credit score requirements. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.

Is there a big difference between 800 and 850 credit score?

Just getting your credit score over 800, officially an excellent credit score, gives you the same advantages and benefits that come with a perfect credit score. Experian reports that 21 percent of all consumers have achieved excellent credit, compared to just 1.6 percent with a perfect 850 credit score.

With a FICO score of 740 or higher, you're likely to get the best jumbo mortgage rates. Using a mortgage calculator can make clear how even a slightly lower rate can make a big difference.

Making sense of bad credit

Bad credit can impact every part of your finances so it's important to understand how it works. In Canada, any credit score below 619 is considered bad credit.

It depends on the scoring model used. In Canada, according to Equifax, a good credit score is usually between 660 to 724. If your credit score is between 725 to 759 it's likely to be considered very good. A credit score of 760 and above is generally considered to be an excellent credit score.

From another report, Canadian consumer debt has risen to $2.4 trillion, with an average debt load of approximately $21,131—excluding mortgages. And Canadians are using credit cards more, as there was a 9% increase in credit balances in June 2023 compared to the same time last year.