A new study from credit analytics company SubscriberWise revealed that less than two tenths of one percent of the scorable population achieved the highest possible Fico score.
So just who are these consumers with 850 Fico scores anyways?
Well, the company found that the median age of these credit-elites was 61, having a birth year all the way back in 1950.
The oldest person to achieve credit score-perfection was born in 1922, while the youngest was born in 1967.
In other words, it takes a while to achieve a perfect credit score, even if you’re doing everything right.
(See my credit score range.)
This probably has to due with the fact that credit scoring takes into account the length of a consumer’s credit history, including the age of their oldest account on their credit report, whether it’s opened or closed.
So you really need to build your credit history early on to ensure you have excellent credit in the future.
Simply paying bills on time, keeping balances low, and applying for new credit sparingly won’t be enough for that perfection you seek.
Some gray hairs also seem to be a necessity…
For the record, the SubscriberWise study was based on data from a quarter of a million credit reports, so it seems pretty thorough.
(photo: Bruce Berrien)