Is It Possible to Get a Perfect Credit Score?

Getty ImagesEven if you do reach a perfect score, there's no guarantee you'll stay at the top for long. Some people obsess over perfect grades. Others find fulfillment in bowling a perfect 300. Still others make it their life goal to earn the highly elusive perfect credit score. But while getting A's on all your midterms and even bowling 300s are fairly attainable goals, perfection in the credit world is practically unheard of. Can it really be done? And more importantly, is it a worthy goal to strive toward? Here's why the perfect credit score may not really matter in the end. Is it possible? Yes, it's possible to get a perfect credit score. However, this answer comes with a few caveats. First off, the "yes" assumes you're thinking about the 850 FICO score. While the FICO score is the most common score lenders use to determine your creditworthiness, it's not your only score. There are dozens of scoring models that can be used to determine your score, and each model calculates your score differently. So even if you achieve a perfect score with one model, your other scores may be very different. Secondly, even if someone is able to achieve a perfect score, there's no guarantee that it will stay that number or he or she will be able to reach it again. Credit scores change constantly, and every time someone pulls your score, it's calculated anew. Credit scores are also notoriously mysterious. While most people know they should pay their bills on time and avoid unnecessary hard inquiries, there is no "magic formula" out there that consumers can follow to earn a perfect score. So even the most credit-savvy consumers may not be able to repeat their success or pinpoint what exactly got them to the top. Lastly, a perfect score is extremely rare and almost impossible to attain. In 2010, the Fair Isaac Corp., the creator of FICO scores, estimated that only about 0.5 percent of consumers are able to reach the 850 mark. In fact, it's so uncommon that when people do achieve it, they sometimes get into the news. Is it worth it? Greatness is always a good goal to strive toward. However, is it worth spending ridiculous amounts of time and money stressing over a perfect credit score? In most cases, no. While it doesn't hurt to desire and try to obtain an excellent score, you don't need a perfect score to get the best rates as a consumer. As FICO spokesman Anthony Sprauve told Forbes last year, "It's important to understand that if you have a FICO score above 760, you're going to be getting the best rates and opportunities." In other words, lenders aren't looking for a perfect credit score -- they're simply looking for a score that indicates you're a responsible borrower. Most people want the 850 just so they can say they're at the top.