Credit cards, in addition to facilitating access to purchases, also serve to accumulate points over time. According to Experian, the scores of credit FICO scores can range from 300 to 850. The maximum number is reached by a minority of people, around 1.3%. According to the same source, the average in 2021 was 714 points.
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Valuable Characteristics Of People With Perfect Credit Score
Find out now which are the three points that citizens with perfect credit scores have in common.
1. They are usually older people
People who score 850 are usually over 57 years old. Known as baby boomers (57 to 75 years old) and members of the silent generation (75 and older), they occupy about 70%. Generation X (41 to 56 years old) represents 22%. About 4% belong to groups millennials and generation Z (age 40 or younger).
If you want to prove to banks that you know how to handle credit well for a long time, look at the example of these older generations that are on the list.
2. It has more cards, but with smaller balances
Typically people with 850 points tend to have around six credit cards, however their balances tend to be smaller. Invoices come in at around $2,588 monthly. If we compare it with the national average, which is US$ 5,221, it is actually lower.
Also, we're talking about people who don't max out their cards. Experts recommend that you use around 30% of the limit. People with high scores only use 7%.
3. In general, they have less debt.
They are usually citizens who do not have many accumulated debts. To give you an idea, the balance for car purchases is US$ 17,000 compared to the average of US$ 21,000.
People with a high score have almost twice the national average when it comes to personal loans. They manage to demonstrate loyalty to creditors by persistently paying different types of debt.