Does a perfect score matter?

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Anicca

• June 21, 2022 23:26

Hello Nerds - My credit score has been hovering in the high 700's for around a decade now and nothing I do seems to get it to 805. My question is, aside from bragging rights, does having that elusive perfect score even matter? Like will it get me better rates than my current score of 789? This seem like a good group to pose this question to.

Thanks! Annica

 

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• Official comment

  

  Victor D

  • June 22, 2022 17:07

  Hi Anicca! That's a great question.

  While we have some resources like these that clarify the issue a bit:

  What Is the Average Credit Score? - NerdWallet

  What Is a Credit Score? What Are Credit Score Ranges?

  ... lenders and credit issuers each have their own set of criteria they use to evaluate applications for loans and credit cards, which makes it impossible to predict if having a score of 805 will let you obtain a product that you could not obtain with a score in the upper 700s. 

  A score of 720 or higher is generally considered excellent, so you'll be in that excellent group whether you reach 805 or not.

  These articles may help you reach 805:

  • 6 Ways to Rebuild Credit - NerdWallet
  • 9 Ways to Build and Improve Your Credit Fast - NerdWallet

  I also think your question would be a good candidate for the NerdWallet SmartMoney podcast. Call or text 901-730-6373 or email podcast@nerdwallet.com to submit your question!

  Best Regards,

  Victor

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  Cori

  • June 22, 2022 20:20
  • Edited

  Hi Anicca!

  In addition to the great resources Victor has shared you may want to check out this video by money Nerd Liz Weston.

  https://youtu.be/nLa5TtJGyhA

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