Only 1.54% of Americans achieve the coveted 850 FICO® Score, according to Experian data from Q3 2023, which translates to about 3.57 million individuals. Achieving this perfect score requires more than just timely bill payments; it also involves maintaining a diverse credit profile. Interestingly, having an 850 credit score does not mean being debt-free. In fact, the average individual with this score carries a significant debt obligation of $285,579. This figure highlights the importance of credit mix, which is one of the five key factors influencing a FICO® Score. A well-rounded credit profile includes both revolving credit, like credit cards, and installment loans, such as mortgages and personal loans. This combination demonstrates a consumer's ability to manage different types of debt responsibly. For those aspiring to join the 850 club, understanding and optimizing your credit mix is essential for achieving that perfect score.
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