Secrets of High Credit Scores

The Fair Isaac Company (FICO) just released new research about the credit habits of US consumers with the highest credit scores, specifically those with FICO^® Scores of 785 or higher.

These consumers account for roughly 25% of all individuals with a FICO score, or more than 50 million people total. FICO’s research shows a distinct pattern within these individuals credit behavior. Overall, these consumers consistently pay their bills on time, keep low balances on their credit cards, and have very few inquiries.

It may be surprising to some that these high credit scoring consumers are not debt-free. They have multiple credit cards with balances, however, they typically manage their accounts responsibly.

These consumers, with credit scores over 785, also have well-established credit histories and rarely apply for, or open new accounts. For these individuals, the average account is 11 years old, the oldest account was 25 years old, and the youngest account was an average of 28 months old.

Here are a few other key points about these individuals:

They have an average of seven credit cards, including both open and closed accounts.
They have an average of four credit cards or loans with balances.
33% have total balances of more than $8,500 on non-mortgage accounts.
67% have total balances of less than $8,500 on non-mortgage accounts.
96% show no missed payments on their credit reports;
Those who have late payments reporting are on average 4 months removed from their last payment.
They keep the balances on their credit cards low, only using an average of 7% of their available revolving credit.

In conclusion, the path to a high Credit Score is not a mystery, pay your bills on time, keep your balances low, and only apply for credit when needed. If your credit score is

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