Mortgage FAQ: Is There a Benefit to Having a Perfect Credit Score?

"I RECENTLY CHECKED MY CREDIT SCORE AND IT’S VERY CLOSE TO 800. I'M THINKING ABOUT TRYING TO GO FOR A PERFECT SCORE OF 850. ARE THERE ANY BENEFITS TO HAVING A PERFECT SCORE?"

First of all, congratulations on having such great credit and maintaining such an excellent credit score! Trying to achieve that “perfect” FICO credit score of 850 is certainly commendable—as only 1.2 percent of all credit scores stand at 850—but there aren’t really any extra benefits to having a perfect score.

Unfortunately, there’s no magic door that’s opened that will lead to any type of special compensation. As a practical matter, you don’t need to have a perfect score to be able to get a great interest rate and the best terms on a mortgage.

According to Experian—one of the three largest credit bureaus—lenders “don't typically distinguish between scores that are in the ‘exceptional’ range of 800 to 850.” In your case, if your FICO score is very close to 800, your goal should really be to push it over the 800-point threshold in order to get the best rate and terms.

As you probably already know—based on your current score—the way to raise your score is to continue to pay your debts on time, pay off your credit cards each month, check your credit report regularly, and maintain a good debt-to-income ratio.

For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.

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