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Your credit score is a simple way of showing how likely you are to repay money you borrow. If lenders see that you have a high score, they know you’re probably going to repay loans and credit cards on time. Because people with high scores are considered a lower risk, they can qualify for the best credit cards and the lowest loan rates.

FICO® Score is the most widely used type of credit score by lenders, and it ranges from 300 to 850. If you’re wondering whether a perfect 850 credit score is achievable, the answer is yes.

A perfect credit score is hard to get, but not impossible

It’s possible to achieve a perfect credit score. Credit bureau Experian recently reported that 1.54% of consumers have a perfect 850 FICO® Score.

Experian also analyzed the characteristics of people with perfect credit. Here’s what it found:

• They always pay on time. On average, consumers with perfect credit have zero delinquent accounts on their credit history.
• They’re older. The amount of time you’ve been using credit is part of your credit score. Among consumers with perfect credit, 92% are Generation X members, baby boomers, or older.
• They don’t overspend. Consumers as a whole use an average of 29% of their credit limits. Those with perfect credit use just 4%.

These consumers also tend to have more credit cards overall. That makes sense — top credit cards have lots of valuable benefits. When you have a high credit score, why not take advantage? If you’re looking for a card that will reward you for having excellent credit, check out our list of the best cash back cards.

You don’t need perfect credit

For most of our lives, we learn that higher scores are better (unless you’re playing golf). While this is generally true with credit scores, you can reach a point of diminishing returns.

Once you have a 760 FICO® Score, you’ve effectively maxed out the benefits of good credit. That score is high enough to qualify for just about any credit card. It doesn’t mean you’re guaranteed to get approved, but you’re extremely unlikely to be denied because your credit score was too low.

You’ll also be in the highest credit score tier when you apply for a loan. You’ll be able to qualify for the lowest loan rates.

Once you have a score of at least 760, don’t feel as if you need to keep optimizing to get your score as high as possible. There isn’t any notable advantage to going from a score of 760 to a perfect 850.

How to build credit

A perfect credit score isn’t necessary, but a high credit score is good to have. Even though credit scores seem complicated, building credit is actually fairly straightforward. Here’s all you need to do to build your credit:

• Get a credit card. You build credit by borrowing money and paying it back on time. The easiest way to do this is by using a credit card.
• Pay bills on time every month. Your credit card bill is especially important, because it gets reported on your credit file. I’d also recommend paying your credit card in full to avoid interest charges.
• Avoid overspending. Try to keep your credit card balance under 30% of your credit limit. For example, if your card has a $1,000 limit, keep the balance under $300, because anything higher could hurt your credit.
• Monitor your credit score. Many credit card issuers offer free credit monitoring services for their cardholders. There are also free online services available to anyone — I use Experian CreditWorks Basic.

When you’re new to credit, the hardest part is often finding a credit card you can qualify for. For help with that, explore our list of starter credit cards. You can get them even if you don’t have any credit history and take your first step toward building excellent credit.

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