Study: Hawai‘i Residents Rank Highest for Perfect Credit

A new study reports that Hawai‘i has the highest concentration of people in the nation with a perfect credit score. Conducted by the consumer reporting agency Experian, the study shows 1.76% of residents in the Aloha State have an 850 FICO score. What does it take to get a perfect score?

An 850 is considered the “unicorn” of the financial world, according to Experian. FICO is one of the most commonly used credit scoring models and scores can range from 300 up to 850. Nationwide, only 1.2% of FICO scores are 850.

The Experian study explored the characteristics of consumers who meet this mark and found that they tend to have (on-average) more credit accounts, but fewer debt. Those with 850 scores carried an average of about six credit cards, compared with the national average of about four. However, they owed less than half of the U.S. average for debt on these accounts: an average of $3,025 compared with $6,445 nationwide.

According to the report, the majority of perfect FICO scores are held by baby boomers (58%). Some 38% of people with a perfect score earn less than $75,000 a year on average, indicating that income is not a factor in determining these scores, according to the report.

Though an 850 score will certainly secure the best interest rates when applying for loans, you don’t need perfect credit to get a good deal. In most cases, a score above 760 will qualify a consumer for the best interest rates, according to Experian.

The study analyzed data from the 4th quarter of 2018 to highlight the characteristics and locations of U.S. consumers with a perfect score.