Perfect Beacon scores are so rare that even high-level executives that work for the credit agencies sometimes have never seen one. Achieving Beacon score perfection, however, is not feasible nor beneficial to the average borrower. Most of the time, you can get the same perks as a person with a perfect score with a much lower rating.
Identification
The Beacon score is basically the same thing as the FICO score -- synonymous with "credit score" for most people. The Fair Isaac Corporation helped Equifax developed the Beacon score, so the formula and range are extremely close. As of 2011, the maximum Beacon score is 850 and the lowest is 300.
Is It Achieveable?
For the vast majority of the public, a perfect Beacon may not even be possible. The credit rating agencies have 10 different scoring models, each for a specific demographic, such as people new to credit or with a previous bankruptcy. Also, you would have to tailor your credit report to the variables in the Beacon formula, which are unknown and a trade secret as of 2011. Just getting above an 800 usually requires several decades of credit management, according to American Public Media.
Benefits
If you somehow achieved a Beacon score of 850, you probably would not see any benefit other than bragging rights. Even in tight lending markets, such as after the housing crisis of 2008, creditors lump anything over a 750 to 770 in the same category. Anything over a 700 is still considered a very good score.
Tip
Entering the highest tier of scores and getting the best rates usually requires nothing more complicated than paying bills on time, using no more than 35 percent of your credit card limit and applying for loans only when you need credit. Some people avoid credit inquiries by co-signing on a account, such as adding a spouse's name to an installment loan. Applying for cell phone contracts and apartment credit checks affects score, so try to limit hard inquiries to two or fewer per year.
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