Banks are willing to offer more financial incentives to young people who achieve a credit score of 850.

Even with the best credit usage habits, it is unlikely that younger credit card users will achieve a perfect 850 credit score, according to credit expert John Ulzheimer, as shared with CNBC Make it.

The length of your credit history is a significant factor in determining your credit score, accounting for 15%. As younger consumers typically have shorter credit histories, their credit scores may be lower than those of older consumers who have been using credit for a longer period.

"Although you can manage your bills, keep your credit card debt under control, and apply for credit wisely, you have no control over your age."

The credit score used by most lenders, known as a FICO score, can range from 300 to 850 and is determined by several weighted categories.

• Whether you have consistently made timely payments on your credit card bills (35%).
• What percentage of your total available credit are you currently utilizing?
• The length of your credit history (15%): How long you've been utilizing your credit.
• You manage various types of credit, including bank credit cards, retail credit cards, and installment loans.
• Have you recently applied for new lines of credit?

Fewer than 2% of U.S. consumers have a perfect credit score, with the majority of them being aged 60 to 78, according to a May report from Experian.

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Banks will shower you with money if you do everything else correctly, according to Ulzheimer.

You can obtain the same advantages, such as the best interest rates on mortgage loans and new credit lines, with a score of 760 or higher, according to Ulzheimer.

He states that 90 points off the perfect score is attainable, regardless of age.

According to FICO, the average credit score is 717.

Consistently paying bills on time is a crucial move to increase your credit score, according to FICO's senior director of analytics and scores, Tommy Lee, as stated in an interview with CNBC Make It in August.

"Your FICO score is subject to change based on your credit behavior, as Lee explains."

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