IS 617 A GOOD CREDIT SCORE in 2024?

Many people want to know if their 617 credit score is good, and about the credit score system. And often many are confused about what you score that means a good credit score. However as many do not understand this credit score system especially the 617, they often resort to the internet to research the 617 credit score system.

The FICO score range is a score range mostly used by lenders and financial institutions. to measure creditworthiness is normally between 300 and 850. However, anything short of this is a bad credit score. If you want to go by context , the average credit score in America is 715. This credit score has been stated below to describe what each credit score means for more illustrations 

300- 597 – Poor – 16%

580-669 – Fair -17%

670-739 – Good – 21%

740-799 – Very Good – 25%

800-850 – Exceptional – 21%

Read More: How to Save for a Down Payment on a House 2024

617 Credit Score Credit Card & Loan Options

When it comes to borrowing and obtaining loans, or getting a credit cards, most borrowers do not grant credit to those on a fair credit score. When you are on a score of 617, it means you are on a fair credit score. Therefore,  your main action is to have a way of rebuilding your credit score level Or your credit histories. This is to be done before you embark on applying for any loans or buying something on a credit. The question is how do you rebuild your credit history as many do not know how to do this?.

However, One of the best ways by which you can rebuild your credit history is to be added as an authorized user by someone with a credit history or record. If you have someone in your life with a great credit history who can co-sign for you, is a great option for you and it works like magic. One of the fears that people with great credit is that when they co-sign you, it can hurt their credit score if you do not make your payment early. This happens when you miss a payment or default a payment. However, it’s hard to convince somebody to do that for you unless such person is closely related to you. That’s to say a loved one or a member of your family.

Can you Get a Credit Card with a 617 Credit Score?

Those who apply for a credit card with a credit score of 617 or in this range are required to put down a security deposit, when they are applying for a credit card. It is a good option to apply for a credit card once you are on this credit score level. But one thing for sure is that the credit card company will require you to make a security deposit of $500- $1000. There is a possibility that you can get a credit starter credit card from a credit union. This is an unsecured credit card that comes with a low credit limit and a high interest rate. But as you continue to pay back when you buy with your credit card, your credit ratings will keep increasing.

However, If you can get a credit card, you must make sure you make your monthly payment on time. You must also  keep your balance below 30% of your credit limit.

Can I Be Able to Get A Personal Loan with a Credit Score of 617?

Yes, you can but it is only very few personal loan lenders will approve you for a personal loan with just a 617 credit score. Though this is a fact some lenders work with bad credit borrowers but their loans come with a very high interest rate.

It is advisable to avoid those kinds of loan borrowers with high interest rates. However, as they will create long-term debt problems which will automatically decline your credit score.

If you want to build credit, applying for a credit builder loan will be the best option for you. Instead of them giving you cash, the money is put into a savings account. However, once you pay off the loan, you will then get access to the money plus any interest accrued.

Can I Get a Home Loan with A Credit Score of 617?

It will interest you to know that the minimum credit score required by most conventional mortgage lenders is around 600 credit score. Those who are interested in applying for an FHA loan are required to have a minimum FICO score of 500. This is for them to qualify for a down payment of 10%. Those with a minimum FICO score of 580 are qualified for a down payment as low as 3.5%.

Can I Get an Auto Loan with A Credit Score of 617?

Most auto lenders will not lend to someone with a credit score of 617. Even when you can get an auto loan with a credit score of 617, it will be very expensive as per the interest rate. It is better you concentrate on rebuilding your credit score, than going for an auto loan with a 617 credit score.

Learn more: IS 665 A GOOD CREDIT SCORE?: AND HOW TO IMPROVE IT IN 2024

617 Equifax Credit Score

Equifax,FICO and other institutions scoring range, is a score range mostly used by lenders and financial institutions to measure creditworthiness. This credit score and it is normally between 350 and 850 and anything short of this is a bad credit score. However, an Equifax credit score of 617 falls within the fair credit range and is generally considered a subprime consumer. While it’s not considered excellent or even good, it’s also not the lowest score. With a score in this range, you may still qualify for some loans and credit cards, but you may face higher interest rates and less favorable terms compared to those with higher scores. Therefore, based on equifax credit score categories, 300 to 579 are classified as poor credit score. However, 617 credit score stands a good chance for Equifax credit score qualification. In order to be in the safer side in times of equifax others credit scoring, It’s important to work on improving your credit score by paying bills on time, keeping credit card balances low, and managing debt responsibly. However, this is also a way to stand a chance for Equifax benefits.

What Is 617 Equifax Credit Score?

Equifax is one of the three major credit reporting agencies in the Europ and America. Is a credit scoring model used to assess an individual’s creditworthiness based on their credit history. The 617 credit score is scored by Equifax and other institutions . The score is to determine the risk of extending credit or loans to  borrowers. However, factors like payment history, credit utilization, length of credit history, types of credit accounts, and new credit inquiries influence the Equifax score. Therefore, you need to work on improving your credit score for best results and to achieve your loan goals.

How To Improve a Credit Score of 617

A fair credit score is indicative of a history of credit mistakes or errors. For example, you may have some late or missed payments, charges off, foreclosure. Even bankruptcies showing on your credit reports, below are how you improve your credit score of 617,

• Dispute Negative Accounts on your Credit Report

It is always a good idea to grab your credit report from three major credit bureaus, Equifax, Experian, and TransUnion. This is to see what the reports say about you and you can dispute that.

• Take Out a Credit Builder Loan

Credit builder loans are installment credit loans.this is to help people with poor credit to rebuild back their credit

• Get a Secured Credit Card

Get a secured credit card that requires you to deposit some security amount. They work as much as unsecured credit cards. However, the difference is that with secured credit cards, you need some security deposit.

• Become an Authorized User

This is when you co-sign with someone with excellent credit. However, it’s the fastest way to rebuild your credit card.

• Build Credit by Paying your Rent.

Although rent and bill payments are not reported to the three major credit companies with a small fee. However, rent reporting services will add your payment to your credit report, and this helps improve your credit score.