In the credit score range of 300 to 850, a score of 700 or higher is typically regarded as good.
In the credit score range of 300 to 850, a score of 700 or higher is typically regarded as good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U. S. reached 714.
You may be able to get a credit card or loan with better terms and a lower interest rate if you have a high credit score. That said, different lenders use their own criteria for deciding whom to lend to and at what rates. Here are some additional details about what makes a good credit score, what affects credit, and how to raise credit.
Feeling curious about your credit score? We’ve got you covered! In this comprehensive guide, we’ll dive deep into the world of credit scores, specifically focusing on a 717 score.
So, is a 717 credit score good? The answer is a resounding yes! A 717 credit score falls within the good credit range of 700 to 749, placing you in a sweet spot for accessing various financial opportunities.
But hold on, there’s more to the story! While a 717 score is definitely good it’s not the pinnacle of creditworthiness. Let’s explore the nuances of this score and how you can potentially climb the credit ladder even higher.
Understanding Credit Scores: A 101
Let’s go back and review the fundamentals of credit scores before getting into the details of a 717 score. These three-digit numbers, which go from 300 to 850, represent a quick overview of your reliability and financial situation. Your eligibility for loans, credit cards, and even insurance policies is heavily influenced by them.
The credit score landscape is dominated by two major players:
- FICO: The Fair Isaac Corporation, widely recognized as the industry standard.
- VantageScore: A newer player gaining traction, often used by lenders alongside FICO scores.
Both FICO and VantageScore utilize a similar scoring system, with slight variations in their algorithms. While your FICO score might differ slightly from your VantageScore, they generally paint a similar picture of your creditworthiness.
Now, let’s get back to our star of the show: the 717 credit score.
The Good, the Bad, and the Boostable: A 717 Score Breakdown
The good news is that a 717 credit score puts you in a favorable position. You’ll likely qualify for a wide range of loan and credit card options, albeit not necessarily at the most competitive rates. Additionally, you’ll enjoy access to various rewards and loyalty programs offered by credit card companies.
But it’s crucial to keep in mind that a 717 score doesn’t mean your journey is over. There’s always space for growth, and raising your score can lead to even greater financial advantages.
Here’s a closer look at the factors that contribute to your credit score:
- Payment history (35%): This is the most significant factor, reflecting your track record of on-time payments for bills and debts.
- Amounts owed (30%): This refers to the total amount of debt you have, including credit card balances and loans. Aiming for a lower credit utilization ratio (the percentage of available credit you’re using) can significantly improve your score.
- Length of credit history (15%): The longer your credit history, the better. This demonstrates your experience in managing credit responsibly.
- Credit mix (10%): Having a mix of credit accounts, such as credit cards and installment loans, shows lenders you can handle different types of credit responsibly.
- New credit (10%): Opening too many new credit accounts in a short period can negatively impact your score.
Boosting Your 717 Score: A Path to Credit Excellence
Ready to take your credit score to the next level? Here are some actionable steps you can take:
- Pay your bills on time, every time. This is the single most important factor in improving your credit score. Set up automatic payments or reminders to ensure you never miss a due date.
- Reduce your credit card balances. Aim for a credit utilization ratio of 30% or less. Paying down your balances will significantly improve your score.
- Avoid opening new credit accounts unnecessarily. Focus on managing your existing accounts responsibly.
- Become an authorized user on a responsible credit card. This can help you build credit history without directly taking on debt.
- Dispute any errors on your credit report. Inaccurate information can negatively impact your score.
Remember, improving your credit score is a marathon, not a sprint. It takes time and consistent effort, but the rewards are well worth it. A higher credit score can save you thousands of dollars in interest payments over time, unlock access to better loan terms, and open doors to new financial opportunities.
Additional Resources for Credit Score Savvy
Want to delve deeper into the world of credit scores? Here are some valuable resources to help you on your journey:
- Experian: https://www.experian.com/blogs/ask-experian/credit-education/score-basics/717-credit-score/
- Credit Karma: https://www.creditkarma.com/credit-scores/717
- NerdWallet: https://www.nerdwallet.com/article/finance/what-is-a-good-credit-score
- AnnualCreditReport.com: https://www.annualcreditreport.com/
Remember, knowledge is power! By understanding your credit score and taking steps to improve it, you can unlock a brighter financial future.
What Information Credit Scores Do Not Consider
FICO and VantageScore do not consider the following information when calculating credit scores:
- Your race, color, religion, national origin, sex or marital status. (U. S. The receipt of government assistance, the exercise of any consumer rights under the Consumer Credit Protection Act, and these facts are all prohibited by law from being taken into account in credit scoring formulas. ) .
- Your age.
- Your salary, occupation, title, employer, date employed or employment history. (Remember, though, that lenders might take this information into account when determining whether to approve an application overall.) ) .
- Where you live.
- Soft inquiries. Soft inquiries are typically started by other people, such as when businesses extend promotional credit offers or when your lender regularly examines your current credit accounts. Additionally, soft inquiries happen when you use credit monitoring services from firms like Experian or when you check your own credit report. These inquiries do not impact your credit scores.
What Is a Good Credit Score to Buy a Car?
Although a minimum credit score isn’t required to purchase a car, you should aim for a score of 670 or higher, as this places you in the good credit range. Youll qualify for better auto loan terms with a higher credit score.
Because low credit is seen by auto lenders as an indication of risk, applicants with fair or poor credit will pay higher interest rates when applying for a car loan. If your FICO® Score is below 670, aim to build credit before you buy a car. Reaching the “good” credit score range may help you qualify for lower interest and better terms.
Why A 700 Credit Score Can Change Your Life #askadebtcollector #clearandstrategic
FAQ
Can I get a house with a 717 credit score?
Can I get a loan with 717 credit score?
How rare is a 750 credit score?
What is a very good credit score?
Is a 717 credit score a good credit score?
A 717 credit score is considered a good credit score by many lenders. “Good” score range identified based on 2023 Credit Karma data. A credit score is a number that lenders use to help assess how risky you might be as a borrower. Credit scores are based on credit reports, which contain information about your credit history.
Is a 717 FICO ® score good?
A 717 FICO ® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
What is a good credit score?
Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U.S. FICO ® Score, 714, falls within the Good range. Lenders view consumers with scores in the good range as “acceptable” borrowers, and may offer them a variety of credit products, though not necessarily at the lowest-available interest rates.
Is 670 a good credit score?
When you apply again down the line, you learn that you’ve boosted your score to a 670, which is considered a “good” credit score by most credit scoring models. With a 670 credit score, the FICO Loan Calculator now estimates that you might qualify for an APR around 7.89%.