A 417 credit score is very low, and indicates that you have had significant payment problems in the past. This makes it difficult to obtain a loan or unsecured credit card.
It’s also unlikely that lenders will offer you a mortgage or car loan. These types of loans require a substantial deposit or high interest rates.
Overview of a 417 Credit Score
Those with credit scores in the 417 range are considered high-risk borrowers, as they’re closer to the low end of the credit score spectrum (300) than the upper end of it (850). This can make it difficult for them to qualify for any types of loans, including unsecured ones that don’t require collateral or a security deposit.
While there are many types of lending options available, most of them won’t be very attractive to borrowers with a 417 credit score. They’ll have to pay higher interest rates and fees, and may not be able to get the terms they need.
Credit Card Options with a 417 Credit Score
Credit card options are a little more limited with a 417 credit score, as banks are typically less than enthusiastic about approving credit cards that don’t have specific assets behind them (like mortgages and auto loans). However, you can still find a few decent offers out there.
The newest and biggest trend in unsecured credit card offerings is the no annual fee option. These cards are great for building up a credit history without incurring any fees, which can be especially helpful when you’re rebuilding your credit.
Of course, the most important thing to know about a credit card is that it can be used to make purchases and earn rewards. These can range from airline miles to hotel credits. The key is to shop around and compare the fine print before you make your final decision, so you can find the best deal for your needs.
Auto Loans with a 417 Credit Score
A 417 credit score is considered to be very poor, and most lenders will likely reject your auto loan application. However, if you can improve your credit score before applying, it may be possible to find an auto lender that is willing to work with you.
A credit score between 400 and 450 is often acceptable for an auto loan. Most of these loans are secured, meaning the vehicle is used as collateral if you default on payments.
A network called Auto Credit Express helps people with low or limited credit connect with dealers that will finance their car purchase. It also offers a free credit report that can help you identify any issues you might need to fix before financing a vehicle.
Personal Loan Options with a 417 Credit Score
A credit score of 417 is considered poor, and it’s likely that you will have a hard time getting approved for a personal loan. Many personal lenders want to see a credit score significantly higher than this.
A poor credit score can result from a variety of issues, including late or discharged payments, accounts that are in collections, or a bankruptcy appearing on your report. Having a poor credit score also makes it harder to qualify for a mortgage or auto loan.
Fortunately, there are still some personal loan options available to people with a 417 credit score. These include payday loans and credit builder loans, which can help you build your credit. However, these types of loans come with high interest rates and fees, so you’ll need to be careful if you decide to take one of these options.
Mortgages with a 417 Credit Score
Your credit score determines how much you can borrow and what your interest rates will be. Your score is based on information from three major credit bureaus: Equifax, Experian and TransUnion.
A 417 credit score is considered “Very Poor.” Lenders view borrowers with this credit score as having poor credit. That means you’ll have a hard time getting approved for many types of loans and credit, and you’ll pay higher interest rates than borrowers with better credit scores.
A mortgage is one of the most common ways to get a loan with a low credit score, but it’s important to choose the right lender. Choosing the wrong lender could end up costing you thousands of dollars in interest. That’s why it’s so important to shop around for the best mortgage rates before you decide on a lender.