A credit score of 717 is generally considered “good.” This means you have a good chance of qualifying for mortgage, auto, and personal loans.
However, you’ll want to continue improving your credit. Getting into the “Very Good” (700-799) or “Exceptional” (800-850) credit-score ranges can open up even better loan rates and terms.
Overview of a 717 Credit Score
A credit score is a measure of your financial ability to pay back debt. It’s used by lenders to assess your creditworthiness and determine if you’re a good candidate for different types of loans.
The three major credit bureaus – Equifax, Experian and TransUnion – use five factors to calculate your credit score. The most important of these is your payment history.
It includes the number of bills you’ve paid and the amount of money you’ve owes. It also looks at whether you’ve made late payments or missed a few payments and if any of your accounts have gone into collections.
Another factor is how much you owe on your credit cards, mortgages and auto loans. The more you owe on your accounts, the lower your credit score will be.
Credit Card Options with a 717 Credit Score
Those with a 717 credit score have the option to choose from a variety of credit card options. Many offer attractive perks, such as cash back and miles.
The key to success is paying your bills on time. Avoiding late payments can help boost your credit score.
Keep your revolving balance low, as well. A high credit utilization rate can drop your score quickly.
Auto Loans with a 717 Credit Score
If you have a 717 credit score, there are several auto loan options to choose from. However, you should be aware that different lenders will have slightly different criteria for approval, so it’s important to shop around before making a commitment.
Your credit score is based on several factors, including your payment history, amount of debt you have compared to your credit limits and how long you’ve been in good standing. A higher score can save you money in the long run by lowering your interest rate and overall loan terms.
The best way to improve your credit is by fixing any negative items on your report. You can do this by removing any outstanding debt and paying your bills on time. It can take a while for your credit score to improve, so be patient.
Personal Loan Options with a 717 Credit Score
If you have a 717 credit score, there are a wide range of personal loan options available to you. You can use a personal loan to pay off existing debt, consolidate your bills or cover emergency expenses.
Your personal loan repayment period will affect your monthly payments and interest rates, so it’s important to choose the right one for you. Most banks offer repayment terms between 1 and 7 years.
If you’re struggling to qualify for a personal loan, consider adding a cosigner. They can help you make a stronger application and get a better interest rate.
Mortgages with a 717 Credit Score
A 717 credit score is generally considered to be “Good.” Most lenders will approve mortgages, auto loans and personal loans with this credit score. However, if you want to improve your borrowing options and find lower interest rates and more affordable loan terms, you may need to work on your credit score.
The first step in boosting your credit score is to evaluate your report. This includes looking for late payments, charge offs and other negative items that are dragging down your score.
Getting rid of these negative items is one of the best ways to boost your 717 credit score and open up more borrowing opportunities. It also helps to monitor your credit report regularly so you can spot any changes that indicate a potential issue.