People with credit scores below 617 are usually thought of as “subprime consumers,” but that doesn’t mean you can’t borrow money. A FICO score of 714 is the average in the United States as of 2021. Credit scores between 580 and 669 are considered “fair.”
In this article, we’ll take a look at what your 617 credit score means, how likely you are to qualify for specific types of loans, and what you can do to improve your credit score.
One of the most important things lenders look at when they look at your credit application is your credit score. But because there are so many scoring models and ranges, it can be hard to figure out what a certain score means for your finances.
So, is a credit score of 617 good or bad? The short answer is that it’s neither great nor bad. Here are some things you can do to raise your 617 score and get better loan terms. Read on to find out what a 617 credit score means and how to get it raised.
What is a Good Credit Score?
First, it helps to understand credit score ranges so you know where a 617 lands. The most commonly used credit scoring models are FICO® and VantageScore®. Here is how they classify different score ranges:
FICO® Score Ranges:
- 800-850: Exceptional
- 740-799: Very Good
- 670-739: Good
- 580-669: Fair
- 300-579: Poor
VantageScore® Ranges:
- 781-850: Excellent
- 661-780: Good
- 601-660: Fair
- 300-600: Poor
You can see that a score of 617 is in the “fair” range for both FICO® and VantageScore®. It is below what is considered a ‘good’ credit score.
What a 617 Credit Score Means
If your credit score is fair, like 617, it means you may have had trouble managing your credit in the past. Some common reasons for a 617 score are
- Late or missed payments
- High credit utilization ratio
- Short credit history
- Collections accounts
- Public records like bankruptcy
While a 617 is not a terrible score, it can make getting approved for new credit more challenging. Lenders view fair credit applicants as riskier borrowers You may face
- Denials for unsecured credit like credit cards
- Need for a cosigner on loans
- Higher interest rates
- Lower credit limits
Essentially, a 617 places you in a ‘subprime’ borrowing category. While you can still qualify for credit, it will likely come with less favorable terms.
How to Raise Your 617 Credit Score
The good news is a 617 score can quickly improve with smart credit management. It may take consistent effort over months or years, but these tips can help:
-
Pay all bills on time – Payment history is the biggest factor in your scores. Set up autopay if needed.
-
Lower credit utilization – Try to keep balances below 30% of your credit limits.
-
Allow credit history to age – Time builds your score, so avoid closing old accounts.
-
Limit hard inquiries – Too many applications in a short period can lower your score temporarily. Space out new credit requests.
-
Monitor your credit reports – Dispute any errors with the credit bureaus to keep your reports accurate.
-
Become an authorized user – Ask a family member with good credit to add you to a longstanding account.
-
Mix credit types – Having installment loans and revolving accounts can help your score.
With diligent credit management, you can quickly improve a 617 to get access to better rates and terms. Scores in the mid-600s are considered prime scores by many lenders.
How to Check Your Credit Scores
Monitoring your scores is key to understanding how your credit is progressing. You can get your credit reports and FICO® scores from myFICO.com or from Experian.com. For your VantageScore®, you can check CreditKarma.com. Many banks also provide credit scores for their customers.
Checking your credit scores frequently lets you gauge your credit health. Aim to improve your 617 score over time by adopting positive credit habits. With consistent effort, a ‘good’ score of 700+ is within your reach.
Can I get an auto loan with an 617 credit score?
The short answer is yes, but you’re likely to get a significantly higher-than-average interest rate. To put it into perspective, as of November 2022, the typical borrower with prime credit (720 or higher FICO score) got an APR of 5.34% on a 60-month new auto loan. With a score in the 620-659 credit score range, the average APR was 11.76%. And with a score of 590-619, the average rate was 15.92%.
It’s also worth mentioning that interest rates can vary significantly among lenders, even for borrowers with the exact same credit score. And this is especially true for borrowers in the subprime credit tiers (below-average credit scores).
So, if you’re buying a home or car, it’s important to shop around for the best loan terms. In fact, the FICO model is designed to encourage rate shopping. Any credit inquiries for the same type of loan in a short period (usually two weeks) will count as a single inquiry for scoring purposes. Therefore, it doesn’t hurt your credit score to apply at multiple lenders or lending platforms, especially those like Upstart that consider far more than just applicants’ credit scores.
Take your 617 credit score with a big grain of salt
As mentioned, there is no universal definition of a “fair” credit score, and different lenders use credit scores to different extents. No single metric is a flawless predictor of consumer behavior. In fact, a 2021 study by professors at the University of Pittsburgh found that traditional credit scoring misclassified default risk for about 30% of consumers, especially lower-income and younger consumers.
Upstart in particular aims to look beyond a borrower’s credit score by using over 1,000 data points to paint a more complete picture of their financial and life situation in order to give qualified borrowers who might have less-than-ideal credit scores the access to borrowing they need and deserve.
Is 617 A Good Credit Score? – CountyOffice.org
FAQ
Is a 617 credit score good?
A 617 credit score is considered within the ‘fair’ range, as it falls within the 580-669 FICO score range. On average, the FICO credit score in the United States is 714 as of 2021. If you have a credit score of 617, you are likely a subprime consumer, but that doesn’t mean you can’t borrow money.
Can a 617 credit score be used for a car loan?
For instance, your application for an auto loan may be accepted, but you probably won’t receive the best terms or interest rate. Most of the best credit cards to apply for with a 617 credit score are secured cards. However, that’s not the only type available to applicants with fair credit scores.
Can a 617 credit score save you money on a mortgage?
A better credit score can save you even more money on a mortgage. This is similar to how a better credit score can save you money on auto loan interest rates. *Rates above for a $50,000 30-year fixed rate mortgage. However, there are still mortgage lenders who will accept applicants with a 617 credit score.
How can i Improve my 617 credit score?
Pay off your debts, look over your credit report, or apply for secured credit cards or personal loans to raise your score. Applicants with a 617 credit score may have a tough time receiving a mortgage or car loan. Repairing your credit score doesn’t happen overnight.
Do you share a 617 FICO ® score with other Americans?
You share a 617 FICO ® Score with tens of thousands of other Americans, but none of them has that score for quite the same reasons you do. For insights into the specific causes of your score, and ideas on how to improve it, get copies of your credit reports and check your FICO ® Score.
Is a credit score of 580-669 good or bad?
Credit scores within the 580-669 range are considered to be fair credit*. With a credit score of 617, lenders will generally consider you to be a higher-risk borrower.*
Can I buy a house with a 617 credit score?
… under 580 is considered “poor.” If you’re planning on buying a house with all cash, you can buy a house with any of these scores, and even no credit scoreMay 20, 2025
What can a 617 credit score get you?
You’re unlikely to get approved for the best credit card offers, but you might be able to get a basic credit card or store credit card with your score. If you can’t qualify for a credit card (or one with decent benefits), you can apply for a secured credit card.
Is 617 a good credit score to buy a car?
What is considered an excellent credit score?