Is 717 a Good Credit Score?
A 717 FICO® score is considered good and is currently the average credit score in the U.S. That means you should be able to access a variety of credit products, though not necessarily at the lowest-available interest rates.
A 717 score falls in FICO’s “good” range (670 to 739), which is smack dab in the middle of their five credit tiers — above Fair and Very Poor credit but below the Very Good and Exceptional categories. Here’s a look at what types of credit cards and loans you can get with a 717 score and how to make the most of your good credit.
Key Points
• A 717 credit score is good and average in the U.S., indicating responsible borrowing.
• This score provides access to credit cards, auto loans, mortgages, and personal loans.
• Interest rates and terms are favorable but not the best, which are generally reserved for scores of 740 and above.
• Tips for maintaining and building your credit include monitoring your credit reports, paying bills on time, and keeping credit utilization low.
• While your credit score is important, lenders also consider other factors, including your income, employment history, and debt-to-income ratio.
What Does a 717 Credit Score Mean?
Your credit score is a number (typically between 300 and 850) designed to represent how likely you are to pay your bills on time. It’s based on information in your credit reports, including your payment history, how much of your available credit you’re using, types of credit accounts you have, and the length of your credit history.
A 717 credit score falls in the Good range of the FICO scoring model, the one most commonly used in the U.S. Here’s how FICO ranks credit scores:
• 300 to 579: Poor
• 580 to 669: Fair
• 670 to 739: Good
• 740 to 799: Very Good
• 800 to 850: Exceptional
While 717 is not in the Very Good or Exceptional range, it’s still a respectable score. It shows lenders that you’re a relatively low-risk borrower, which can make it easier to secure credit cards and loans, along with favorable interest rates. However, improving your credit profile can help you unlock more options, at more affordable lending terms.
A credit score of 717 can signify a relatively short credit history marked by good credit management. Or, it might indicate a longer credit history marred by a few missteps, such as a late payment here and there, or a tendency toward high credit usage.
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What Else Can You Get With a 717 Credit Score?
A 717 credit score opens up a variety of financial opportunities. Here’s a guide to what you can expect in different lending categories.
Can I Get a Credit Card With a 717 Credit Score?
A 717 credit score puts you in the path of a variety of credit card options. This includes credit cards that let you earn points, miles, or cash back on purchases. You might even be able to score a card with an introductory 0% annual percentage rate (APR) offer that can help you save on interest for a certain period of time.
However, premium credit cards with exclusive perks like travel benefits or concierge services will likely be out of reach if you have good, rather than very good or exceptional, credit. Plus, issuers may not offer you the very best rates.
Keep in mind, though, that your credit score is only one part of the picture. Lenders will generally consider other factors, such as your income and job status, when deciding whether or not to approve you for a credit card and at what rate. This means that two people with a 717 credit score applying for the same card might not both get approved, and if they do, their terms could be different.
Recommended: Using a Personal Loan to Pay Off Credit Card Debt
Can I Get an Auto Loan With a 717 Credit Score?
You can generally get a car loan with nearly any credit score, but with a 717 score, you have a good chance of getting approved by many auto lenders. A report by credit bureau Experian® found that roughly 71% of cars financed in the third quarter of 2024 were for borrowers with credit scores of 661 or higher.
Borrowers with good credit scores tend to qualify for interest rates that are significantly lower than those offered to borrowers with fair or poor credit. This can save you thousands of dollars over the life of the loan. With merely good credit, however, a lender probably won’t offer you their top rates and terms.
To reduce the interest you pay on an auto loan, consider making a larger down payment. Borrowing less means you’ll pay less in interest over time. Plus, many lenders offer lower interest rates for larger down payments because it reduces their financial risk.
It’s also a good idea to shop around and compare offers from different lenders before finalizing a car financing deal. The rate offered by the dealer might be higher than what you could get at a bank, credit union, or online lender.
Can I Get a Mortgage With a 717 Credit Score?
A 717 credit score should give you relatively easy access to a mortgage. This score meets the minimum requirements for most conventional home loans. Conventional mortgages aren’t insured or guaranteed by a government agency but are backed by private lenders and are the most commonly used type of mortgage loan.
If you’re a first-time homebuyer or have a lower down payment, an FHA loan (a mortgage insured by the Federal Housing Administration) could be an option. These loans often have more lenient credit requirements, so your 717 score is well above the minimum.
While you won’t necessarily be a candidate for the lowest available rates, a 717 credit score mortgage rate can be competitive. As of October 2024, the average interest rate for a 30-year fixed-rate mortgage of $300,000 for buyers with a FICO between 660 and 670 was 6.563%.
Keep in mind that your credit score is one of many factors that can impact your eligibility for a home loan. Mortgage lenders will typically also consider your income, employment history, debt-to-income ratio, and down payment amount when evaluating your application.
💡 Quick Tip: In a climate where interest rates are rising, you’re likely better off with a fixed interest rate than a variable rate, even though the variable rate is initially lower. On the flip side, if rates are falling, you may be better off with a variable interest rate.
Can I Get a Personal Loan With a 717 Credit Score?
Personal loans are a versatile lending product, since you can use the funds for various purposes, such as consolidating high-interest debt, funding a major purchase, or covering unexpected expenses. Here’s what you can expect when applying for a personal loan with a 717 credit score:
• Approval: Many lenders will approve personal loans for borrowers with a score in the good range.
• Interest rates: Your interest rate may not be as low as rates available to those with very good or exceptional credit. However, you have a strong chance of securing a personal loan around the average rate of 12.29% (as of December 18, 2024), which is significantly lower than the average 20.35% rate for credit cards (as of the same date).
• Loan amounts: Personal loans amounts generally range from $500 to $100,000. A 717 score gives you access to a wider range of loan amounts. However, your income and debt-to-income ratio will also play a significant role in determining the maximum loan amount.
To secure the best terms, it’s a good idea to shop around and compare offers from multiple lenders, including banks, credit unions, and online lenders.
Recommended: Personal Loan Calculator
The Takeaway
A 717 credit score is a solid foundation for accessing various financial products and services. It indicates that you’re a responsible borrower and opens the door to many opportunities, including credit cards, auto loans, mortgages, and personal loans. While it may not guarantee the very best terms, it’s still a strong score that lenders view favorably.
To make the most of your 717 credit score, consider the following tips:
• Monitor your credit: It’s a good idea to regularly check your credit reports to ensure accuracy and identify areas for improvement.
• Pay bills on time: Your payment history is a major factor in your credit score, so you’ll want to be sure that you always pay your bills by their due dates.
• Keep credit utilization low: Aim to use less than 30% of your available credit to maintain or build your credit.
• Limit hard inquiries: Applying for multiple credit products within a short period of time can temporarily lower your score.
By maintaining good credit habits, you can continue to build your good credit and unlock even more financial opportunities in the future.
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