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317 Credit Score: Good Or Bad (Can I Fix It)?

  • A 317 credit score indicates serious credit problems.
  • To recover, focus on timely payments and accurate credit reporting.
  • Call The Credit Pros for expert help with credit-related issues and strategies.

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A 317 credit score shows serious credit issues and limits your financial options. Poor payment history, high credit utilization, and negative marks drag your score down. Understand why your score is low to start your recovery.

To improve your credit score, pay bills on time, keep credit utilization below 30%, and dispute any inaccuracies in your credit report. You might want to apply for a secured credit card or become an authorized user on a responsible person's card to build positive history. Stay consistent; gradual improvements take time but are definitely doable.

For personalized guidance, call The Credit Pros. We’ll review your credit report and discuss tailored strategies to help raise that score. Don’t wait; take immediate action for your financial future!

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    Why Is My Credit Score Only 317?

    A credit score of 317 is low due to several important factors.

    First, your payment history significantly impacts your score. Late payments, defaults, or bankruptcies can cause severe drops. Check your credit report for missed or late payments.

    Second, credit utilization matters. Using a large portion of your available credit signals risk to lenders. Aim to keep your utilization below 30%.

    The length of your credit history also affects your score. A shorter history may result in a lower score. If you have new accounts, they might not build your history enough yet.

    Negative marks, like collections or charge-offs, can drastically decrease your score. These stay on your report for years and harm your score.

    Lastly, too many hard inquiries can hurt your score. Each time you apply for credit, lenders check your report, which can temporarily lower your score.

    At the end of the day, you can improve your credit score by checking for missed payments, keeping your credit utilization low, and managing your inquiries. Taking these steps helps lay the groundwork for recovery from a 317 credit score.

    5 Best Ways To Recover From A 317 Credit Score?

    To recover from a 317 credit score, here are five effective steps you can take:

    1. Pay Your Bills On Time: You need to ensure every bill is paid on time. Timely payments significantly impact your credit score. Set up automatic payments for at least the minimum amount to help you remember.

    2. Clear Past-Due Accounts: Examine your accounts and pay off any overdue bills. This stops further damage to your score and signals to creditors that you are committed to improving your credit.

    3. Reduce Credit Card Debt: Work to lower your credit utilization to below 30% of your total limit. For example, if your credit limit is $1,000, keep your balance under $300. A lower utilization percentage positively reflects on your credit score.

    4. Review Your Credit Report for Errors: Obtain a free copy of your credit report and check for mistakes. If you find errors, dispute them immediately to ensure your report accurately reflects your credit situation.

    5. Consider a Secured Credit Card: If feasible, apply for a secured credit card. This type of card requires a deposit as collateral and can help you build credit when used responsibly, especially by making timely payments.

    Lastly, by following these steps, you can gradually improve your 317 credit score and pave the way to better financial health. Each step you take brings you closer to achieving a higher credit score.

    Major Factors That Keep My Credit Score So Low?

    Several factors likely keep your credit score low, and understanding them is essential.

    • Payment History (35%): Your payment history is the most significant factor. Late payments, accounts in collections, and defaults can substantially hurt your score. You should avoid any delays beyond 30 days to prevent serious damage.

    • Credit Utilization (30%): This refers to the percentage of credit you use compared to your total credit limit. Keeping your utilization below 30% is vital. Maxing out your cards may severely impact your score.

    • Length of Credit History (15%): A shorter credit history can lower your score. Lenders prefer longer histories, which demonstrate reliability in repaying debts.

    • Credit Mix (10%): Having a variety of credit types, such as credit cards and loans, is important. A limited mix can negatively affect your score since lenders favor a diverse credit portfolio.

    • New Credit Inquiries (10%): Each time you apply for credit, a hard inquiry occurs, which can slightly lower your score. Multiple inquiries in a short period can be particularly damaging.

    • Errors on Credit Reports: Incorrect information can also lower your score. You should regularly check your reports for errors and dispute any inaccuracies.

    Addressing these factors will help improve your credit score over time. Finally, focus on making timely payments, reducing credit card balances, and regularly checking your credit reports for mistakes.

    Can My 317 Credit Score Drop Any Lower (Can I Prevent It)

    With a 317 credit score, your score can indeed drop lower if you face more negative events. You should be aware of key factors that contribute to a drop, such as missed payments, high credit utilization, and applying for new credit.

    To prevent your score from dropping, make sure you pay all your bills on time and regularly check your credit for inaccuracies. Keeping your credit card balances low relative to your credit limit is essential. High balances can signal to lenders that you're over-extended. Additionally, avoid applying for new credit unless necessary, as each application can result in a hard inquiry that may lower your score further.

    Focus on addressing any existing negative items on your credit report and manage your debts wisely. Consider becoming an authorized user on a credit card to help build positive payment history.

    Big picture, you can prevent your score from dropping by paying your bills promptly, keeping balances low, and checking your credit regularly. You have the power to improve your credit situation over time.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    How Long Will It Take To Improve My 317 Credit Score?

    Improving your 317 credit score takes time and consistent effort. You can begin to see changes within one to two months after taking positive actions, like paying your bills on time. However, comprehensive improvement could take years, especially if negative marks remain on your credit report.

    Focus on these actions to increase your score:
    • Pay your bills completely and on time each month.
    • Keep your credit utilization below 30% of your available credit.
    • Address inaccuracies on your credit report, as these can significantly impact your score.

    You may not see significant eligibility for loans or credit cards for at least 2-3 years. Stay committed to improving your credit behavior, and you will eventually notice an upward trend in your score. Overall, stay consistent by paying bills on time, keeping credit utilization low, and correcting inaccuracies to improve your credit score effectively.

    Can I Realistically Get A Mortgage With A 317 Credit Score?

    You will struggle to get a mortgage with a 317 credit score. This score is in the "Very Poor" range, which makes you a high-risk borrower for lenders. Most conventional loans require at least a 620 score, and government-backed FHA loans generally need a minimum of 580 for favorable terms. Without meeting that threshold, you may face a larger down payment.

    While some lenders might consider applicants with lower scores, you can expect significantly higher interest rates and unfavorable loan terms. Lenders also look at other factors, including your income and employment history. If you have a stable income, it could improve your chances, but you'll still face challenges securing a mortgage with your current score.

    To increase your chances, consider improving your credit score before applying for a mortgage. Here are some strategies you can implement:

    • Get a secured credit card.
    • Become an authorized user on someone else's card.
    • Pay down existing debt.

    As a final point, focus on rebuilding your credit score to enhance your attractiveness to lenders. Taking these steps can help you become a more viable candidate when you're ready to apply for a mortgage.

    Can I Get A Personal Loan With A 317 Credit Score?

    With a 317 credit score, you can find it hard to get a personal loan, but it's not impossible. Most lenders typically look for scores around 720 or higher to approve applications. Because your score is well below average, lenders may see you as a high-risk borrower.

    You might discover lenders willing to offer you a personal loan, but expect very high fees and interest rates. Your options could include specialized lenders or credit unions that focus on people with poor credit. Consider applying for joint personal loans; adding a co-applicant with a better credit score can increase your chances of approval.

    Demonstrating a stable income is crucial. Provide proof of your income to show you can repay the loan. Reducing your debt-to-income ratio by paying off existing debts can also improve your chances.

    To put it simply, while securing a personal loan with a 317 credit score is difficult, focusing on improving your credit first will help you access better loan terms in the future.

    Can I Buy Or Lease A Car With A 317 Credit Score?

    Yes, you can buy or lease a car with a 317 credit score, but it will be challenging. A 317 score falls in the "Very Poor" category, meaning lenders view you as a high-risk borrower.

    When you apply for a lease, lenders check your credit history. This score is significantly below the average score of around 714. Lenders typically prefer low-risk borrowers to secure favorable terms, making approval harder for you. If you get approved, expect much higher interest rates and larger down payments.

    Here are some key points to consider:
    • Higher monthly payments are likely when leasing with a low score.
    • Lenders may require a cosigner with a better credit score to mitigate risk.
    • Some dealers offer "subprime leasing" options for your situation, but these often come with high costs.

    In short, while options may exist for leasing with a 317 credit score, be ready for less favorable terms and conditions.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    What Is The Best Method To Fix A 317 Credit Score?

    To fix a 317 credit score, you should first pull your credit report from all three major credit bureaus: Equifax, Experian, and TransUnion. Review it carefully for errors like incorrect late payments or balances. If you find mistakes, dispute them immediately to have them corrected.

    Next, focus on making on-time payments. Your payment history has the most significant impact on your score, accounting for 35% of it. Set up automatic payments or reminders so you never miss a due date.

    Consider applying for a secured credit card, which is easier to obtain with a low score. Use it responsibly by maintaining a low balance and paying it off each month. This helps build a positive credit history over time.

    If you're dealing with significant debt, prioritize paying off high-interest accounts first. You might also look into credit-strengthening products like credit-builder loans to improve your score.

    For personalized help, we advise you to consider working with a reputable credit repair company, such as The Credit Pros. They can guide you through the process of improving your credit score.

    To finish, you should regularly check your credit report, make timely payments, use secured credit responsibly, and consider professional guidance. Rebuilding your credit takes time, but these steps will set you on the right path.

    Credit Card (Secured Or Unsecured) Options With A 317 Credit Score?

    With a 317 credit score, your options for credit cards are limited. You will likely struggle to qualify for an unsecured credit card because most issuers prefer scores above 580 due to the higher risks. Therefore, your best immediate option is to apply for a secured credit card. A secured credit card requires you to deposit money as collateral, which lowers the lender's risk. These cards typically have higher approval odds, even for those with very low scores like yours.

    Some secured credit cards do not require a credit check, making them more accessible for you. Look for cards from reputable lenders that specifically cater to individuals rebuilding their credit. While these cards may come with fees, they report to credit bureaus, helping you build your credit history over time.

    You can also consider becoming an authorized user on a family member or friend's credit card. This can potentially help improve your score, provided they maintain good credit habits. We delve deeper into credit improvement strategies in other sections of our article, including the best ways to recover from a 317 credit score, which might be helpful for you.

    In essence, focus on applying for secured credit cards and consider becoming an authorized user to start improving your credit score. Take these steps confidently, and you'll be on your way to better credit.

    Should I Become An Authorized User With A Poor Credit Score?

    Yes, you should consider becoming an authorized user even with a poor credit score. When you add yourself as an authorized user on someone else's credit card, their positive credit history can help improve your credit score.

    Here are some essential points to keep in mind:

    • Potential Improvement: If the primary cardholder has a strong credit history, you could see a significant boost to your score—potentially around 11% in a few months, based on studies.

    • Risks: If the primary user has a poor payment history or high balances, this may negatively affect you. It’s crucial to select someone with solid credit habits.

    • Monitoring: Not all credit card issuers report authorized user activity to credit bureaus. Confirm that the issuer reports to the bureaus before you proceed. This ensures positive activity impacts your credit score.

    • Responsibility: As an authorized user, you aren’t responsible for payments, but you should agree with the primary cardholder on usage and limits.

    To wrap up, if the primary user manages their credit well, becoming an authorized user can be a smart strategy to help you improve your credit scores and overcome your low credit situation.

    Which Negative Marks On My Credit Report Affect My 317 Score?

    Negative marks on your credit report heavily impact your 317 credit score. These marks signal past credit issues, making it harder for you to secure new credit. Here are the most common negative items that affect scores like yours:

    • Missed Payments: A single late payment can stay on your report for up to 7½ years, significantly lowering your score.

    • Collections: Unpaid debts may end up in collections. This mark lingers for about 7 years.

    • Charge-Offs: When a creditor writes off a debt as uncollectible, it results in a charge-off that remains for around 7 years.

    • Bankruptcies: A bankruptcy is highly damaging and can stay on your report for 7 to 10 years, depending on the type.

    • Foreclosures: Losing a home to foreclosure can affect your score for up to 7 years.

    • Repossessions: If a lender takes back an item you bought on credit, it can remain on your report for about 7 years.

    • Public Records: Items like tax liens can also reduce your credit score, typically lasting for several years.

    To improve your score, you must actively manage these negative marks. Start by checking your credit report for errors. If you spot any inaccuracies, dispute them for removal. For genuine negative marks, prioritize making timely payments moving forward to rebuild your credit. You might also consider reaching out to credit counseling for additional support.

    On the whole, addressing inaccuracies and focusing on timely payments can help enhance your credit score over time.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Negotiate And Pay Off Debts To Improve My Bad Credit Score?

    Yes, you should negotiate and pay off debts to improve your bad credit score, but keep in mind some important factors. When you negotiate with lenders, you may agree to pay less than what you owe, known as debt settlement. This will mark your account as "settled," which is better than leaving it unpaid, though not as positive as marking it "paid in full."

    Understand that settling debt can negatively impact your credit score. A settled account can remain on your credit report for up to seven years, affecting your future credit opportunities. However, ignoring the debt might lead to it going into collections, which is an even worse outcome for your credit.

    Before you negotiate, check your credit score. Knowing your financial situation helps you propose a realistic repayment plan. You can often negotiate directly with your creditors, avoiding the costs and potential further damage to your credit that might come from using a debt settlement company.

    In general, paying off the full amount owed is the best option for your credit score. If that’s not possible, settling debts can be a way to prevent harsher actions, like having a debt sent to collections.

    Bottom line, if you're facing bad credit, take action now. Negotiate your debts or pay them off to improve your score, and remember that being proactive is key to financial recovery.

    Best Site To Monitor My Credit Report?

    The best site to monitor your credit report is AnnualCreditReport.com. This official website, authorized by the U.S. government, provides free annual credit reports from all three major credit bureaus: Equifax, Experian, and TransUnion. You can request your free report from each bureau once every 12 months.

    For ongoing monitoring, you should consider services like Experian. They offer features such as credit score tracking and alerts for changes in your credit report. These tools can be especially beneficial if you're working to improve a low credit score, like 317.

    You can also benefit from companies like The Credit Pros. They specialize in analyzing your credit report and provide guidance on improving your credit score. This service is particularly useful for understanding the factors affecting your credit, especially if you are recovering from a low score.

    In a nutshell, use AnnualCreditReport.com for your free annual report and consider services like Experian or The Credit Pros for ongoing credit monitoring and improvement. Staying informed about your credit helps you maintain your financial health and tackle any inaccuracies effectively.

    Should I Consider A Credit Builder Loan?

    If you want to improve your credit score, you should consider a credit builder loan. These loans are designed for individuals with low or no credit history, helping you build a positive payment record, which is crucial as it accounts for 35% of your credit score.

    Credit builder loans require you to make monthly payments reported to the credit bureaus. By consistently making these payments, you can gradually enhance your credit score. Typically, these loans range from $300 to $1,000, with terms between six months to two years. Lenders often have flexible requirements, so you might qualify even with a low credit score.

    Keep in mind that there are costs involved. You'll pay interest on the loan, which can make it a more expensive option for building credit. Ensure you can manage the monthly payments without missing any, as missed payments can harm your credit score.

    Before applying, assess your financial situation. If you need immediate access to funds, this loan might not be right for you. However, if your goal is to build credit over time, a credit builder loan can be a solid strategy.

    All in all, consider your financial readiness and goal to improve your credit score before deciding on a credit builder loan.

    Is A 317 Credit Score Different Between Fico And Vantage?

    Yes, your 317 credit score can differ between FICO and VantageScore models. Both systems use a scale from 300 to 850, but they interpret scores uniquely based on their algorithms and criteria.

    FICO scores focus on factors like payment history, amounts owed, and types of credit used. VantageScore, however, evaluates fewer categories and may include non-traditional data, such as utility payments. This means your FICO score might differ from your VantageScore, even with similar credit behavior.

    While a 317 score indicates poor credit in both systems, the impact on your opportunities can vary. FICO categorizes scores more distinctly, while VantageScore uses a simpler structure. To understand your situation better, explore "why is my credit score only 317?" or "best methods to fix a 317 credit score?" in our article.

    The gist of it is that your credit score may look different from FICO to VantageScore due to varying assessment methods. Knowing this helps you navigate your credit options effectively.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Will A 317 Credit Score Affect My Chances Of Renting An Apartment?

    A 317 credit score will severely impact your chances of renting an apartment. Most landlords assess your reliability as a tenant primarily through your credit score. Generally, scores below 600 raise concerns about potential late payments or defaults, and at 317, you are significantly below this threshold.

    Many property management companies prefer a credit score of at least 650 to 700. With a score much lower than this, you will likely face challenges getting approved for a rental. Some landlords may require you to have a co-signer with a better credit score or ask for a larger security deposit, viewing low scores as a warning sign of financial instability.

    In competitive rental markets, a higher credit score is essential. While each landlord has different criteria, many will favor applicants with better scores. Therefore, a 317 credit score could limit your options, and you should be ready for stricter terms.

    To improve your chances, consider taking steps to boost your credit score before applying for rentals. Address your debts and show responsible financial management to increase your likelihood of approval.

    Remember, taking proactive steps to enhance your credit score can lead to better rental opportunities.

    Can A Credit Repair Company Actually Boost My Low Score

    Yes, a credit repair company can boost your low credit score, but only under certain conditions. If you have inaccurate negative items on your credit report, these companies can help you dispute those inaccuracies. When they successfully remove these errors, your credit score may improve.

    However, you can handle this process yourself without paying a credit repair company. Start by checking your credit report for errors and disputing them directly with credit bureaus. This approach is often more cost-effective, as credit repair companies may charge substantial fees for services you can perform independently.

    If you choose to hire a credit repair company, be sure to select a legitimate one. Avoid scams that promise quick fixes without any effort from you. Remember, these companies can only assist with inaccuracies. If the information on your report is correct, they cannot improve your score.

    At the end of the day, while credit repair companies can aid in disputes, handling inaccuracies yourself is a viable option. Use this information to take control of your credit situation and make informed decisions regarding your low credit score.

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