What does a 517 credit score mean

A 517 credit score is very poor. It is the result of a limited credit history or many mistakes. It is well below average and is a sign of late payments, a high credit utilization rate, or even bankruptcy.

A score in this range will seriously impede your chances of being approved for a loan or credit card with favorable terms. You can expect to be offered a secured credit card or loans with high fees.

When you have a very low score the best thing you can do is improve it.

What credit card can I get with a 517 credit score?

Secured cards typically require putting down a security deposit as collateral. The deposit minimizes the risk to the card issuer and makes approval for secured cards more likely.

If you have your heart set on an unsecured credit card, you’ll have to find one with lenient requirements, decent APR (annual percentage rate), and a low annual fee.

Here are a few of our favorites:

Find even more credit cards!

Can I get a loan with a 517 credit score?

It’s possible to get a 517 credit score personal loan, but challenging. The best type is a secured loan, which requires collateral.

If you don’t have an asset to put up, visit your local credit union or go online. Plenty of online lenders consider factors like income and employment making the approval process easier. Your borrowing options will likely come with higher interest rates, extra fees, and a short repayment period.

Worried your score’s too low?

Learn what score you need to get a credit card.

How much can I borrow?

The amount you can secure varies widely. Generally, you can expect to get a few hundred to a few thousand dollars.

Get a $200 loan!

What does prequalifying mean?

Prequalifying indicates that a lender has performed an initial review of your information, including a soft pull and believes you might meet their criteria. Unlike a hard inquiry, a soft inquiry has no affect on your score.

Prequalifying is not a guarantee of approval. Pre-qualification allows you to explore potential offers and terms without formal commitment.

Tips to compare offers

Online loan marketplaces accept applicants with low scores and allow you to compare offers before you formally apply. Their network of lenders provide you access to loans to a wide range of ratings.

Common loan terms

Terminology you should be aware of includes:

Purpose

The reason why a borrower is seeking to obtain funds, such as consolidating debt, financing a car, or pay medical bills.

Amounts

Amounts are determined based on the borrower’s creditworthiness, income, and the lender’s policies.

Term

How long you have to repay the money. A higher rating improves your chances of approval and secures better terms.

Early payoff penalty

This is a fee charged when a loan is paid off before its due date. Most financial institutions do not charge this fee.

Can I get a mortgage?

Securing a mortgage can be challenging as your rating falls below the standard requirements. You might qualify for an FHA loan, which has more lenient criteria and requires a lower down payment than other mortgages.

Can I get a car loan?

Obtaining an auto loan is possible, but difficult. The financing options you find will likely be costly and may require a larger down payment. Consider a co-signer to improve your chances of approval and secure more favorable conditions.

What does a 517 credit score mean?

517 is not a good score. Only a small percentage of Americans have such low scores.

In the eyes of financial institutions, 517 labels you as a high risk borrower. It doesn’t matter if the problem is a limited credit history or too many late payments. Either way, poor credit scores indicate high risk and it will be difficult to find a lender willing to work with you. Those that do will offer products with high APRs and fees.

Go to MoneyFor to learn even more!

Is 517 a good credit score?

No, 517 is a bad credit score. It is strongly indicative of a poor payment history and will make it very difficult to be approved for new cards or loans.

How is a FICO score calculated?

FICO scores are determined by your credit history. Among other things, they weigh the following factors:

Payment history
Credit utilization rate
Length of history
Credit mix
New inquiries

What are bad credit scores and why care?

A bad FICO score is any that’s below 670. Those below 580 are generally considered poor.

Your score affects what credit accounts you’re eligible for and with what terms. Applicants with higher credit scores get cheaper personal loans (lower interest charges, fewer or even no fees) and cards with rewards.

It can also affect other aspects of your life. For instance, many landlords may hesitate to lease an apartment to tenants with a 517 credit score. They may require an additional security deposits or a cosigner.

What can you get with a 517 credit score?

At this point (unless you start improving your rating) your financing options will be limited. Qualifying for conventional cards or personal loans with great terms can be very challenging. However, some financial institutions offer products designed for applicants low credit scores, including secured cards and high-interest loans, which can be starting points for building your future.

Looking for a credit card?

Check out credit cards for a 500 credit score!

How can I build credit?

Credit scores are calculated by weighing the data on your credit reports. Building credit involves paying down credit card debt, being on time with bills, having a low utilization rate, and avoiding hard inquiries. Improvements won’t happen overnight but every effort counts.

How to get out of the very poor range

Set up autopay

Paying on time is essential. If you are having a hard time being on top of due dates, set up automatic payments for at least the minimum amount.

Don’t max out your card

A high balance relative to your credit limit can negatively impact your rating. Keep balances low – under 30% of your credit limit.

Maintain old credit card accounts

Closing old credit card accounts can decrease the age of your accounts and lower the total limit. Unless the card’s expensive, keep it active and open.

Avoid too many applications

Every time you submit an application, it triggers a hard inquiry into your credit report, which can temporarily lower your rating. Apply new credit accounts sparingly.

Build a credit history

If the issue is you’re new to this business, the best thing you can do is get a card and use it responsibly. Pay the bill on time and keep your balances low. The longer you do this, the more positive your payment history will be.

One tip is to create a monthly budget and stick to it. Having a budget, will help ensure you don’t spend too much money and can pay on time.

If you already have a credit card, taking out a loan can enhance your credit mix.

Want to enhance your credit score? Dive into Credit Score Builder today!

What types of payments impact your score?

All payments that are reported to the three credit bureaus affect credit scores. Card and installment loan payments are typically reported.

Age of open accounts by credit score range

Score range	Average age (years)
750-850	7.5
700-749	4.0
640-699	3.6
300-639	2.4

Data from Credit Karma

How long does it take to build credit?

How long it takes to raise your rating, varies depending on your situation. Paying down credit card debt will improve your score, but it may take a month to see results. Increasing your credit mix can also have an immediate effect as soon as the new credit account is added to your reports. It’s also true that the hard inquiry required to open an account can slightly ding your score.

There is no exact timeline. Generally consumers with lower credit scores see major improvements within a few months. Be sure to consistently practice good habits.

Wondering what happens if you don’t handle your debt properly?

Find out how it can hurt your credit score!

Should I raise my credit score before applying for a loan?

Raising your rating before applying is highly advisable. A higher score can significantly enhance your loan approval chances and secure you more favorable terms. Even small improvements can reduce the cost of borrowing substantially, making it worthwhile to delay your application while you rebuild your score.

Frequently asked questions

1. What does it mean to have a 517 credit score?

A 517 credit score is considered very poor. It’s likely the result of missed payments, high utilization, or defaults. Scores in this range make it difficult to secure loans or cards.

2. How can I fix my credit score?

To fix your score, pay bills on time, reduce card balances, avoid new credit applications, check your credit report for errors, and consider credit counseling. Consistent, healthy credit habits will serve to improve your score.

Bottom line

With a very poor credit score, it will be challenging to get a card or a loan but not impossible. Look into online loan marketplaces and cash advance apps or consider a secured card. Your best bet though is to take the time to raise your rating. Once you have a higher score, a whole world of borrowing options will open up. It may take some time but it’s worth your time and effort.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

7. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

8. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

9. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

10. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

11. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

12. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

13. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

14. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

16. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

17. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

18. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

19. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

21. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

22. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

23. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

24. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

25. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

26. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

27. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

28. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

29. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

30. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

31. Tipping or not tipping has no impact on your eligibility for SpotMe®.

32. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

33. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

34. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

35. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

36. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

37. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Related scores

511 512 513 514 515 516 518 519 520 521 522 523

This content is general in nature and is provided for informational purposes only. MoneyFor is not a financial advisor and does not offer financial planning services. This content may contain references to products and services offered through MoneyFor marketplace.

Is a 517 Credit Score Good or Bad?

What credit card can I get with a 517 credit score?