Although a credit score of 617 is not necessarily horrible, I think the bank may be a bit over-optimistic in telling you your score is “pretty good.”
When you say “credit score,” I assume that you are referring to your Fair Isaac score, also known as he FICO score after the company that designed the scoring model, the Fair Isaac & Co. A FICO score of 617 places you in the lower 20% of United States consumers in terms of perceived credit worthiness, meaning that a potential lender will consider you to be a relatively high risk borrower. While you can probably obtain many loans with a credit score of 617, you should expect to pay higher interest rates than the average consumer, and may be turned down for credit by some of the more selective lenders.
There are many steps you can take to help improve your credit score. The most important thing you can do is resolve any outstanding delinquent accounts, then make sure to make all payments to your creditors in a timely manner. Having several accounts with long histories of timely payment should have a positive influence of your credit rating. If you do not have many credit accounts, such as credit cards, you may want to open some new accounts to help you build a positive credit history. Ideally, you should pay off the balance of your credit cards each month, but if that is not possible, at least make your minimum payments on time to help build your credit score. For more information about credit and ways to improve your credit score, I encourage you to visit the Bills.com Credit Resources page, available at Credit Portal. I hope this information helps you Find. Learn. Save.