What Is an OK Credit Score?

by Michael Keenan ; Updated July 27, 2017

Your credit score ranges from 300 to 850 and represents how likely you are to default on money you have borrowed. Higher scores represent more creditworthy borrowers.

What Is an OK Credit Score?

An OK credit score usually falls between 650 and 700. About 15 percent of Americans falls in this range. About 27 percent has scores below 650, and about 58 percent has scores higher than 700.

Why Scores Are Important

Credit scoring helps lenders determine whether or not to issue you a loan, and what interest rate to charge you to account for the risk that you will not pay the loan back. The higher your score, the more likely you are to be approved at a lower interest rate.

Who Calculates Scores?

Scores are issued by three credit-rating bureaus: TransUnion, Experian and Equifax.

What Are Scores Based On?

Credit scores are calculated using information in your credit report such as how long you have had credit, whether you've repaid loans as agreed in the past, how much you owe, the types of credit you've used, and your applications for new credit.

Time Frame

The information in your credit score usually remains for seven years. Exceptions include Chapter 7 bankruptcies, which remain for 10 years, and inquiries, which only remain for two years.

About the Author

Mark Kennan is a writer based in the Kansas City area, specializing in personal finance and business topics. He has been writing since 2009 and has been published by "Quicken," "TurboTax," and "The Motley Fool."