waht is credit score and and how dose it work?

Question

also i recently open a t mobile account and when they checked my credit line they said it was aproved and it is "B"

Answer 1

A credit score is something that shows all the times you've borrowed and payed back money to a company. It's a way for other companies to find out if you are 'good for the money'.

As for the 'B', it's probably a grade they gave you based on A-F. If you're young and haven't taken out loans or credit cards, you have a good, but not excellent, credit report.

The system is based on a score of 0-850. The higher, the better. Make your score go up by paying off bills on time, and it goes down if you don't pay stuff on time.

Also, if t mobile checked your credit report, you can probably get a free copy of it. If not, go to equifax.com. It's a credit report site that keeps track of it.

Answer 2

Your credit score is made up of the following:

1. Payment history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%

If they said you scored a "B" your score is around 600.

Answer 3

A "B" is okay.

A Credit score is a way for companies to weigh you as a risk. The higher the score the better risk you are, or the more likely you are to repay the company granting you credit.

It works by taking a look at your past history, the type of credit you have, how you pay, and a few other factors and rates you as a risk.

Answer 4

Your credit score is a nationally used formula to assist retailers in establishing a customers risk. Matching social security numbers, birthdates, and last names with every finaincial transaction tracks everyones fiscal record. The record is then put to a point system, with high numbers being low risk, and low numbers being low risk.

Answer 5

The below article will explain everything you need to know: