Not all people know about one of those things that has a gigantic impact on their life, their credit score ratings. They often find out about it after it is too late and pay dearly for it.
You realize you start forming your credit score as soon as you become a regular customer which for scores of people is during High School and for the majority is at least by the time they enter college. The problem is that they don't consider what this mysterious entity is all about and make decisions that they feel sorry about financially. It seriously is a shame that more of this financial mumbo jumbo isn't taught to people in high school. The problem is that it is not just a problem of young people and so their teachers may not have the foggiest either.
So what are credit score ratings? In detail, it is a number that is used by potentially significant people in everyone's life. It is used by banks, by credit card companies, by mortgage lenders, by landlords, and by almost everyone else who can stand to benefit from associating themselves with fiscally responsible people. So it is a number that attempts to assess how well you use your money. Unfortunately there are things that you can do that don't essentially reflect on your level of responsibility financially but that will ruin your score.
For instance applying for too many credit opportunities (i.e. to take advantage of the 10% discount that you get on a purchase for doing so, or to get a free t shirt in college - totally not worth it!). An additional thing that will kill a credit score is being late on anything. You can just do it one time and take a big hit in your score and many people just don't consider the kind of result it will have on their credit score.
Another thing is disputed charges. Frequently a person will be wrongly charged for something or have other disputes about a fee and end up not paying. Often the amount of money in question is not worth the harm that it will do to the credit score and the resulting extra costs that this incurs.
So what are the advantages of having an first-rate credit rating ? Well people are more eager to lend you money and on better terms (i.e. lower interest rates, cash back deals, interest free periods, etc.) You are also looked upon more favorably by landlords and other vital service providers. You get better deals on insurance, better interest rates on home mortgages, car loans, and on.
Take my advice and be very aware of your credit rating and work to improve it. Pay your bills on time all the time! Get your score regularly and make certain that it contains no errors.
Borrow only when necessary and in amounts that fit your needs. Keep track of your spending and spend within your ability. Don't use credit cards unless you are going to pay off the balance each month or you are able to at least make the minimum payments.
By paying your bills on time, not applying for every credit card obtainable, and keeping track of your credit score ratings, you will have benefits that someone with little or no credit rating may possibly never understand.
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