Very few people know about something that has a huge effect on their life, their credit score ratings. They regularly find out about it after it is too late and pay greatly for it.
You see you start forming your credit rating as soon as you become a regular customer which for numerous people is during High School and for most is at least by the time they enter college. The dilemma is that they don't realize what this unexplained thing is all about and make decisions that they rue financially. It truly 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 might not have the foggiest either.
So what are credit score ratings? Well, it is a amount that is used by potentially crucial people in everyone's life. It is used by banks, by credit card companies, by mortgage lenders, by landlords, and by nearly everyone else who can stand to profit from associating themselves with financially dependable people. So it is a number that attempts to calculate how well you use your money. Unfortunately there are things that you can do that don't necessarily reflect on your level of responsibility fiscally but that will lower your score.
For example 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!). A further thing that will kill a credit score is being late on one of those things. You can just do it once and take a big hit in your score and a lot of people simply don't consider the kind of consequence it will have on their credit rating.
A further detail is disputed charges. Frequently a person will be wrongly charged for something or have other disputes about a fee and end up not paying. Chances are the amount of money in question is not worth the damage that it will do to the credit rating and the resulting extra costs that this incurs.
So what are the benefits of having an excellent credit score ? Well people are more disposed to loan you money and on better terms (i.e. lower interest rates, cash back deals, interest free periods, etc.) You are also looked upon more positively by landlords and other essential service providers. You get better deals on insurance, better interest rates on home mortgages, car loans, and on.
Take my advice and be very conscious of your credit rating and work to improve it. Pay your bills on time all the time! Get your score frequently and make sure that it contains no errors.
Borrow only when you need to do and in amounts that fit your requirements. Keep track of your spending and spend within your capacity. 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 presented, and keeping track of your credit score ratings, you will have advantages that someone with little or no credit rating possibly will never understand.
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