Financial success is largely determined by your credit score. After all, having good or excellent credit will lower your interest rates, access perks like rewards, and gives you more negotiating power. And, it can also give you more opportunities to build your credit.
What if you have poor credit? Well, for the 16 percent of Americans with a FICO score 300 to 579, it might be difficult for you to obtain a line of credit, rent an apartment, or even land a job. And, if you are able to get approved, your interest rate will be much higher.
It is for these reasons that understanding how to build credit is so crucial. In fact, without a credit history lenders can’t determine if you’ll be able to pay your bills or not. So, in a way, it’s just as bad as bad credit….