Most financial advisors will tell you that it is never too early to build a good credit history, but its also never too late to start as well. This article explains what credit is and what it takes to achieve good credit history.
Basically, credit consists of borrowing money with the intention and agreement to pay it back at a later date. Any kind of loan, such as student, home and car loans, and credit cards are examples of credit. In order for a lender, usually a bank, to agree to lend to you, the borrower, money, your credit history will have to be reviewed and be up to standard with the lenders credit policy. If you have good credit history, getting a loan for that dream house is in your future.
Good credit, bad credit. You hear people talking about it all the time, but what does it mean? Having good credit means that you pay all of your bills and money you owe on time, all the time. Lenders know that you are responsible and will take bigger risks on you by lending you more money in the future. Bad credit means that you historically have not paid your bills on time and have increasing debts. Having bad credit makes it harder to get loans and almost...
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