* Why is good credit important?
Good credit is important in assessing your capability to handle financial situations, especially when you are transacting with other companies. It also factors into the transaction approval process.
It helps the managers of the company that you are transacting with to decide whether your proposal of doing business with them should be accepted or rejected. A good credit rating impacts their decision favorably.
* How do I start building a credit history?
One way to start building a credit history is to open a department store or gasoline charge account and pay the balance in full every month. That way you not only avoid finance charges but create a good credit rating for yourself.
In the United States it is very difficult to establish a credit history if you are not a legal U.S. citizen. However, you might try asking a close friend or family member to add you as a signer on their account or to co-sign a loan with you. That way the credit history accrues to both of you.
* What is a credit bureau?
A credit bureau is a company that compiles and distributes credit and personal data to the leading...
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