Your credit is your "gold key" to loan approval, good rates on loans and insurance, and receiving credit, even renting an apartment.
Lenders of all types use credit ratings to determine what kind of deal they are going to give you.
Bad credit equals bad terms.
You must protect your credit. Most information remains on your credit report for seven years! So if you're late on your payments, go over your limit, or in any way default on your creditor's terms, it'll show up on your credit report.
Not only is your credit report used to determine approval and rates on financial offers,
it's now common for prospective employees to pull your credit report to gage whether you'll be a responsible employee.
So, it's important to learn as much as you can about this important item in your arsenal of financial assets and your personal reputation.
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