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Created with Fabric.js 1.4.5 WHAT IS THE IMPORTANCE OF CREDIT RATING? It helps you and your financial partners to keep track of what your spending habits are and it motivates you to stay ontop of your credit bills Your credit scores are from the past seven years, so mistakes and habits you make now can come back to bite you down the road. When you go to buy a car, apartment, or take out loans from a bank,they can reject you due to bad credit scores. Pay attention to the letters you get in the mail and online, because they're important and ignoring them will land you in more debt. Your credit rating can also determine what the interest rate on anyloans you take out will be. (a better score=lower interest rates) Pay your bills on time; sometimes paying a bill a couple days latecan result in a 20 or 30 dollar fee. Before you buy a card, shop around to find the best deal and remember that a lower interest rate might mean there are annual charges. If you're having problems paying off your debt, try going to a credit counselor to guide you, or your lender to talk about the possibility of lowering your interest rate. Don't invest in more than one credit cards if you can avoid it, because it'll make keeping track of everything harder and it looks bad on your rating. Try to avoid taking money out of an ATM, as the interest rate on cash advances is way more than using your card. Credit can affect us more than we think, especially as teenagers and young adults.In this list I will tell you why we should keep our credit scores in good health, and some ways to keep it that way. However, I think that when looking into buying a card, you should consider it being a debit card and only use credit cards forlarge purchases, because Debit cards come straight out of your chequing account and get rid of the possibility of huge debt and bad credit scores, because there are no loans involved. CREDIT RATING IS IMPORTANT BECAUSE... THINGS YOU CAN DO TO KEEP YOUR CREDIT RATING UP ARE...
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