Credit 101: What it is and Why It's Important

Many people don’t realize the importance of their credit score until they try to rent an apartment or get a loan for a home, business, car, or other major purchase. Your credit score – a snapshot of your creditworthiness at a given point in time – is a key factor that lending institutions use to determine what interest rates and other terms you will be offered, or even if you will be offered any credit at all. But most people don’t know how long it takes to start building credit for the first time or how long it will take you to build credit over time. It’s important to start early and be diligent with your credit-building efforts.

College Ave has created the guide below to help you understand and build your credit score. You can find more Resources and Tools from College Ave at the following link: Resources and Tools.