There are many definitions of "credit". Among them the most important one is "financial trustworthiness." The record of your credit is the most important factor lenders consider when you apply for borrowing money - for a home, car or open a credit card account. There are many lenders who offer good terms and lower interest rates to consumers with good credit ratings. To build a good credit record is an important step to reach financial independence which can be established by:
- To apply for and using a credit card for purchases
- To use a student loan for books and tuition
- To pay all your debts on time
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