Your personal credit is extremely important, particularly if you want to start a business. When you start your first business, the only credit history you have is your personal credit history. This means that lenders will look very closely at it when you get a business loan. Having a good credit history is also important for many other things including renting an apartment, buying insurance policies, getting a cell phone, a job, a mortgage, and more. Most people do not realize that landlords, insurance companies, and employers-not just banks-check credit records. Your credit report allows these companies to look into your personal spending habits, your payment history, whether you have been sued, and whether you have declared bankruptcy. This section will help you understand: Next: What is Credit? |