There will come a day when you need credit. You may want to buy a home or a car and your credit rating will become very important to help make these dreams come true. One of first things you will need to learn is basic principle of money management, especially ability to repay your creditors on time within 30-day grace period they establish for you. Most people secure credit cards as first way to establish credit in High School or College. Upon getting credit card, usually a low spending limit, ability to repay card in an orderly fashion will help you establish a positive credit rating with major repositories.

How your score is recorded

Chances are you may need a little extra money to get some work done around home or perhaps your current interest rate is 7.5% and prime interest rate is 6.0% there is a benefit to restart clock on an existing mortgage and save thousands of dollars over life of loan. The first thing you must realize is that refinancing your home can also be tax deductible, meaning that you will receive an extra tax advantage for closing costs associated with a refinancing no matter what condition, even in bankruptcy!