Welcome to the OnJuno Guide on Credit Scores
- The novice attitude to credit is that of easy money with no strings attached. Given this attitude, most millennials end up having negative first experiences with credit - think unpaid credit card bills and mismanaged repayments. Building good credit is a fundamental necessity for today’s consumer. A positive credit history is considered table stakes for you to rent an apartment, or purchase a car, or even a home. Utility companies, including cable, electric, cable, or cell phone, will often extend monthly payment options only if you have established credit. And, don’t even consider the possibility of getting a loan from a bank without having a positive repayment history on a credit account. In fact, many employers will check an applicant’s credit before offering a job.
- So, if you need credit to build a credit history, but most lenders won’t extend credit in the first place, what do you do? There are ways – most relatively easy – to build credit, and it all starts with understanding why credit is so important.