Credit 101: The School Subject That Never Existed

Credit 101: The School Subject That Never Existed Essential Credit Knowledge Everyone Should Have Credit affects nearly everything.

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## Summary: Essential Credit Knowledge Everyone Should Have

Credit affects nearly every major financial decision you'll make in your adult life—from renting an apartment to buying a car or home, and sometimes even getting a job. Yet most schools never teach the basics. This guide covers what you need to know to build, maintain, and protect your credit.

### The Credit Fundamentals

What is Credit? Credit is essentially your financial reputation—a measure of how likely you are to repay borrowed money based on your past behavior. It's tracked through credit reports and summarized in credit scores.
Why Credit Matters: Good credit opens doors to better interest rates, higher loan amounts, easier apartment rentals, lower insurance premiums, and sometimes even job opportunities. Bad credit can cost you thousands of dollars over your lifetime and limit your options.
The Big Three: Your credit is monitored by three major credit bureaus—Experian, Equifax, and TransUnion. Each maintains a separate report about you, though the information is usually similar.