The importance of having good credit reaches far beyond the ability to buy a car.
Good credit will allow you to rent an apartment, open a credit card account with a premium rewards program, or simply open a cell phone or cable account. Without it, you will likely have to pay a security deposit just to turn the lights on, if providers are willing to set up an account at all. It’s also become common practice for potential employers to review a job applicant’s credit history as part of the hiring process.
Having good credit is essential for anyone who wishes to establish an independent life. Fortunately, there are a number of ways parents can help their children establish good credit. There are also methods one can employ to establish and build good credit without any assistance.