How it Works
Basics of Credit
Getting loans, having credit cards, buying a house, having a car and paying for school or personal loans are all forms having to do with your credits.
Credit is not free though, you must pay interest (APR)
you must be able to pay things back, that is how you build you Creditworthiness. Lenders judge by the 3 factors: Character, Capacity, Capital.
The Credit Bureau collects info on consumers credit, they have records of every adult and assign their credit rating
What you need to know
you're introduced to Credit when you 18, Store credits are easier to get approved but anywhere you decide to throw in Credit you have to have a CO-Signer, the person that will be responsible to pay debt if the original payer fails.
Credits allows more consumer to buy, people with jobs are able to spend more money.