Credit is the availability of money with a promise to pay it back with interest over a set period of time. To build credit you must educate yourself about what counts and manage your credit accounts responsibly. A mistake could mean a poor credit history for up to seven years.
The biggest impact of having a low credit score is high interest rates or denied credit. With a low credit score, you can expect to pay more over time for borrowing money. No one wants to pay more to borrow money, so educate yourself and make smart choices.
Know what you own, and know why you own it."