We learn a lot of things in school. However, I have always felt that the American education system has lacked the ability to teach students about the importance of finance. I was lucky enough to be a finance major in college; however, a lot of my friends graduated high school and went straight into the trades. As a result, most of them were hit with a crash course in credits scores and finance in general.
Let me tell you what the schools won’t. Be wary of those sounds to good to be true credit cards offers. They lure you in with a boatload of free cash and spending power, then raise your rates and kick you to the curb. The standard rate for these cards averages around 20% making it impossible to pay off. Don’t ever miss a payment early in your credit career, as the task of trying to fix credit scores is nearly impossible. Credit repair takes years of phone calls and missed opportunities if not handled correctly.
Another common mistake made by some of my friends is forgetting to pay school loans on time. This is the cardinal sin of credit scores. You need some serious help to repair credit scores if this happens to you.