Your credit history impacts many significant areas of adult life. Want to rent an apartment? You often need credit for that. Need to finance a new car? Your credit will be checked again.
And that’s not all, according to Ash Exantus, the director of financial education at BankMobile. “[People] may not realize, but a lot of the car insurance places are looking at your credit to determine your monthly premium,” he said.
Your credit score also might impact your ability to get a job, Exantus said. Having poor credit might be a red flag to some employers, especially when they’re hiring for a job where the employee will have easy access to cash.