Credit Scores

What is a credit score? Does everyone have one? How do you grow a credit score? What shouldn't you do with your credit score?

A credit score is a set of numbers that helps determine the spending power that you can receive from other lenders/markets. Everyone has a credit score, they are like social security numbers in a way, but not everyone has a good credit score, and honestly, the earlier you start thinking about your credit the easier it is going to be for you to have a decent score value. Your credit score is based on several things including how much you earn, how much you owe, how many accounts you have open that you pay on, if you are paying things on time, etc. The more accounts you have open, the better; the older the accounts are, the better; the lower your usage of your credit cards, the better; making payments earlier, phenomenal. These are all things you should consider when thinking about your credit. What you shouldn't do, is get a credit card and then use the entire limit and take seven years to pay it down. You shouldn't have just one loan or card and think that will be enough to have a good score. Sure, start out small with a single card, especially if a parent is helping to build your credit while you are still in high school. But once you can, consider getting a second card and forgetting it exists. Take out that student loan so that you can get your education and be sure to make payments on time. Get that new phone and instead of buying it outright, pay the monthly installment plan. All of these things will show on your credit reports and they will help you grow financially. 

Do other countries have credit scores? Is that an American thing? 

Other countries do in fact have credit scores, they just aren't calculated quite the same as American credit scores. Speaking as an American, our scores reflect both the good and the bad things you face as an individual. From what I have read online though, most other countries only really reflect the negative impacts on your score. But honestly, what does the internet know, right?