Credit scores tend to drop as you grow older because you are more likely to miss a payment at some point

It is more difficult for young people to borrow because they have less payment history for a lender to rely upon

When young people borrow, they are likely to have lower interest rates because their credit scores are lower

It is easier for young people to get loans at lower interest rates because they are likely to have never been late with a payment

Salary of your current job

Payment history of your car loan

Credit card payment history

Student loan activity

1. Checking your credit card or loan statement

1. Talking to a non-profit counselor

1. Checking creditkarma.com

1. Getting a score from myFICO.com

1. Cancel his credit cards

1. Make on-time payments

1. Get a car loan

1. Check his credit score

1. Any time he borrows money from a friend or family member, be sure to pay it back promptly

1. Take out some private student loans, even though he doesn't need them because he has grants and scholarships

1. Ask his parents to cosign a credit card or add him as an authorized user on their credit card

1. Always say "credit" when asked "credit or debit?" at a store

1. A bank representative who is helping you open a savings account

1. Someone interviewing you for a job

1. Credit card companies

1. An insurance company reviewing your applicant for auto insurance

1. Over the five year period, Jasmere and Frank will pay the same amount for the car loan

1. Frank's monthly payment on the auto loan will be about $100 more than Jasmere's payment

1. Jasmere's monthly payment on the loan will be about $100 more than Frank's payment

1. Lenders are not allowed to charge people different interest rates based on their credit scores

1. Use less than 30% of the credit limit and pay it off in full every month by the due date

1. Always carry a balance from month to month

1. Regardless of how much your balance is, make the minimum payment required on your credit card every month by the due date

1. Put the credit card in a drawer instead and don't ever use it

1. Snowball method

1. Make minimum payments

1. High rate method

1. Consolidate multiple debts into one new loan

1. Credit reporting agencies (Equifax, Experian and TransUnion)

1. Federal government

1. Consumer Financial Protection Board (CFPB)

1. Lenders

1. As soon as you apply for a credit card or loan

1. Six months after you first actively use your credit

1. Once you pay all of your credit balances in full

1. Once you turn 18

1. Contact the credit card company to have them fix it

1. Contact the credit reporting agency

1. Wait a few weeks to see if it gets resolved

1. Call the police to report the possible identity theft

1. Your preferred payment method to pay for fixing the error

1. A list of all of your financial accounts and balances

1. An explanation of the mistake and any evidence you have supporting your claim

1. References from a non-family member vouching for your creditworthiness

Decreasing your utilization of credit

1. Paying your bills on-time

1. Paying down balances on your credit card accounts

1. Applying for multiple credit cards

1. Only make payments on your smallest debt first, then move on to your second smallest debt, and so on

1. Once your debt "snowballs" out of control, hire a certified credit counselor to help get your finances back on track

1. Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the highest balance

1. Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance

1. Wages or tax refunds can be garnished

1. Passport revocation

1. Driver’s license suspension

1. Termination from your job

1. You don’t get penalized for late payments

1. You get a discount on future loans after this one is paid off

1. You have a better chance of getting approved and getting a lower interest rate if the cosigner has good credit

1. You automatically get the same credit score as the cosigner once the loan is paid off

1. Joanie says, "Call the auto lender and see if you can negotiate a lower monthly payment or some other deal."

1. Debbie says, "Stop making the credit card payment for a few months until you're caught up on the auto loan."

1. Angie says, "Pick up a second job for as long as it takes to accumulate enough money to make all your payments, even if it means losing time with friends and family."

1. Betty says, "Cut down to a bare bones budget, where your necessities and your debt repayments take first priority. Cut everything non-essential."

1. Accessing credit only becomes more expensive as you get older

1. Negative marks on your credit report go away faster for younger borrowers

1. Credit scores are free for anyone under the age of 25

1. You will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card

1. Your credit score

1. The amount of money you deposit into an account as collateral 

1. The total amount of money across all your bank accounts

1. How long you’ve had an account with the bank

1. AnnualCreditReport.com

1. Credit Karma

1. Credit Wise

1. Wallet Hub

1. Only consumers with high scores are approved for credit

1. Consumers with low scores get lower interest rates on loans than those with high scores

1. Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be

1. It generally has no impact on your financial situation