While I generally discourage young adults from using credit, at some point they do need to prove they can manage debt. The widely used FICO credit score, which is derived from information in your credit file, ranges from a low of 300 to a high of 850. Your score — along with other financial factors — directly affects how much interest you pay for the money you borrow. Your score also influences your insurance rates as well as your ability to get an apartment or even a job.
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