Why is it important to establish a credit history?

Name: Why is it important to establish a credit history?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Establishing a credit history is important to demonstrate responsibility with credit. It allows an individual to build a good credit score and be approved for loans or credit cards in the future. It also helps with getting better interest rates and credit limits. However, it is important to use credit responsibly and not to go into outstanding debt or experience perma-debt.

Why Is It Important to Establish a Credit History