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Having good credit can help you make the most of the money you have. You need a good credit score to qualify for a car loan, mortgage, and credit card. While you may still qualify with a lower score, you may more interest on the money you borrow.

You can build and sustain good credit with a personal loan or credit card by making every payment on time. Even if your score isn’t great right now, if you keep your balances manageable and keep up with payments, you’ll be well on your way to building a good FICO or credit score.

One often overlooked part of your credit score is the length of your credit history. Most people don’t understand that this is an important part of how FICO determines your credit score.

The total amount you owe across all accounts reported to the credit bureaus is the second most important aspect of your FICO credit score. This is also known as your credit utilization, or the amount of credit you are using vs. the amount of credit you have. Your total debt level determines 30% of...