Good credit will basically roll out the red carpet and open the door to the bank for you as if you were the Great Gatsby himself. It’s your umbrella during this economic thunder storm, as you watch others get drenched in financial stress and discomfort. In order to stay as dry as possible, you must continuously maintain an above average credit score. FYI, in todays market that would be about 720! For some this is a simple task, but most find this very difficult to accomplish.

However, those who do keep their credit flawless will enjoy a more pleasant financial journey. Whether you are refinancing your home or getting a family plan at a cell phone store, credit equals power. It gives you the advantage and rewards those who abide by the rules. You can truly save enormous amounts of money on your mortgage payments, credit cards, car loans, and even get that 5th phone on the family plan for your grandma.

Financial discipline is a skill that needs to be learned and mastered. Try keeping at least 2-4 active trade lines open (credit cards, mortgage, car loan), and try not to overspend by keeping the balances lower than 50% of you credit card limits. In addition, you can track your spending more efficiently on your credit card statements allowing you to save more every month. Credit will ultimately make life easier no matter what the economic status is. It’s definitely not too late to arm yourself with good credit, and it really doesn’t seem like anyone knows when this battle will end.