2. If you pay your credit card bill even one day late you will get hit with a late fee of about $30, but if you do that more than twice your interest rate will go up to about 25-30%. This is a scary part of having a credit card. These companies rely on people being late when paying for their bills, but the credit card company struggles when people pay their bills in full. I picked this one because I think it's scary how quickly your bills can go up in if you aren't paying them on time.

3. When people pay their credit card bills in full, credit card companies don't make any money for the credit card companies. Credit card companies need people to be late on their payments. It's a very common way for them to make money. When the bills are paid in full the company won't receive any extra money from people because they can't be charged for a long time interest rate.

4. There are three major credit bureaus that gather credit information by following your financial accounts; Experian, Equifax, and Trans Union. These companies gather this information and sell it to lenders or others who request them from time to time to view your financial situation.

5. Good tips to maintaining a good credit score include paying on time, getting only what you need, being very cautious of joint credit and checking for errors. Paying on time keeps you from dealing with late fees and high interest rates which can lead to greatly decreasing your credit score. Having only the credit cards you need is very important because lenders help determine your ability to pay back those loans based off the number of credit cards you have and the limits on those credit cards. Joint credit can be very dangerous because of the possibility that someone else who you are joined with can rack up huge amounts of debt, and you as well will be responsible for them. It will damage your credit score. Because names can be common among individuals, some errors do occur between accounts and reports, so it is very important to request an investigation of your account in order to ensure accuracy.

6. Even if you have a bad past regarding your credit history, you have the ability to write a 100-word statement on your account in order to explain a past indiscretion. A potential employer or lender can view that statement and understand that indiscretion and possibly be the difference between being approved or denied for a loan or employment.

7. A credit score is a number attached to a credit report. It is basically the summary of your credit report summed into one number. Companies, lenders, mortgages, etc. will look at this number and decide whether or not they want to lend you money. It is important to be aware of your credit score before applying for a loan so that you have an idea of whether or not you will receive the money.

8. You can look up your credit score online at myfico.com or equifax.com. It is important for people to know that they can easily access this information. Everyone should know their credit score because it is easily accessible.

9. A credit score can range from 300-800. Most Americans have an average credit score between 700 and 720. It is a relief to know that that average American has a good credit score, and if you are spending wisely, you will most likely have the same.

10. Some Americans do, however, have a low credit score. About 1/5 of the American population have a credit score below 600. This is important to remember that although most Americans have a good credit score and can borrow money easily, it is possible to receive a low credit score if you spend recklessly.