Good credit is a huge deal , the one sure way to get bigger loans and lower rates.
And even if you've had a late payment every so often, you may have better credit than you think. Credit reports are important because lenders like to avoid risk. If you have a history of full and timely payments, lenders will sleep better, fidget less and offer better terms. As a consumer, this is what you want. But credit reports and the concepts behind them are fairly complex.