A good credit rating may save you money
Credit providers are in business to make money. They will charge as much in interest as they can get away with. However, they are also competing for customers who represent lower risk of default, so they are willing to offer reduced rates to people who have a good credit rating.
It is worthwhile for you to preserve a good rating, ready for the time when you may need to borrow money.
Factors that affect your rating are your income level and stability of employment, your asset to debt ratio and matters relating to character.
Your history of debt repayment is vital. Several agencies monitor this history and provide information to lenders.
Here is the lesson for you:
Money follows management.
In other words, if you develop a history of managing money well and meeting your obligations on time, you will find that lenders will want to deal with you and will compete for your custom. That happy situation saves you money.