If you rent an apartment, the largest expense in your monthly budget is most likely your rent.  So would you put your rent on a credit card if you could?  If you plan to pay off your balance each and every month, the answer to this question is hopefully a resounding yes!

That said, it's estimated that 70 percent of renters still pay their rent via paper check in the United States.  More and more landlords are accepting credit cards each year though, and renters are quickly jumping on the bandwagon in order to maximize credit card rewards.

You've probably had friends tell you how they established their credit history faster by leaving monthly balances on credit cards instead of paying balances in full. I hope you didn't fall for this one!

The truth is this happens to be one of the most common credit myths out there, so make sure you talk some sense into your friends the next time you hear it, OK? A consumer who carries a revolving credit card balance each month simply will not establish credit any faster than someone who pays the balance in full.

A hard inquiry occurs when you apply for credit and the lender pulls your credit scores as part of the application process.  Credit reports include records of all hard inquiries for up to 2 years.  Unlike soft inquiries, hard inquiries really do have an overall effect on your FICO scores.

A foreclosure ranks high among the most damaging hits to your credit score. In fact, FICO has stated that foreclosures will typically result in a loss of 85 to 105 points for someone with a 680 credit score. And if you have better credit, say a FICO score of around 780, the hit to your credit score could even be worse—potentially in the 140-160 range.