Building excellent credit is a key to a good financial future and should be considered a valuable asset in your portfolio because it will help you qualify for the best mortgage rates and terms. Since a mortgage is, for most people, their largest financial undertaking, this fact alone makes having a high credit score a huge benefit to you.

But, in addition to that fact, you will also attract other valuable benefits and promotions such as great credit card rates, excellent balance transfer rate offers, and special reward and bonus programs.

Car buying is also a much easier event when you are armed with a high credit score. Great credit auto loans are plentiful and both auto dealers and loan companies will fall all over themselves trying to attract your business. It is also a little known fact that your credit history will also affect your car insurance rates, and it's not a bad idea to shop around for the best great credit car insurance rate you can find.

There's nothing wrong with recognizing that your good standing will have businesses competing heavily to get you as a customer. This should be another clear sign of the power of having and maintaining excellent credit and you should use it to your advantage whenever possible.

Now that you know the most compelling reasons to have a good credit rating, you may be wondering what you can do to improve yours. First, keep in mind that you'll have to be patient. A good rating won't happen overnight, but over the course of months of good track record of paying your bills on time and as agreed. Creditors send payment information to the reporting agencies on a periodic basis, so it takes some time payments are reflected on your credit report.

The only way to develop a good score is to demonstrate a history of responsible use of finances and credit. Being at all inconsistent with how you meet your financial obligations is sure to keep the creditors away or your interest rates high. Having utility bills in your name will can also reflect well on you because it shows responsibility.

Another helpful step is getting a copy of your credit report and reviewing it carefully because it has been estimated that 80 percent of reports have at least one error in them that can negatively affect your score. When looking at your report make sure is no suspicious activity such as accounts that you did not open or bills in other states.

If you are just starting out, here are some ways to accelerate the process: Look for secured card issuers or apply for a credit card with a co-signer such as a close friend or family member. Also, look for gasoline card applications because these are generally easier to open.

Next, exercise discipline when it comes to using your credit lines and don't use your credit limit as a goal. Too many people who are new to debt see their limit as a goal to spend to instead of what it is: a limit. Maxing out your card every month, and only making minimum payments, will only end up harming your score.

With the right combination of diligence, patience and discipline, it is possible for anyone to acquire an excellent credit rating and enjoy all of the benefits that come with such an achievement.