We are all living on borrowed time. Many of us are living on borrowed money, too.

Thirty years ago, a college student wouldn’t have had as many choices for a credit card, even if they wanted one.

Today, it’s easy to get a credit card. Some companies will pre-approve high school seniors and send them the forms to fill out for a new card.

A banker once explained credit to me as, “your ability to handle payments.”

Credit can be very good when it’s used responsibly. Depending on the situation, it can be a very helpful tool to have and use, especially when applying for a car loan or renting an apartment.

Recently, I checked my own credit score. Not because I’m thinking about buying a car or a house or trying to get a loan anytime soon, but out of curiosity.

Checking your own credit report will not hurt your score. It’s when lending companies and credit card companies check your credit score over only a few month’s time that can hurt your credit.

There are a few Web sites, including www.freecreditreport.com and www.annualcreditreport.com, that offer free credit reports from the the three bureaus: Experian, TransUnion and Equifax.

When it comes to having a credit card, finance professor James Johnson said, “It’s not going to solve your problems. It’s a good financing tool, but so is your checkbook.”

However, only using a debit card tied to a checking account will not establish credit because it doesn’t report to one of the three credit bureaus. A good way to manage money is to use the checkbook roster or use online banking methods to pay bills or monitor how your money is spent.

One way to establish good credit is to have a student credit card and use it only for gas or emergencies. As you pay your bill on time every month on things you’d need to spend money on anyway, you’re building a credit history.

Part of a credit score accounts for how long that credit history is, so it’s good to start early.

Late payments or negligence on an account can stay on a credit report for seven to 10 years, said Penny White, assistant vice president of the Sycamore branch of Castle Bank.

Credit card companies will work with you if you are in debt and are having trouble getting out. Just like any business, customer service ties into the equation.

“Make sure you stay in contact with creditors,” White said. “Work with them to set up a repayment program.”

It’s up to you to be responsible.