NORTH TEXAS (CBSNewsTexas.com) — Like it or not, credit is essential. From getting a car, to buying a home, good credit can make a world of difference. 

The better your credit score, the better rate you'll get when trying to buy a house, car or any other major purchase when you're not paying for it all at once with cash. 

And the opposite is also true: the worse your credit, the worse your rate on any loan. 

Your credit score can also be a factor in whether a landlord decides to rent to you. If your credit is bad enough, it signals you're a risk and may not make rent payments on time. 

This is a topic CBS News Texas anchor Keith Russell knows a lot about. Watch the video at the top of this page to hear Keith talk about his struggle repairing a bad credit score. He also has some advice to share from what he learned during that experience.