Whether youre obtaining a mortgage, personal bank loan, car finance, company loan or other variety of loan, it could be very hard to get authorized with a poor credit history. Therefore, its super vital that you get the credit file into very good condition before you apply.
What exactly is a credit history?
Before we dive into why is a credit history good or bad, first heres a quick rundown about what a credit history happens to be.
Credit ratings in a nutshell:
Putting it simple, your credit history or score is just a quantity between 0 and 1,000 (or 1,200 according to the credit rating agency) thats on the basis of the various individual and economic information found in your credit history such as for example whether you spend your bills on time, how many times you spend them or if perhaps youve paid them after all. [Read more…]