Archive for August, 2012

Your Credit History

We live in an age where you do not necessarily have to have the money available to get what you want. Everyday millions of people buy items on credit whether this be something simple like the groceries or something major like a new car. However, this credit is not just given out at will and there are many checks that happen to ensure that you are eligible for credit and your credit history plays a major role in this.

What is credit history though? Essentially this is a record of all the times that you have had credit and how you have managed to pay it back. So, someone with a good cordite history will have made all their payments on time whereas a person with a bad credit history will have continually failed to make repayments and thus their credit history will be severely affected. Indeed, if you do you have a poor credit history then it is unlikely that you will be able to get many things including a credit card, paying something off in finance and even a bank overdraft is normally out of the question.

In whats was can you affect your credit history? The main way is for you to repay your debts on time and regularly. This is the main way in which you can get a good credit report and a positive history however if you fail to make repayments then you will notice that your credit score is lowered and when you try and apply for certain things you will be unable to get them. Having a bad credit history can affect many parts of your life so ensure that you repay any debts that you owe or items that you have on finance on time any month to avoid any complications.