24 Hour Loans glossary of financial terms

Credit History

Your credit history gives an overview of how you have managed any credit you have taken out in the past. So, for example, it may outline how you have made credit payments such as mortgage or loan repayments ? i.e. if you have made them on time, if you have made late payments or if you have built up any arrears. A credit history will also record serious debt related issues such as CCJs and bankruptcy.

Your credit history is generally used whenever you want to raise more credit. So, if you want to take out a new loan then the lender to which you apply may look at your credit history to assess how creditworthy you are. If you have a good credit history then you have every chance of acceptance. If your credit history is not so good, however, then you will look like a credit risk and you may not be accepted by the lender.