It can be very difficult to get approved with a bad credit score whether youre applying for a home loan, personal loan, car loan, business loan or any other type of loan. Therefore, its super vital that you get the credit file into good shape before you apply.
What exactly is a credit history?
A quick rundown on what a credit score actually is before we dive into what makes a credit score good or bad, first heres.
Credit ratings in a nutshell:
Putting it simple, your credit history or rating is just a quantity between 0 and 1,000 (or 1,200 with regards to the credit scoring agency) thats on the basis of the different individual and monetary information discovered inside your credit file such as for example whether you spend your bills on time, how frequently you spend them or if perhaps youve paid them after all.