Your credit history is a record of all past financial commitments and your pattern of repayment, as well as an overall look at your total debt load. Credit reference agencies use this information to assess your credit worthiness and assign a credit score. Lenders then use the credit score as a factor in deciding whether or not to underwrite your loan.
How Did I Get A Bad Credit History?
Anytime you are late making a payment,
miss a payment,
default on a debt,
or fail to otherwise fulfil a financial contract or commitment, this information is reported to credit reference agencies.
The more of these reports the agencies receive, the lower your credit score and the harder it is to find a loan. Other information that can cause a red flag in your credit report includes frequent changes of job or address, or one or more County Court Judgements against you.
Factors that make you a Bad Credit Applicant
What can I do to improve my credit score?
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