Establishing a credit history is one of the most important things you can do for your future. Your credit history will follow you through your entire life, affecting your loans, insurance premiums and even employment opportunities.
When you have a good credit history, you receive lower interest rates, better repayment terms and have an easier time apply for a loan. If you have a poor credit history, you will have a harder time finding credit, be subject to higher interest rates and pay higher insurance premiums.
Think of your credit history as your track record for borrowing. Your credit history tells the lender whether or not you can repay a loan on time. When you apply for credit, the lender will contact one of three major credit reporting agencies: Equifax, Experian or TransUnion. Each credit bureau keeps a record of your credit history, which is supplied by your lenders. Your credit report shows how much you borrow, when you borrow and your payment history.
Start by establishing a good credit history. You can do this if you have never borrowed money or if you are trying to repair a poor credit history. Establishing credit takes time, patience and...
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