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Credit History

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Propguide explains the term 'Credit History.' Watch this quick video to know more about it.

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A person’s credit history is a record of whether he had repaid his debt regularly and responsibly. When you apply for a mortgage loan, your credit history is one of the factors the bank looks into while reviewing your application. Your credit history matters to banks and other mortgage lenders because they want to know whether you are the kind of person they want to lend to. But, it is not just potential creditors who care about your credit history. Credit card companies, too, would be interested in your credit history. Some employers, too, might look into your credit history before you’re hired. A person’s credit score is calculated after reviewing the financial transactions he has made in his lifetime. Many other factors matter, like his punctuality in repaying loans, outstanding liabilities, and lawsuits filed against you. But, investigating credit histories of people is costly and time consuming. So, not every potential creditor or prospective employer would think that it is worth paying the price for. Even if you have not paid your telephone bills on time, it might affect your credit score. If there is a history of credit card default or untimely payment of equated monthly installments (EMI), it would affect your credit score. If you have a cancelled credit card, or have a closed account, that might be taken into account while calculating your credit score. It would also matter if you purchase a new credit card after having incurred a poor credit score. But, surveys often show that more 90% of the people in large Indian cities do not know the importance of their credit history. If your credit score is not impressive, you can improve it by paying off your debt.

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