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What is a credit history?

Your credit history is a detailed history of all your debts and is tracked by credit ratings agencies in the UK.

These agencies compile your credit history by gathering information from various places such as your payment history, credit limits, high and low bank balances, how much of your available credit you use and even changes in your address and work history.

This information is compiled to give you a score which can then be used in turn by lenders to work out if how much of a risk you represent if they lend you money. As soon as you possibly can you should start to build a credit history by opening a savings account, paying your bills on time and not using more than 30% of your available credit on your cards.

If for any reason you do get a bad credit rating then it is not forever. You can clean up your credit history by managing your debts and then you can "re-age" your credit history after seven years. This depends on you keeping your finances in order. There are lenders that will lend to people with bad credit histories, however you will find it easier to find a loan at better rates if you have a good credit history.