When you apply for a credit card, car loan, personal loan, mortgage, or line of credit, the lender will want to know your past history of borrowing in order to determine and understand the risk they might be taking by lending you their money. The status of your credit score will, without a doubt, depend on how good you’ve been in the past at repaying your past and current debts. A bad credit history can affect the credit that’s made available to you or even cause you to be denied credit completely. On the other hand, a healthy credit report and a high credit score can mean better financial options for you. To find out where you stand, a lender will go to a credit reporting agency to get your credit report.
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