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What does 'Credit History' mean?

Credit History

Each person has a credit rating (see Credit Rating) which is created using their credit history along with factors such as being on the Electoral register. Your credit history will show how well you have kept up payments on past debts or contracts (such as a mobile 'phone contract) as well as where you have lived. It will also bring together your various aliases so that it is recognised, for example, that Johnathon Windsor Smith is also known as John Smith.

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How to Really Buy a Property

"... forget, or don't know it is important, that: credit card debt which will be counted against us, we haven't been in the country much in the last few years so have little credit history, we had an argument with a loan company five years ago that went to court, we have moved home six..."
"... that went to court, we have moved home six times in the last three years and never got on the electoral register, we have never been in debt before and so have no credit history, we recently applied for other credit, even if it wasn't used, And so on, and so on. Sometimes you forget,..."
"... rates! As a word of caution only apply for the mortgage or mortgages you would definitely go for as each lender will carry out a credit check on you. As mentioned earlier too many checks on your credit history makes lenders suspicious that you are trying to apply for too much debt. Finally..."

"... a lender looks at you they are really looking at your earnings (that you can afford to pay the loan back on a month by month basis) and your credit history. Your credit history is a track record of previous debts. Every time you pay a credit card or loan on time you get points. The points go to make up your credit score. Every time you apply for credit such as a loan for a car, and every time you are late making a payment, you loose..."
"... system has some unwelcome side effects. If you apply for a few store cards in a month you may suddenly find it difficult to get a mortgage. This is because your credit history shows you are looking to borrow a lot of money and that might mean you are in financial difficulties. The result is that your credit score goes down and lenders don't want to go near..."
"... if you have not been in debt in the past you will also have a poor credit history and a low credit score. This is because there is no proof that you are any good at handling debt. It is the financial angels of life who have never had a credit card or taken a loan that can have the biggest problems securing a..."
"... Really Means). If you are applying for a mortgage there is a great deal more to go wrong. You have a low credit score due to a lack of credit history or a default at some point in the past Although you are earning enough, you have other debts which result in the bank agreeing to lend..."
"... the lender needs (such as bank statements) which take time to request You have not been in the country long enough to have an adequate credit history (usually three years are required, but again it depends on your LTV) You do not have the right to remain in the country forever The surveyor..."

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Author of How to Really Buy a Property

I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!

This book is my collective knowledge and experience that I have gained working within the property market of England and Wales for over a decade. I've written it so that you can benefit from what I have learnt whether you are a first time buyer or a budding buy-to-let investor.

There are no gimmicks here and no get rich quick schemes - just practical no nonsense advice so you can buy the property you want at the best price with the least stress.

Download the Free Preview copy right now. I won't be asking for your email so I can bombard your inbox with 'special offers' and 'discounts' because I know most people who read the Free Preview buy the full copy. See for yourself!