Credit history

To get a glimpse of your financial future, many businesses look at your financial past. This history is contained in your credit report. Your credit report determines everything from whether you qualify for a loan and the rate you'll pay on that loan, to renting an apartment and obtaining car insurance.

What is a credit history?

Your credit history is a financial profile. It lets lenders, landlords and employers know how you have managed money in the past and helps them decide whether or not to do business with you. This history is contained in a credit report that is kept on file by credit bureaus. It may include such information as:

• How promptly you have paid off credit cards and loans
• How well you have handled paying other bills, such as rent and utilities
• Your total outstanding debts
• How much available credit you have on credit cards and home loans