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Credit ratings are scored according to a person's previous repayment history. So if someone has previously made all their repayments on time, their credit score will be higher than that of someone who has consistently defaulted on payments.

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12y ago

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What is the meaning of poor credit rating?

Poor credit rating means the person has received negative feedback from lenders in his/her past. This can be because the person did not pay back his/her loans in time, or at all.


What must a person do to establish a good credit rating?

To establish good credit, a person must pay back all of the money in which he/she has borrowed through loans or credit cards.


How can irresponsible use of loans lead to a poor credit rating?

Credit rating is a reflection of how well an individual pays back their dues. If an individual has taken out loans and failed to pay them back on time, in full, their credit rating will reflect it.


How can one improve their credit rating with no credit cards?

The best way to improve one's credit rating is to pay all of one's bills on time. This is the biggest factor in determining a credit score. Paying off loans, such as mortgages and car loans, can also help one's credit rating.


Where could one find information on consolidation loans for those with a bad credit rating?

There are a few places one can look for information on consolidation loans for those with a bad credit rating. One can find information from the websites 'Bad Credit Consolidation Loans' and 'Debt Consolidation Loans'.


Can marrying someone with a good credit rating improve your rating?

Maybe or it could bring the other person's down a bit. Depends on how you set up bank and credit accounts, but what you come into a marriage with in bills, loans is yours. The person you marry is not responsible for your things before the marriage. This is also true for you with his/her bills and loans.


Can a bank see if you have other loans with other banks?

Of course, they look at your credit rating and it will list all of your loans and credit cards.


If you have bad credit can you get a student plus loan?

In the USA, Parent PLUS loans are based on credit. Graduate PLUS loans are not based on credit. So, if you are taking the loans out for your kids, then yes the loans are based on your credit score. If you are taking the loans out for yourself for graduate studies, then it does not matter what your credit rating is.


Auto Loans Credit Rating Suggestions?

Your credit rating determines whether you will be approved for an auto loan or not, and at what rate and terms. Auto loans credit rating improvement suggestions include making sure to pay down as much outstanding credit card debt as possible, and to not apply for any new credit cards when you are about to apply for an auto loan. In addition, auto loans credit rating can be improved by checking to see whether there are errors on your credit report and then by contacting the credit bureaus to correct these errors as soon as possible.


How do loans affect credit scores?

Here is an excellent guide to outline how loans might affect your credit score. http://www.moneysavingexpert.com/loans/credit-rating-credit-score It also offers a Credit Checker tool which could prove very useful.


Where can a person with bad credit shop for automobile loans?

A person with bad credit can shop for automobile loans on the Road Loans website. Another good place to get automobile loans with bad credit is the JD Byrider website.


What type of services are offered by the Credit YES website?

Credit YES provides car loans to people with a low credit rating, or no credit rating at all. Loans are available for all types of vehicle from major dealers. Credit YES aspires to fast, simple, no-fee loan arrangements.