Consolidating loans definition

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While knowing your credit rating is an important step towards improving it, it can be just as important to understand exactly how your credit score got where it is.

While you may not be able to trace your score back to each and every late payment, understanding more generally how a score is built can keep you from making mistakes in the future.

Other lenders are more willing to accept credit risks than traditional lenders, such as banks and credit unions, or even a majority of subprime non-traditional lenders.However, credit agreements aren't the only territory where late or missed payments can result in a lower credit rating; being late with a utility payment can also hurt your credit, as some utility providers report their customers' payment information to the credit reference agencies.Unfortunately, making payments on time is no guarantee of a strong credit rating.If you've never borrowed money, it's likely that your credit history lacks the heft that lenders typically look for.Because lenders use a credit rating to understand how likely a potential borrower is to repay, having little-to-no credit history could end up hurting you as much as having a bad credit history — it won't serve to inspire confidence in a lender. You must be at least 18 years of age and a resident of the United Kingdom, as well as have access to a bank account with direct deposit and a steady income.

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