Your credit history is an important component of the ability to successfully apply for new lending. Each aspect of your previous experience with lenders will contribute in some way to the decision about whether you will be successful in any future applications. The credit reference agencies use these previous interactions with lenders to build up a picture of your financial behavior, stability and reliability. This information is most often encapsulated into the credit score.
The credit score is used by lenders to determine whether you are a good financial risk for them, meaning whether they can reliably lend you money, whether you will pay them back on time, whether you will communicate sensibly with them if you get into difficulties and whatever they can find you if they need to. These factors, while large qualitable can be broadly categorized as; do you have a job and have you been employed for at least two years, do you live in a permanent residence be it an apartment or a house and do you have a bank account? Your credit score will encapsulate all this information into its total.
But perhaps more importantly your previous history of how you paid down debt, wherever you were late with any payments, whether you paid anything off early counts more. In essence you will find it more difficult to get new borrowing if you have not had borrowings in the past. This is because you will have less evidence with which to prove to the lender that you are a good financial risk.
It is therefore a good idea to find out the information in respect of your credit history soon.