Having accepted credit, you are using someone else’s money as payment for your purchases. In addition, it also indicates that you guarantee to repay the money to the agency or person that loaned you the money. If you are applying for a loan, credit card or mortgage, it is usual for the agency or bank to check up on your credit status. This is essentially based on an assessment of your credit history, thereby helping them assess the possible risks of the transaction and decide the terms of the