Payment history is an important factor both in terms of your credit score and as a deciding factor for lenders and others who check your credit. Lenders may be less likely to lend to you or may charge you a higher rate based on your payment history and in most states, auto insurance rates are determined largely by your credit score. Poor payment history can also affect your ability to get a job because employers usually look at your credit report, rather than your credit score. When they look at consumer reports (background checks) to build a picture of you, credit history has proven to be a good predictor of job success.