Graduate Bad Credit Loans
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When you make an application for any type of personal loan, it's not simply a question of the creditor accepting or rejecting you on the spur of the moment - it is all down to your credit rating.
Your credit score is a financial measurement of the credit risk you pose - specifically, whether a creditor should lend you money or whether they shouldn't, completely decided by whether you are considered a reasonable or unreasonable credit risk. Your credit report - which is on file with all the main credit record agencies, for example, Experian and Equifax - indicates what credit you have had in the past (as far back as six years), plus ongoing commitments.
When you make a request for any sort of credit, the loan company will carry out a credit search - and will assign you a credit rating derived from the data shown in your file. Should you have a large number of debts - and particularly if you have ignored payments or have paid them late - you will receive a poor credit score.
The smaller your credit score, the fewer the possibilities for obtaining credit due to the fact that a smaller score is interpreted as a greater likelihood of you not paying your debt back on time.
It also shows if you are on the electoral roll and any financial associations. If you are not showing on the electoral roll, it can alter your chances of qualifying for credit, since your place of residence is not 'proven'. A financial association is anyone with whom you have been financially linked, now or at some time in the past. It could be a past partner, your mum or dad, or even someone who lived at your address prior to you being there and who is still not erased from your credit record.
In the event the individual or people listed as a financial association are in no way associated with you - i.e. you don't have any joint financial responsibilities and they are not living with you - then you should request that the credit recording agency erase the incorrect details.
Continuing to have them on your record - particularly if they have a record of financial trouble previously - can have a negative affect on you being granted credit.
When considering approving credit, loan companies will also consider what sum of money you are paying on additional debts - if you have lots, they may decline you for a personal loan, even when your credit rating isn't that low. This is because they could think that you will be exceeding your financial limits with yet another debt to deal with.
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