Guaranteed Loans For Very Bad Credit
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When you fill out an application for credit, it's not just a case of the lender giving a 'thumbs up' or 'thumbs down' on an impulse - it all comes down to your credit rating.
Your credit score is a financial footprint of the risk you pose - that is, whether a creditor should give you credit or should not, completely based on whether you are regarded as a high or low risk. Your credit record - which is on file with all the principal credit record agencies, such as Equifax and Experian - outlines any credit you have had in your history (going back 6 years), in addition to existing debts.
When you make an application for a personal loan or credit of any kind, the lender will carry out a credit search - and will allocate you a credit score calculated from the data within your file. Should you have many debts - and in particular if you have missed repayments or have been late with them - you will get an unfavourable credit rating.
The smaller your credit rating, the more difficulty you will have getting credit since a small credit score means that there is a high risk of you failing to pay off your debt on time.
It also indicates if you are on the electoral roll as well as any financial associations. If you are absent from the electoral roll, it might affect your potential for getting credit, as your home address is not 'confirmed'. A financial association is anyone with whom you have been financially associated, now or before. This could be a previous partner, either of your parents, or even anyone who lived at your address prior to you and has not been eliminated from your credit record.
If the person or people named as a financial association are not associated to you - i.e. you don't have any mutual financial responsibilities and they are not living with you - then you should request that the credit reference agency erase the incorrect details.
Not removing them from your file - in particular when they have had financial difficulty in their history - can have a harmful affect on you accessing any credit.
When determining whether to approve credit, loan providers will also look to see how much you are paying on additional debts - if you have lots, they might well reject your request for credit, even if your credit score is sufficient. This is as they might consider you to be financially overstretched with a further debt to meet.
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