Guarantor Loans For People With Bad Credit
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When anyone applies for any kind of credit or personal loan, it's not just a case of the creditor giving approval or denial on a whim - it is all a question of your credit scoring.
Your credit rating is a financial reflection of the credit risk you present - that is, whether a lender should give you credit or shouldn't, entirely determined by whether you are seen as a high or low risk. Your credit report - which is held by all the main credit record agencies, for example, Experian and Equifax - indicates the credit you have had before (as far back as six years), in addition to existing credit.
When you make an application for any sort of credit, the lender will carry out a credit search - and will assign you a credit rating established from the information in your credit file. In the event you have lots of debts - and notably if you have failed to make payments or have paid them late - you will get a low credit rating.
The lower your credit score, the less likelihood you have of getting credit since a low credit score means that there is a greater chance of you failing to pay off your debt on time.
It also indicates whether you are on the electoral roll as well as any financial associations. If your information is not included on the electoral roll, it can alter the likelihood of you being accepted for credit, as your address is not 'proved'. A financial association is anybody with whom you have been financially connected, presently or at some other time. It could possibly be an ex-partner, either of your parents, or maybe even a person who lived at your place of residence before you did and whose name is not yet erased from your file.
In the event the individual or people listed as a financial association are not associated to you - i.e. you have no common financial responsibilities and they are not living in the same place as you - then you may request that the credit record agency have the details removed.
Keeping them on your record - especially if they have a record of financial difficulty in their history - can have a damaging influence on you being granted credit.
When looking at approving a personal loan, loan companies will also look to see what amount you are paying out on any other debts you have - if you have a lot, they could be unwilling to give you credit, even when your credit score is not so bad. This is because they might think that you will be exceeding your financial ability with a further debt to cover.
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