I Have Bad Credit Need A Loan
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When you are applying for a personal loan, it's not just a case of the creditor accepting or rejecting you by chance - it all comes down to your credit rating.
Your score is a financial measurement of the credit risk you pose - i.e. whether a lender should lend to you or not, all determined by whether you are considered a high or low risk. Your credit record - which is on file with all the major credit referencing agencies, such as Equifax and Experian - discloses whatever credit you have had before (extending back for the last 6 years), including any ongoing responsibilities.
When you make an application for any sort of credit, the loan provider will initiate a credit search - and will assign you a credit rating drawn from the facts found in your record. In the event you have numerous debts - and in particular if you have missed payments or made them late - you will receive a poor credit score.
The lower your credit rating, the less likelihood you have of getting credit due to the fact that a low score equals there being a greater chance of you not paying your debt back on time.
It also confirms if you are on the electoral roll and any financial associations. If you do not appear on the electoral roll, it can be detrimental for your potential for getting credit, because your place of residence is not 'proven'. A financial association is a person with whom you have been financially connected, presently or before. It might be a previous partner, your parents, or even anyone who lived at your home address prior to you and who is still not erased from your file.
If the person or people who are considered a financial association are in no way associated with you - i.e. you no longer have joint financial responsibilities and they are not living in the same place as you - then you can ask that the credit reference agency correct the wrong information.
Continuing to have them on your credit record - in particular if they have experienced financial problems at some time - can have an adverse affect on you obtaining any credit.
When looking at approving a personal loan, loan companies will also determine what amount of money you are paying out on any other debts you have - if you have a large number, they could say \'no\' to credit, even when your rating is not so bad. This is since they may consider you to be financially overextended with an additional debt to cover.
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