Best Rates For Secured Loans
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When you fill out an application for credit, it's not simply a question of the creditor accepting or rejecting your request on a whim - it all focuses on your credit rating.
Your score is a financial picture of the credit risk you pose - i.e. whether a loan provider should give you credit or whether they shouldn't, all determined by whether you are deemed as a high or low credit risk. Your credit report - which is on file with all the major credit record agencies, for instance, Equifax and Experian - presents whatever credit you have had before (as far back as 6 years), plus current credit.
When you attempt to get a personal loan, the loan provider will initiate a credit search - and will allocate you a credit score drawn from the facts from your credit record. If you have many debts - and particularly if you have neglected payments or made them late - you will receive a low credit score.
The lesser your credit score, the less likelihood you have of being given credit since a small credit rating means that there is a high risk of you not paying your debt back on time.
It also shows whether you are on the electoral roll and any financial associations. If you do not appear on the electoral roll, it can alter your chances of qualifying for credit, since your address is not 'verified'. A financial association is anyone with whom you have been financially linked, currently or at some time in the past. It could be a past partner, either of your parents, or possibly anyone who lived at your place of residence prior to you and who is still not eliminated from your credit record.
If the people included as a financial association are not in any way associated with you - i.e. you no longer have connected financial obligations and the person is not living in the same place as you - then you should request that the credit record agency correct the wrong information.
Continuing to have them on your record - especially if they have a record of financial problems in their history - can have a harmful affect on you receiving any credit.
When looking at approving credit, lenders will also look to see what amount you are paying on other debts - if you have lots, they may deny you a personal loan, even when your credit score isn't that low. This is because they may think that you will be financially overstretched with yet more debt to meet.
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