Compare UK Bank Loan Rates
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When you apply for any form of credit, it is not a simple case of the loan company saying 'yes' or 'no' randomly - it is all down to your credit rating.
Your credit rating is a financial picture of the credit risk you pose - that is, whether a lender should lend to you or whether they shouldn't, entirely based on whether you are seen as a high or low credit risk. Your credit report - which is held by all the leading credit reference agencies, for example, Experian and Equifax - outlines what credit you have had in your history (extending back for the last six years), including any current obligations.
When you apply for a personal loan or credit of any kind, the loan company will do a credit search - and will allocate you a credit score calculated from the information recorded in your file. In the event you have many debts - and notably if you have failed to make payments or made them late - you will end up with a low credit rating.
The lower your credit rating, the more difficulty you will have being granted credit because a smaller score indicates there is a greater chance of you failing to pay off your debt on time.
It also shows if you are on the electoral roll as well as any financial associations. If you are absent from the electoral roll, it can be detrimental for your prospects of qualifying for credit, since your address is not 'proved'. A financial association is anybody with whom you have been financially linked, at present or in the past. This might be a past partner, your mum or dad, or even someone who lived at your place of residence before you and whose information is not yet eliminated from your credit file.
In the event the people who are considered a financial association are not presently associated with you - i.e. you have no ongoing connected financial responsibilities and the person is no longer living with you - then you may request that the credit reference agency correct the information.
Not removing them from your credit file - particularly if they have gone through financial problems in the past - can have a damaging influence on you obtaining any credit.
When making a decision to approve credit, loan companies will also determine what amount you are spending on other debts - if you have a lot, they might refuse you credit, even when your credit score is adequate. This is since they could determine you as overstretched with yet another debt to cover.
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