Consolidation Loans Personal Loans
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When you are applying for any type of personal loan, it's not simply a question of the lender giving a 'thumbs up' or 'thumbs down' randomly - it is all down to your credit rating.
Your credit rating is a financial measurement of the risk you pose - that is, whether a creditor should offer you a personal loan or not, entirely decided by whether you are evaluated as a reasonable or unreasonable risk. Your credit report - which is kept by all the major credit referencing agencies, like Equifax and Experian - presents any credit you have had before now (extending back for the last 6 years), as well as ongoing credit.
When you fill out an application for any sort of credit, the loan provider will do a credit search - and will appoint you a credit score calculated from the information from your credit record. When you have numerous debts - and notably if you have lapsed on payments or have been overdue with them - you will end up with an adverse credit rating.
The smaller your credit score, the more difficulty you will have obtaining credit since a smaller score means that there is a higher risk of you failing to pay back on time.
It also shows if you are on the electoral roll as well as any financial associations. If you do not appear on the electoral roll, it might affect your prospects of being accepted for credit, as your home address is not 'confirmed'. A financial association is anybody with whom you have been financially associated, presently or at some time in the past. This might be a previous partner, your parents, or possibly anyone who lived at your place of residence prior to you and who has not been deleted from your credit file.
If the person or people included as a financial association are not in any way associated with you - i.e. you have no ongoing connected financial commitments and they are no longer living with you - then you should request that the credit reference agency correct the information.
Leaving them on your credit record - especially if they have gone through financial trouble in their history - can have an adverse impact on you obtaining any credit.
When determining whether to approve a personal loan, lenders will also examine what amount you are spending on other existing debts - if you have lots, they may well decline you for credit, even when your credit score is good. This is as they might feel that you would be financially overextended with yet more debt to meet.
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