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When you make an application for any kind of credit or personal loan, it's not just a case of the lender giving approval or denial arbitrarily - it is all a question of your credit scoring.
Your credit rating is a financial picture of the credit risk you pose - that is, whether a creditor should offer you a personal loan or should not, entirely based on whether you are deemed as a reasonable or unreasonable risk. Your credit report - which is on file with all the leading credit referencing agencies, such as Experian and Equifax - discloses whatever credit you have had before (going back six years), in addition to current debts.
When you fill out an application for any sort of credit, the loan provider will carry out a credit search - and will appoint you a credit rating drawn from the information in your credit file. In the event you have many debts - and notably if you have failed to make repayments or made them late - you will have a poor credit score.
The lesser your credit score, the less likelihood you have of being given credit as a smaller credit score equals there being a higher risk of you failing to pay off your debt on time.
It also confirms whether you are on the electoral roll plus any financial associations. If you do not appear on the electoral roll, it can alter the likelihood of you being given credit, as your address is not 'confirmed'. A financial association is anybody with whom you have been financially linked, at present or at some other time. It could possibly be a previous partner, your parents, or maybe even anyone who lived at your address before you and has not been removed from your record.
If the individual or people listed as a financial association are no longer associated to you - i.e. you have no ongoing connected financial commitments and the person is no longer living with you - then you should ask that the credit reference agency erase the incorrect details.
Leaving them on your credit file - especially if they have gone through financial struggles in their history - can have a harmful influence on you accessing any credit.
When determining whether to approve credit, loan companies will also look to see how much you are paying on other debts - if you have a large number, they may decline you for credit, even when your rating is good. This is because they may determine you as overstretched with an additional debt to meet.
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