Paying Off A Secured Loan Early First National Bank
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When you make an application for credit, it's not just a matter of the lender saying 'yes' or 'no' on a whim - it is all a matter of your credit scoring.
Your score is a financial picture of the credit risk you pose - that is to say, whether a loan provider should offer you a personal loan or not, all based on whether you are evaluated as a high or low credit risk. Your credit record - which is held by all the major credit referencing agencies, for example, Experian and Equifax - outlines whatever credit you have had before (extending back six years), including any present credit.
When you attempt to get any sort of credit, the loan company will perform a credit search - and will give you a credit rating determined from the details within your record. Should you have lots of debts - and in particular if you have missed payments or have paid them late - you will get an unfavourable credit score.
The lesser your credit score, the less likelihood you have of obtaining credit since a smaller credit score is seen as a greater likelihood of you failing to pay back on time.
It also shows whether you are on the electoral roll and any financial associations. If you are not showing on the electoral roll, it might affect your prospects of obtaining credit, since your place of residence is not 'proved'. A financial association is someone with whom you have been financially linked, currently or before. It could possibly be a past partner, your parents, or maybe even someone who lived at your place of residence prior to you being there and whose name is not yet removed from your file.
When the people named as a financial association are not in any way associated with you - i.e. you don't have any common financial commitments and the person is not living in the same place as you - then you can ask that the credit referencing agency remove the details.
Keeping them on your credit file - in particular if they have a record of financial trouble at some time - can have a damaging affect on you accessing any credit.
When determining whether to approve a personal loan, lenders will also determine what sum of money you are paying on any other debts you have - if you have too many, they may well be unwilling to give you credit, even if your credit score isn't that low. This is as they may deem you to be financially overburdened with yet more debt to cover.
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