UK Guaranteed Secured Loan For Bad Credit
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When you apply for credit, it is not simply a matter of the loan provider giving a 'thumbs up' or 'thumbs down' on a whim - it is all a question of your credit rating.
Your credit rating is a financial picture of the credit risk you present - i.e. whether a lender should offer you a personal loan or whether they shouldn't, solely decided by whether you are seen as a reasonable or unreasonable credit risk. Your credit report - which is kept by all the principal credit record agencies, for example, Equifax and Experian - shows any type of credit you have had in the past (going back six years), in addition to existing debts.
When you apply for credit, the loan provider will perform a credit search - and will assign you a credit rating established from the details within your file. In the event you have numerous debts - and in particular if you have missed repayments or made them late - you will be assigned a poor credit score.
The lower your credit rating, the less likelihood you have of being given credit because a small rating equals there being a high risk of you not settling your debt on time.
It also shows if you are on the electoral roll as well as any financial associations. If you are not showing on the electoral roll, it can affect your potential for getting credit, because your home address is not 'proved'. A financial association is someone with whom you have been financially connected, now or before. This could be a past partner, your mum or dad, or possibly someone who lived at your home address previously and whose information is not yet erased from your credit file.
In the event the people mentioned as a financial association are not in any way associated with you - i.e. there are no current common financial responsibilities and they are sharing a home with you - then you may ask that the credit recording agency remove the details.
Continuing to have them on your record - in particular if they have gone through financial problems in their history - can have a negative influence on you being granted credit.
When deciding on whether to approve credit, loan providers will also consider what amount of money you are paying on additional debts - if you have lots of them, they might decline you for a personal loan, even if your credit score is okay. This is as they could feel that you would be exceeding your financial ability with another debt to service.
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