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When you are applying for any kind of credit or personal loan, it's not just a matter of the loan company approving or declining you on an impulse - it all comes down to your credit rating.
Your score is a financial picture of the risk you pose - specifically, whether a loan company should give you credit or should not, entirely determined by whether you are considered a favourable or unfavourable risk. Your credit record - which is kept by all the main credit referencing agencies, like Equifax and Experian - presents what credit you have had before (going back as far as 6 years), plus ongoing obligations.
When you make an application for a personal loan, the loan company will execute a credit search - and will give you a credit score based on the facts within your file. Should you have a lot of debts - and especially if you have failed to make payments or have paid them late - you will end up with a low credit score.
The lesser your credit rating, the less likelihood you have of obtaining credit since a smaller credit rating equals there being a greater chance of you not covering your debt when it is due.
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 have an impact on the likelihood of you getting credit, because your address is not 'proved'. A financial association is a person with whom you have been financially associated, now or at some other time. It might be an ex-partner, your mum or dad, or even somebody who lived at your home address prior to you being there and whose name is not yet deleted from your record.
When the person or people included as a financial association are not associated to you - i.e. there are no current mutual financial obligations and they are no longer living with you - then you can ask that the credit recording agency remove the details.
Not removing them from your record - especially if they have a record of financial trouble at some time - can have a damaging affect on you receiving any credit.
When looking at approving a personal loan, loan companies will also look to see what else you are paying on any other debts you have - if you have a lot, they may well say \'no\' to a personal loan, even if your score is not so low. This is as they may determine you as exceeding your financial ability with yet more debt to service.
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