Good Rate Loans UK Only
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When you make an application for any type of personal loan, it is not a simple case of the loan provider giving a 'thumbs up' or 'thumbs down' randomly - it is all down to your credit scoring.
Your credit score is a financial footprint of your credit risk - i.e. whether a creditor should lend to you or should not, completely based on whether you are considered a favourable or unfavourable risk. Your credit report - which is held by all the leading credit referencing agencies, such as Equifax and Experian - presents the credit you have had before now (as far back as 6 years), in addition to current obligations.
When you attempt to get a personal loan, the loan provider will execute a credit search - and will assign you a credit rating derived from the facts shown in your record. In the event you have many debts - and notably if you have failed to make payments or have been late with them - you will have an adverse credit rating.
The smaller your credit score, the less chance you have of being granted credit since a low rating suggests there is a higher risk of you not settling your debt on time.
It also shows whether you are on the electoral roll and any financial associations. If you are not on the electoral roll, it can affect your prospects of obtaining credit, as your place of residence is not 'substantiated'. A financial association is anybody with whom you have been financially associated, currently or before. It might be a previous partner, your mum or dad, or possibly somebody who lived at your place of residence previously and who is still not deleted from your credit file.
If the individual or people listed as a financial association are no longer associated to you - i.e. there are no current connected financial responsibilities and the person is not living in the same place as you - then you may ask that the credit record agency erase the incorrect details.
Leaving them on your credit file - in particular when they have had financial trouble in their history - can have a harmful impact on you obtaining any credit.
When looking at approving a personal loan, lenders will also want to know what amount of money you are paying on other debts - if you have lots, they might well reject your request for credit, even if your credit score isn't that low. This is because they might deem you to be overstretched with yet another debt to cover.
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