Bad Credit Loan Banks
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When you make an application for a personal loan, it is not simply a matter of the lender saying 'yes' or 'no' by chance - it all focuses on your credit scoring.
Your credit score is a financial footprint of the credit risk you present - i.e. whether a loan company should lend to you or whether they shouldn't, solely determined by whether you are seen as a favourable or unfavourable credit risk. Your credit record - which is on file with all the main credit reference agencies, for instance, Experian and Equifax - shows whatever credit you have had in the past (extending back 6 years), in addition to current credit.
When you apply for credit, the lender will do a credit search - and will give you a credit score established from the data from your credit record. Should you have a large number of debts - and especially if you have failed to make repayments or have been late with them - you will end up with an adverse credit rating.
The smaller your credit rating, the fewer the possibilities for being given credit since a low credit rating is interpreted as 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 not showing on the electoral roll, it can alter the likelihood of you being accepted for credit, since your home address is not 'verified'. A financial association is anybody with whom you have been financially linked, now or before. It might be an ex-partner, either of your parents, or perhaps someone who lived at your address before you and whose information is not yet eliminated from your record.
When the individual or people who are considered a financial association are not in any way associated with you - i.e. there are no current connected financial responsibilities and they are not living with you - then you may request that the credit referencing agency erase the incorrect details.
Continuing to have them on your credit file - particularly if they have experienced financial problems in their history - can have an adverse impact on you accessing any credit.
When determining whether to approve credit, loan companies will also determine what sum of money you are paying out on other existing debts - if you have lots, they may decline you for credit, even if your credit score is not so bad. This is as they may determine you as overstretched with yet another debt to service.
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