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When you are applying for a personal loan, it's not simply a question of the creditor accepting or rejecting you on a whim - it all comes down to your credit scoring.
Your score is a financial indicator of your credit risk - that is, whether a loan provider should give you a personal loan or whether they shouldn't, all determined by whether you are evaluated as a reasonable or unreasonable risk. Your credit record - which is on file with all the principal credit referencing agencies, for example, Equifax and Experian - shows any credit you have had in your history (going back six years), in addition to existing credit.
When you attempt to get a personal loan, the lender will execute a credit search - and will allocate you a credit rating based on the information in your credit file. When you have a lot of debts - and in particular if you have ignored payments or have paid them late - you will receive a poor credit score.
The lesser your credit score, the fewer the possibilities for getting credit since a low credit score indicates there is a higher risk of you not settling your debt on time.
It also confirms if you are on the electoral roll plus any financial associations. If you do not appear on the electoral roll, it can be detrimental for your chances of being given credit, as your home address is not 'verified'. A financial association is anybody with whom you have been financially connected, at the present time or at some time in the past. It could be an ex-partner, your mother or father, or even somebody who lived at your place of residence before you did and has not been deleted from your file.
In the event the person or people listed as a financial association are not in any way associated with you - i.e. you no longer have common financial obligations and the person is not living in the same place as you - then you may request that the credit recording agency correct the wrong information.
Keeping them on your file - especially when they have had financial trouble previously - can have a harmful affect on you accessing any credit.
When deciding on whether to approve a personal loan, lenders will also want to know what sum of money you are paying out on other existing debts - if you have a large number, they may turn you down for credit, even when your rating is good. This is as they might feel that you would be exceeding your financial limits with an additional debt to deal with.
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