Debt Consolidation Loan UK Unsecure Debt Consolidation Loans Non Homeowner
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Whenever you apply for a personal loan, it's not just a case of the loan provider approving or declining you on a whim - it is all about your credit scoring.
Your credit rating is a financial reflection of the credit risk you present - that is, whether a loan company should lend to you or whether they shouldn't, all determined by whether you are seen as an acceptable or unacceptable credit risk. Your credit report - which is on file with all the leading credit record agencies, such as Experian and Equifax - presents any type of credit you have had in the past (extending back for the last 6 years), plus existing commitments.
When you make an application for any sort of credit, the loan provider will perform a credit search - and will appoint you a credit rating based on the data shown in your credit file. When you have numerous debts - and particularly if you have failed to make repayments or have been overdue with them - you will end up with a low credit rating.
The smaller your credit rating, the less chance you have of obtaining credit since a smaller credit rating equals there being a high risk of you failing to pay back on time.
It also indicates if you are on the electoral roll and any financial associations. If you do not appear on the electoral roll, it can affect your prospects of being accepted for credit, since your place of residence is not 'confirmed'. A financial association is a person with whom you have been financially connected, at the present time or at some time in the past. It might be a previous partner, either of your parents, or perhaps somebody who lived at your home address before you and who has not been removed from your credit file.
In the event the people listed as a financial association are not in any way associated with you - i.e. you have no joint financial obligations and they are not living with you - then you may ask that the credit recording agency have the details removed.
Leaving them on your credit file - in particular if they have experienced financial problems in the past - can have a negative affect on you getting any credit.
When looking at approving credit, lenders will also determine how much you are spending on other existing debts - if you have a lot, they might well refuse you a personal loan, even when your score is not so bad. This is as they might deem you to be financially overstretched with another debt to service.
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