Worst Case Scenario Loan Application
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When you apply for any kind of credit or personal loan, it's not just a matter of the creditor accepting or rejecting your request by chance - it all focuses on your credit scoring.
Your credit rating is a financial footprint of your credit risk - that is, whether a loan provider should lend you money or not, completely based on whether you are considered a favourable or unfavourable credit risk. Your credit report - which is held by all the main credit record agencies, such as Equifax and Experian - outlines any credit you have had in the past (going back as far as six years), in addition to current commitments.
When you fill out an application for any kind of credit, the lender will carry out a credit search - and will appoint you a credit score derived from the information in your record. Should you have lots of debts - and notably if you have not made repayments or have been late with them - you will end up with an adverse credit rating.
The lower your credit score, the fewer the possibilities for being given credit since a small score equals there being a greater likelihood of you not covering your debt when it is due.
It also shows if you are on the electoral roll plus any financial associations. If you are not showing on the electoral roll, it can have an impact on your prospects of being given credit, since your address is not 'proved'. A financial association is anyone with whom you have been financially connected, now or in the past. It might be a past partner, your father or mother, or even someone who lived at your place of residence before you and whose name is not yet removed from your credit record.
If the person or people mentioned as a financial association are in no way associated with you - i.e. you have no connected financial responsibilities and they are not presently living where you do - then you can ask that the credit recording agency remove the details.
Leaving them on your record - especially if they have experienced financial problems at some time - can have a negative impact on you getting any credit.
When considering approving a personal loan, lenders will also consider what amount of money you are paying out on other existing debts - if you have too many, they may well say \'no\' to a personal loan, even if your credit rating is not so bad. This is as they may feel that you would be exceeding your financial limits with yet another debt to cover.
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