Choice Secured Loans
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Whenever you apply for credit, it's not simply a question of the lender giving a 'thumbs up' or 'thumbs down' randomly - it is all down to your credit scoring.
Your score is a financial reflection of your credit risk - that is, whether a lender should give you credit or not, solely based on whether you are evaluated as an acceptable or unacceptable credit risk. Your credit record - which is held by all the major credit reference agencies, like Equifax and Experian - indicates any credit you have had in your history (going back six years), in addition to existing obligations.
When you apply for any sort of credit, the loan company will do a credit search - and will give you a credit rating derived from the information within your credit record. Should you have a lot of debts - and in particular if you have missed repayments or have paid them late - you will be assigned an unfavourable credit score.
The lower your credit score, the less likelihood you have of being granted credit because a smaller credit rating means that there is a higher risk of you not covering your debt when it is due.
It also verifies if you are on the electoral roll as well as any financial associations. If you are not showing on the electoral roll, it might affect your potential for being accepted for credit, as your address is not 'proven'. A financial association is someone with whom you have been financially connected, at present or at some time in the past. This could be an ex-partner, your mother or father, or possibly someone who lived at your address prior to you being there and has not been removed from your record.
When the person or people listed as a financial association are not presently associated with you - i.e. you no longer have joint financial commitments and they are not presently living where you do - then you should request that the credit recording agency erase the incorrect details.
Continuing to have them on your credit record - particularly if they have experienced financial problems before - can have a harmful influence on you obtaining any credit.
When making a decision to approve a personal loan, loan providers will also want to know what sum of money you are paying on any other debts you have - if you have a lot, they may well deny you a personal loan, even if your credit rating is good. This is as they may deem you to be financially overextended with a further debt to cover.
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