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When you are applying for any form of credit, it is not simply a matter of the loan company accepting or rejecting you randomly - it is all down to your credit scoring.
Your credit score is a financial footprint of the risk you pose - that is to say, whether a lender should give you a personal loan or not, completely based on whether you are deemed as a favourable or unfavourable credit risk. Your credit record - which is on file with all the principal credit reference agencies, for instance, Equifax and Experian - outlines any credit you have had before (going back as far as six years), as well as present responsibilities.
When you apply for any kind of credit, the loan provider will carry out a credit search - and will assign you a credit score derived from the details from your record. When you have a lot of debts - and notably if you have neglected repayments or have been overdue with them - you will have a low credit rating.
The lower your credit score, the less likelihood you have of being accepted for credit since a small credit rating suggests there is a greater likelihood of you not paying your debt back on time.
It also indicates whether you are on the electoral roll as well as any financial associations. If you do not appear on the electoral roll, it might affect the likelihood of you being given credit, since your address is not 'proven'. A financial association is someone with whom you have been financially connected, at the present time or at some other time. It could be a past partner, your parents, or possibly someone who lived at your place of residence prior to you and whose name is not yet removed from your credit file.
If the person or people named as a financial association are not in any way associated with you - i.e. you have no ongoing joint financial responsibilities and they are no longer living with you - then you should request that the credit referencing agency remove the details.
Not removing them from your credit record - in particular if they have a record of financial trouble in their history - can have a detrimental affect on you being granted credit.
When looking at approving credit, loan companies will also want to know what else you are spending on other existing debts - if you have lots of them, they may turn you down for a personal loan, even when your credit score isn't that low. This is since they may think that you will be exceeding your financial ability with an additional debt to service.
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