I Want A Fixed Rate Secure Loan
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Whenever you apply for credit, it's not just a case of the creditor accepting or rejecting your request arbitrarily - it all focuses on your credit scoring.
Your credit score is a financial picture of the credit risk you pose - specifically, whether a loan company should lend to you or shouldn't, solely based on whether you are evaluated as a reasonable or unreasonable credit risk. Your credit record - which is on file with all the major credit reference agencies, such as Experian and Equifax - indicates the credit you have had in your history (as far back as 6 years), including any existing commitments.
When you fill out an application for a personal loan or credit of any kind, the loan company will initiate a credit search - and will appoint you a credit rating calculated from the details shown in your credit file. If you have many debts - and particularly if you have ignored repayments or have been late with them - you will receive an unfavourable credit rating.
The lower your credit rating, the less chance you have of being granted credit as a smaller credit rating is seen as a greater chance of you not settling your debt on time.
It also indicates if you are on the electoral roll as well as any financial associations. If you are absent from the electoral roll, it can alter your prospects of qualifying for credit, as your home address is not 'proven'. A financial association is anyone with whom you have been financially associated, now or at some time in the past. This could be a previous partner, your father or mother, or maybe even somebody who lived at your address previously and who is still not removed from your credit file.
In the event the people listed as a financial association are in no way associated with you - i.e. you have no connected financial obligations and they are no longer living with you - then you can ask that the credit recording agency correct the wrong information.
Keeping them on your credit file - particularly if they have a record of financial difficulty at some time - can have a harmful impact on you being granted credit.
When determining whether to approve a personal loan, lenders will also examine what else you are paying out on other existing debts - if you have a large number, they may well reject your request for a personal loan, even if your score is good. This is because they could consider you to be exceeding your financial ability with an additional debt to meet.
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