Immediate Decision Poor Credit Loan
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When you fill out an application for any form of credit, it is not simply a matter of the loan company approving or declining you on an impulse - it is all a question of your credit scoring.
Your score is a financial measurement of the credit risk you present - i.e. whether a lender should give you credit or should not, entirely based on whether you are regarded as an acceptable or unacceptable risk. Your credit report - which is kept by all the major credit reference agencies, such as Experian and Equifax - discloses any credit you have had in your history (going back as far as six years), plus current responsibilities.
When you make an application for credit, the lender will execute a credit search - and will allocate you a credit score calculated from the data within your credit record. Should you have lots of debts - and notably if you have neglected payments or have been overdue with them - you will receive an adverse credit score.
The lesser your credit rating, the less chance you have of being accepted for credit due to the fact that a small credit rating means that there is a greater likelihood of you not covering your debt when it is due.
It also shows whether you are on the electoral roll and any financial associations. If your information is not included on the electoral roll, it can have an impact on your potential for getting credit, as your address is not 'proven'. A financial association is anyone with whom you have been financially associated, at the present time or at some other time. This could be a past partner, your mum or dad, or possibly anyone who lived at your place of residence prior to you and who has not been removed from your credit record.
When the individual or people named as a financial association are not presently associated with you - i.e. there are no current connected financial responsibilities and they are not presently living where you do - then you should request that the credit referencing agency correct the wrong information.
Continuing to have them on your record - in particular if they have a record of financial problems before - can have a detrimental influence on you being granted credit.
When determining whether to approve credit, lenders will also consider what amount you are spending on additional debts - if you have lots of them, they may well reject your request for credit, even if your score is not so bad. This is since they may consider you to be overstretched with a further debt to meet.
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