Adverse Secured Loan Calculator
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When anyone applies for any form of credit, it is not simply a matter of the lender saying 'yes' or 'no' on a whim - it is all about your credit rating.
Your credit rating is a financial measurement of the credit risk you present - that is to say, whether a creditor should give you a personal loan or not, completely based on whether you are regarded as a favourable or unfavourable risk. Your credit record - which is on file with all the principal credit reference agencies, for instance, Equifax and Experian - indicates whatever credit you have had in your history (going back 6 years), including any ongoing responsibilities.
When you fill out an application for any sort of credit, the lender will execute a credit search - and will appoint you a credit score calculated from the facts from your record. If you have lots of debts - and especially if you have failed to make payments or have paid them late - you will end up with an unfavourable credit score.
The lesser your credit rating, the less likelihood you have of getting credit because a low score indicates there is a greater likelihood of you failing to pay back on time.
It also shows whether you are on the electoral roll and any financial associations. If you are not on the electoral roll, it can affect your chances of qualifying for credit, because your place of residence is not 'proven'. A financial association is a person with whom you have been financially associated, currently or at some other time. It might be an ex-partner, your father or mother, or perhaps someone who lived at your address before you did and whose information is not yet erased from your credit record.
In the event the people who are considered a financial association are in no way associated with you - i.e. you have no ongoing joint financial obligations and they are sharing a home with you - then you should ask that the credit reference agency have the details removed.
Not removing them from your credit record - in particular if they have experienced financial difficulty in the past - can have a damaging influence on you obtaining any credit.
When considering approving credit, loan providers will also determine what sum of money you are paying on additional debts - if you have a large number, they might well decline you for credit, even when your score is okay. This is because they might determine you as financially overstretched with yet more debt to meet.
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