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When you make an application for a personal loan, it's not simply a question of the lender saying 'yes' or 'no' on the spur of the moment - it all comes down to your credit rating.
Your score is a financial picture of the credit risk you present - that is to say, whether a lender should give you credit or whether they shouldn't, all based on whether you are considered a reasonable or unreasonable credit risk. Your credit report - which is on file with all the leading credit reference agencies, for example, Experian and Equifax - indicates whatever credit you have had before now (extending back for the last six years), plus current commitments.
When you apply for any sort of credit, the lender will do a credit search - and will allocate you a credit rating determined from the details from your file. When you have a lot of debts - and notably if you have neglected payments or made them late - you will receive a low credit rating.
The lesser your credit score, the less chance you have of obtaining credit because a smaller score is interpreted as a greater chance of you not covering your debt when it is due.
It also confirms if you are on the electoral roll as well as any financial associations. If you are absent from the electoral roll, it can have an impact on your chances of obtaining credit, as your place of residence is not 'proven'. A financial association is anybody with whom you have been financially connected, currently or at some other time. It could possibly be a previous partner, either of your parents, or perhaps anyone who lived at your place of residence before you and who is still not eliminated from your file.
In the event the individual or people named as a financial association are no longer associated to you - i.e. you have no ongoing common financial commitments and they are sharing a home with you - then you can request that the credit reference agency remove the details.
Keeping them on your record - particularly when they have had financial struggles previously - can have a damaging affect on you accessing any credit.
When determining whether to approve a personal loan, loan providers will also want to know what else you are paying out on any other debts you have - if you have lots of them, they may turn you down for credit, even when your score is not so bad. This is as they may deem you to be exceeding your financial ability with yet another debt to cover.
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