First National Car Loan
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When you are applying for any form of credit, it's not just a case of the loan provider saying 'yes' or 'no' on a whim - it is all a matter of your credit scoring.
Your score is a financial footprint of your credit risk - that is, whether a lender should give you credit or not, completely based on whether you are considered a high or low risk. Your credit record - which is kept by all the leading credit referencing agencies, such as Equifax and Experian - outlines what credit you have had before (going back six years), in addition to current responsibilities.
When you fill out an application for any sort of credit, the loan provider will perform a credit search - and will assign you a credit rating determined from the details found in your credit file. If you have lots of debts - and in particular if you have missed repayments or have been overdue with them - you will end up with an unfavourable credit rating.
The lower your credit rating, the less likelihood you have of being granted credit because a small credit score equals there being a higher risk of you failing to pay back on time.
It also confirms if you are on the electoral roll and any financial associations. If you are absent from the electoral roll, it can be detrimental for your prospects of getting credit, because your place of residence is not 'proven'. A financial association is anyone with whom you have been financially connected, presently or at some time in the past. It could possibly be a previous partner, your parents, or maybe even anyone who lived at your place of residence before you did and whose information is not yet erased from your credit record.
If the people who are considered a financial association are no longer associated to you - i.e. you no longer have common financial obligations and they are not living in the same place as you - then you can ask that the credit reference agency correct the wrong information.
Leaving them on your file - particularly if they have a record of financial trouble in their history - can have an adverse affect on you being granted credit.
When considering approving credit, lenders will also want to know what amount of money you are paying on other debts - if you have lots of them, they may well be unwilling to give you credit, even if your rating is sufficient. This is because they could deem you to be financially overextended with yet another debt to cover.
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