Fixed Income Poor Credit Car Loan
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When you fill out an application for any form of credit, it is not a simple case of the loan company saying 'yes' or 'no' randomly - it is all a matter of your credit rating.
Your score is a financial picture of your credit risk - that is to say, whether a lender should give you a personal loan or shouldn't, entirely based on whether you are seen as an acceptable or unacceptable credit risk. Your credit report - which is held by all the principal credit referencing agencies, for instance, Experian and Equifax - presents whatever credit you have had before now (going back as far as 6 years), in addition to current credit.
When you apply for any kind of credit, the lender will perform a credit search - and will give you a credit score determined from the facts in your record. In the event you have a large number of debts - and especially if you have neglected payments or made them late - you will end up with an adverse credit rating.
The smaller your credit rating, the less chance you have of obtaining credit as a smaller score equals there being a higher risk of you not covering your debt when it is due.
It also shows whether you are on the electoral roll plus any financial associations. If your information is not included on the electoral roll, it can alter your prospects of getting credit, because your place of residence is not 'substantiated'. A financial association is someone with whom you have been financially associated, now or at some time in the past. It could be a past partner, your parents, or even a person who lived at your home address prior to you and has not been removed from your credit file.
If the person or people listed as a financial association are no longer associated to you - i.e. there are no current joint financial obligations and they are not presently living where you do - then you may request that the credit referencing agency correct the information.
Not removing them from your credit file - particularly if they have gone through financial problems previously - can have a damaging affect on you obtaining any credit.
When considering approving a personal loan, lenders will also look to see what amount you are paying on other debts - if you have too many, they may well turn you down for a personal loan, even if your credit rating is not so low. This is as they may deem you to be financially overburdened with a further debt to cover.
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