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When you apply for any kind of credit or personal loan, it is not simply a matter of the creditor giving a 'thumbs up' or 'thumbs down' randomly - it is all about your credit scoring.
Your credit rating is a financial footprint of the credit risk you present - i.e. whether a creditor should offer you a personal loan or shouldn't, solely determined by whether you are considered a favourable or unfavourable risk. Your credit record - which is held by all the main credit referencing agencies, for example, Equifax and Experian - indicates whatever credit you have had before now (going back as far as 6 years), as well as ongoing obligations.
When you fill out an application for credit, the loan provider will perform a credit search - and will appoint you a credit score drawn from the facts shown in your credit record. Should you have a large number of debts - and particularly if you have ignored repayments or have been overdue with them - you will receive a low credit score.
The smaller your credit rating, the fewer the possibilities for obtaining credit since a low credit score indicates there is a greater chance of you failing to pay back on time.
It also indicates if you are on the electoral roll and any financial associations. If your information is not included on the electoral roll, it might affect your chances of getting credit, as your place of residence is not 'substantiated'. A financial association is someone with whom you have been financially connected, presently or in the past. This might be a previous partner, your mother or father, or maybe even a person who lived at your home address prior to you being there and whose information is not yet deleted from your file.
When the people included as a financial association are not in any way associated with you - i.e. you have no ongoing connected financial obligations and they are not living in the same place as you - then you can request that the credit referencing agency remove the details.
Not removing them from your credit file - particularly if they have a record of financial problems previously - can have a detrimental influence on you accessing any credit.
When making a decision to approve credit, loan providers will also consider what else you are paying on any other debts you have - if you have lots of them, they may well reject your request for credit, even when your score is sufficient. This is because they could deem you to be financially overstretched with yet more debt to meet.
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